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Sources and Types of Big Data for Macroeconomic Forecasting

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  • Philip ME Garboden

    (Department of Urban and Regional Planning, University of Hawai‘i at Manoa)

Abstract

This chapter considers the types of Big Data that have proven useful for macroeconomic forecasting. It first presents the various definitions of Big Data, proposing one we believe is most useful for forecasting. The literature on both the opportunities and challenges of Big Data are presented. It then proposes a taxonomy of the types of Big Data: 1) Financial Market Data; 2) E-Commerce and Credit Cards; 3) Mobile Phones; 4) Search; 5) Social Media Data; 6) Textual Data; 7) Sensors, and The Internet of Things; 8) Transportation Data; 9) Other Administrative Data. Noteworthy studies are described throughout.

Suggested Citation

  • Philip ME Garboden, 2019. "Sources and Types of Big Data for Macroeconomic Forecasting," Working Papers 2019-3, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
    • Handle: RePEc:hae:wpaper:2019-3
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    File URL: https://uhero.hawaii.edu/wp-content/uploads/2019/07/UHEROwp1903.pdf
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    Keywords

    big data; data sources;

    JEL classification:

    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General

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