{"id":56111,"date":"2023-12-01T18:55:12","date_gmt":"2023-12-01T17:55:12","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/weekly-economic-activity-measurement-and-informational-content-2\/"},"modified":"2024-11-07T06:28:57","modified_gmt":"2024-11-07T05:28:57","slug":"weekly-economic-activity-measurement-and-informational-content-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/56111\/","title":{"rendered":"Weekly Economic Activity: Measurement and Informational Content"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-56111","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We construct a composite index to measure real activity of the Swiss economy on a weekly frequency. The index is based on a novel high-frequency data-set capturing economic activity across distinct dimensions over a long-time horizon. An adequate adjustment of raw data prior to deriving the latent factor is crucial for obtaining precise business cycle signals. By means of a real-time evaluation, we highlight the importance of our proposed adjustment procedure: first, our weekly index significantly outperforms a comparable index without adjusted input variables; secondly, the weekly index outperforms established monthly indicators in nowcasting GDP growth. These insights should help improve recently developed high-frequency indicators.","onlinedate":"2021-04-14 12:00:00","lang":"English","publication_series":"","publication_date":"20210401","publication_date_year":"","publication_date_full":false,"publication_num_pages":"33","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":388101,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"627","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2021-04-14 12:00:00","types":[44410],"research_groups":[3500],"collaboration":"","persons":[11925,3543,16347],"persons_data":"[{\"personId\":11925,\"personName\":\"Philipp Wegm\u00fcller\",\"organisationNames\":[]},{\"personId\":3543,\"personName\":\"Christian Glocker\",\"organisationNames\":[]},{\"personId\":16347,\"personName\":\"Valentino Guggia\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\">Wegm\u00fcller, P.<span>, Glocker, C.<\\\/span>, &amp; Guggia, V. (2021). <span>Weekly Economic Activity: Measurement and Informational Content<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (627). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/67070\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/67070<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\">Wegm\u00fcller P<span>, Glocker C<\\\/span>, Guggia V. <span class=\\\"title\\\"><span>Weekly Economic Activity: Measurement and Informational Content<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2021 Apr;(627).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{e427b92f1ded410f901f189c7db80edf,<\\\/div><div>  title    = \\\"Weekly Economic Activity: Measurement and Informational Content\\\",<\\\/div><div>  abstract = \\\"We construct a composite index to measure real activity of the Swiss economy on a weekly frequency. The index is based on a novel high-frequency data-set capturing economic activity across distinct dimensions over a long-time horizon. An adequate adjustment of raw data prior to deriving the latent factor is crucial for obtaining precise business cycle signals. By means of a real-time evaluation, we highlight the importance of our proposed adjustment procedure: first, our weekly index significantly outperforms a comparable index without adjusted input variables; secondly, the weekly index outperforms established monthly indicators in nowcasting GDP growth. These insights should help improve recently developed high-frequency indicators.\\\",<\\\/div><div>  keywords = \\\"Business cycle index, Dynamic factor model, High-frequency data, Nowcasting\\\",<\\\/div><div>  author   = \\\"Philipp Wegm{\\\\\\\"u}ller and Christian Glocker and Valentino Guggia\\\",<\\\/div><div>  note     = \\\"Weekly Economic Activity: Measurement and Informational Content\\\",<\\\/div><div>  year     = \\\"2021\\\",<\\\/div><div>  month    = apr,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Weekly Economic Activity: Measurement and Informational Content<\\\/p><p>AU  - Wegm\u00fcller, Philipp<\\\/p><p>AU  - Glocker, Christian<\\\/p><p>AU  - Guggia, Valentino<\\\/p><p>N1  - Weekly Economic Activity: Measurement and Informational Content<\\\/p><p>PY  - 2021\\\/4<\\\/p><p>Y1  - 2021\\\/4<\\\/p><p>N2  - We construct a composite index to measure real activity of the Swiss economy on a weekly frequency. The index is based on a novel high-frequency data-set capturing economic activity across distinct dimensions over a long-time horizon. An adequate adjustment of raw data prior to deriving the latent factor is crucial for obtaining precise business cycle signals. By means of a real-time evaluation, we highlight the importance of our proposed adjustment procedure: first, our weekly index significantly outperforms a comparable index without adjusted input variables; secondly, the weekly index outperforms established monthly indicators in nowcasting GDP growth. These insights should help improve recently developed high-frequency indicators.<\\\/p><p>AB  - We construct a composite index to measure real activity of the Swiss economy on a weekly frequency. The index is based on a novel high-frequency data-set capturing economic activity across distinct dimensions over a long-time horizon. An adequate adjustment of raw data prior to deriving the latent factor is crucial for obtaining precise business cycle signals. By means of a real-time evaluation, we highlight the importance of our proposed adjustment procedure: first, our weekly index significantly outperforms a comparable index without adjusted input variables; secondly, the weekly index outperforms established monthly indicators in nowcasting GDP growth. These insights should help improve recently developed high-frequency indicators.<\\\/p><p>KW  - Business cycle index<\\\/p><p>KW  -  Dynamic factor model<\\\/p><p>KW  -  High-frequency data<\\\/p><p>KW  -  Nowcasting<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Weekly Economic Activity: Measurement and Informational Content - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/56111\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weekly Economic Activity: Measurement and Informational Content\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/56111\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T05:28:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/56111\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/56111\\\/\",\"name\":\"Weekly Economic Activity: Measurement and Informational Content - 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