MAPPING NOWCASTING IN MACROECONOMICS RESEARCH: A BIBLIOMETRIC ANALYSIS

Abstract

This study adopted a bibliometric analysis that aims to examine the current dynamics of nowcasting implementation in macroeconomics. All data are obtained from the Scopus database. Based on the keywords used, which are related to the nowcasting and macroeconomic words searching, where the terms appear in the title, keywords, or abstract, the study managed to obtain 231 documents for further analysis. We mapped the recent application of nowcasting in macroeconomics by analyzing the subsequent trends, publications status based on source title, country and institution, and used VOSviewer to examine the publication's citations pattern. We found that nowcasting has caught more and more attention for government institutions. Early studies have been done for developed countries for forecasting macroeconomic variables, and this trend is now expanding to developing countries. We conclude that the potential for nowcasting in improving the current macroeconomic situation for a country is high. The findings of this study will motivate researchers to evaluate the scientific area of nowcasting. With the government and institutional interest in this issue, researchers and practitioners should thoroughly analyze and pay attention to this research domain. The advanced financial techniques implemented in the nowcasting are expected to help manage considerable uncertainty in both the current and future international macroeconomic environments.