Global | Tracking the COVID-19 Crisis with High-Resolution Transaction Data

Summary

Presentation released by BBVA Research at Banca d’Italia and Federal Reserve Board Joint Conference, Nontraditional Data & Statistical Learning with Applications to Macroeconomics.

Key points

• Key points:
• Measuring National Accounts in Real Time & High Definition. The use of card spending for nowcasting aggregate consumption and making granular economic analysis.
• Data may be analyzed between 1-3 months ahead than the official figures. Data has more granular detail on household spending than the official figures.
• Transaction data has proved to be useful to track the economy and exploit time series, cross-sectional and geographical dimensions.
• Detailed transaction data on transportation and commuting spending can be used to explain disease incidence at the local level.

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