Project

Beconomy: The nowcasting platform for reliable economic advice

Acronym
BECONOMY
Code
F2023/IOF-ConcepTT/074
Duration
20 January 2024 → 19 April 2025
Funding
Regional and community funding: Industrial Research Fund
Promotor
Research disciplines
  • Humanities and the arts
    • Computational linguistics
  • Social sciences
    • Prices, business fluctuations and cycles
    • Econometric and statistical methods and methodology
  • Engineering and technology
    • Modelling and simulation
Keywords
economic advice modelling data science Large Language Models (LLMs) forecasts
 
Project description

Economic advisors must always provide the best possible answers to the complex questions they are asked. That answer, both narrative and numerical, is a nowcast: an estimate of the current optimal answer. The Beconomy platform automates the continuous processing of textual and numerical data into nowcasts available via a chatbot. The underlying technology combines econometric forecasting models with semantic analysis and language models. This ConcepTT application aims at the further development of the nowcast models on a large scale, the integration of current economic information into language models and their validation in the context of advice to managers.