Economic Forecasts in the Age of Big Data
Economists, policymakers, and business leaders need better data on which to base their forecasts. Fortunately, new sources of information about the economy have recently emerged: the vast collections of private data collected by search engines and other Internet companies.
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WASHINGTON, DC – In late July, it came to light in the press that the US Federal Reserve had accidentally published economic forecasts for the next five years on its website. The forecasts, which make clear that the Fed does not expect a recession before 2020, revealed worrying problems not just in terms of data security, but also in the methods used by its economists.