Nowcasting in Microsimulation Models

A Methodological Survey

Bibliographic Data

ID15347642
AuthorsCathal O’donoghue (0000-0003-3713-5366, corresponding author), Jason Loughrey (0000-0001-9658-0801)
Year2014
Volume17
Issue4
Publication date2014-01-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of Artificial Societies and Social Simulation (JOURNAL)
Journal identifiersISSN: 1460-7425 • E-ISSN: 1460-7425
PublisherJournal of Artificial Societies and Social Simulation (PUBLISHER)
DOI10.18564/jasss.2635
OpenAlexW2101349074
LanguageEN
Citations received3

In this paper, we survey the use of nowcasting methods in Microsimulation models. These nowcasting methods differ in a number of respects to the more established methods of forecasting. The main distinction is that while forecasting extrapolates from current data to estimate the future, the methods of nowcasting extrapolate from data of the recent past to reflect the present situation. In this paper, we undertake a survey of a number of modelling teams globally, selected for their experience and breadth of use with the methodologies of nowcasting and to ascertain the modelling choices made. Different methodologies are used to adjust the different components, with indexation or price uprating applied for the adjustments to growth in wages or prices, the updating of tax-benefit policy to adjust for policy change and either static or dynamic ageing to account for changes to the population and labour market structure. Our survey reports some of the choices made. We find that these model teams are increasingly utilising variants of these methods for short-term projections, which is relatively novel relative to the published literature

Econometrics · Economics · Geography · Meteorology · Microsimulation · Nowcasting · Regional science · Transport engineering · Computer Science · demographic modeling and climate adaptation · Engineering · Fiscal Policy and Economic Growth · Gender, Labor, and Family Dynamics

Tools

Open DOIOpen Access