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Forecast Note: Cross-country - Data inputs to global macro model [Aug 2019]
Friday, 09 Aug 2019 12:55 ET
By Richard Cross
Summary
August 2019 -- For the August vintage of the Moody's Analytics global macro model, a summary of revisions to its historical inputs, our choice of inputs, and related amendments (26 countries impacted, plus relevant regional aggregates).
Detail

Changes to model inputs

Inputs to the Moody's Analytics forecast models encompass both historical verbatim datasets and Moody's Analytics historical estimates. Changes originate at the source (revision or redefinition), our choice of inputs (source entity, specific indicator, or variant of an indicator), and our pre-processing of inputs (frequency conversion, etc.).

We may construct estimates as an interim solution when a source does not report in a convenient analytic form, but always prefer to use a source verbatim. A change from a cross-national source to a national source improves timeliness, transparency and consistency, unless otherwise noted.

In the table below, when a country name is marked (*), the change flows from a single country into relevant regional aggregates. The abbreviations "NCB" and "NSI" refer to the national central bank and national statistical institute of each country, respectively. The abbreviation "n.o.s." means "not otherwise stated".

Changes to forecast mnemonics

None.

Changes to forecast metadata

See summary table for specifics.

  • Observed attribute ("OBSE") on:
    • Bahrain, monetary policy rate
    • Bahrain, share price index
    • China, monetary policy rate
    • Nigeria, share price index
  • Unit-descriptor on:
    • Slovenia retail sales
  • Source citation on:
    • Malaysia PPI

Summary table

CountryVariableCommentRevised interval
if not entire series
Forecast mnemonic(s)
Argentina (*) IPI Changed source from Moody's to NSI. See historical.   FIPQ.IARG
Bahrain Monetary policy rate Changed source from IMF to NCB.   FRMPOLQ.IBHR
Bahrain Monetary policy rate Changed OBSE from END to AVE, for international consistency. n/a FRMPOLQ.IBHR
Bahrain (*) Share price index Changed source from IMF to SIX Financial (daily), for improved timeliness and transparency. See historical.   FSTOCKPQ.IBHR
Bahrain (*) Share price index Changed OBSE to AVE for international consistency. n/a FSTOCKPQ.IBHR
Bulgaria Long-term sovereign yield Changed source from IMF to NSI. See historical.   FRGT10YQ.IBGR
Canada Family income Re-referenced to 2012 for consistency with Canadian national accounts.   FYFM(,$)Q.ICAN
Canada ibid Changed deflator to CPI, per recommendation from NSI.   ibid
Chile (*) National accounts Changed source from Moody's to NSI, for SA and spliced series. See historical.   FGDPLQ.ICHL etc.
China Monetary policy rate Changed source from IMF to NCB.   FRMPOLQ.ICHN
China ibid Changed OBSE from END to AVE for international consistency. n/a ibid
Egypt (*) National accounts Re-referenced from 2012 to 2017. See historical.   FGDPL$Q.IEGY etc.
Hong Kong Government debt Incorporated updates from IMF GFS.   FGGDEBTLQ.IHKG
Hong Kong Government interest payment Incorporated updates from IMF GFS.   FGGINTPLQ.IHKG
Hungary Long-term sovereign yield Changed source from IMF to Eurostat, due to concerns re IMF's reliability. None FRGT10YQ.IHUN
India (*) CPI Changed source from "industrial worker index" to "general all-items index", per recommendation of our economists.   FCPIQ.IIND
Ireland (*) National accounts Re-referenced from 2016 to 2017.   FGDPL$Q.IIRL etc.
Israel (*) CPI Rebased from 2016 to 2018. See historical.   FCPIQ.IISR
Lebanon (*) CPI Changed source from Economena to NSI. See historical.   FCPIQ.ILBN
Lebanon (*) ibid Rebased from 2010 to 2013m12. See historical.   ibid
Malaysia (*) PPI Corrected metadata (source, to DOSM). n/a FPPIQ.IMYS
New Zealand (*) Retail sales Revised (benchmark).   FRTSALESL(,$)Q.INZL
Nigeria (*) Share price index Changed source from World Bank to SIX Financial (daily), for improved timeliness and transparency.   FSTOCKPQ.INGA
Nigeria (*) Share price index Changed OBSE to AVE for international consistency. n/a ibid
Oman (*) CPI Changed source from IMF to NSI. See historical.   FCPIQ.IOMN
Oman (*) ibid Rebased from 2010 to 2012.   ibid
Oman Lending interest rate Changed source from IMF to NCB. See historical.   FRLENDQ.IOMN
Oman (*) National accounts Changed source from World Bank to NSI. See historical.    
Slovenia (*) Retail sales Corrected metadata (unit-descriptor). n/a FRTSALESI(,$)Q.ISVN
South Korea (*) National accounts, real Re-referenced from 2010 to 2015. See historical.   FGDPL$Q.IKOR etc.
South Korea (*) National accounts, nominal Revisions n.o.s. See historical.   FGDPLQ.IKOR etc.
Switzerland Monetary policy rate Redefined by NCB. See historical.   FRMPOLQ.ICHE
Taiwan (*) Retail sales Revised (benchmark). See historical.   FRTSALESLQ.ITWN
Thailand GVA by industry Reclassified to ISIC Rev. 4. See historical.   FGDP?(L,D)(,$)Q.ITHA
Thailand (*) IPI Rebased from 2011 to 2016.   FIPQ.ITHA
U.A.E. (*) CPI Changed source from Economena to NSI. See historical.   FCPIQ.IARE
U.A.E. Economic composite indicator Incorporated the redefined "augmented ECI".   FECI(,XOIL)Q.IARE
U.S. (*) National accounts Revised (annual revision of NIPA). See historical.    
Venezuela (*) ibid Rebased from 1997 to 2007. See historical.   ibid
Venezuela (*) IPI Source resumed reporting. See historical. 2013Q3 to 2018Q4 FIPQ.IVEN
Vietnam (*) LFS quartet Changed source from World Bank to NSI. See historical.   FLB^Q.IVNM

See also

Forecasts:

Historical and estimates not linked above:

  • None

Background and terminology:

Updates

  • 5 Aug - Initial version
  • 8 Aug - URL syntax corrected, additional example mnemonics
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