Multi-Level Nowcasting: Estimation in a Post-COVID Landscape
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  • Release Date: 2022-09-21
  • COVID-19
  • Nowcasting
  • regional economics
  • supersectors
Video Introduction

This video is adapted from 10.3390/economies10080194

With the economic upheaval brought by COVID-19, it was very difficult to understand economic events as they unfolded in real time, during unprecedented pandemic conditions. Since existing methods did not adequately address the rapid changes to the economy on a statewide basis, researchers felt compelled to create a novel approach to (a) bring current critical data and (b) to evaluate the varying impacts of changes occurring in real time. As practitioners, this created actionable data to forecast future economic scenarios using public datasets and readily available spreadsheet software, giving guidance on an economy in conditions with no direct analogue. This video describes a way to integrate public data to assess present economic changes and describes the approach using straightforward processes and accessible tools. By comparing and contrasting findings in Arizona and Colorado, our analysis of this approach reveals that the updated data showing the current state of the economy (the Nowcast) is a robust approach for creating accurate, current data, and the various methods for further dissection (the Multi-Level component) create informative datasets for a detailed analysis, with the caveat that structural changes to the economy need to be kept in mind so as not to confuse what is firmly known with what is an overly broad application of the method.

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Lacey King, E.; Weiler, S.;  Stewart, E.;  Stephenson, K. Multi-Level Nowcasting: Estimation in a Post-COVID Landscape. Encyclopedia. Available online: https://encyclopedia.pub/video/video_detail/428 (accessed on 24 April 2024).
Lacey King E, Weiler S,  Stewart E,  Stephenson K. Multi-Level Nowcasting: Estimation in a Post-COVID Landscape. Encyclopedia. Available at: https://encyclopedia.pub/video/video_detail/428. Accessed April 24, 2024.
Lacey King, Erin, Stephan Weiler, Eric Stewart, Kendall Stephenson. "Multi-Level Nowcasting: Estimation in a Post-COVID Landscape" Encyclopedia, https://encyclopedia.pub/video/video_detail/428 (accessed April 24, 2024).
Lacey King, E., Weiler, S.,  Stewart, E., & Stephenson, K. (2022, September 21). Multi-Level Nowcasting: Estimation in a Post-COVID Landscape. In Encyclopedia. https://encyclopedia.pub/video/video_detail/428
Lacey King, Erin, et al. "Multi-Level Nowcasting: Estimation in a Post-COVID Landscape." Encyclopedia. Web. 21 September, 2022.