Real-time data

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Real-time data (RTD) is information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Real-time data is often used for navigation or tracking.

Some uses of the term "real-time data" confuse it with the term dynamic data. The presence of real-time data is actually irrelevant to whether it is dynamic or static.

Video Real-time data

Real-time data in economics

Real-time economic data, and other official statistics, are often based on preliminary estimates, and therefore are frequently adjusted as better estimates become available. These later adjusted data are called "revised data". The terms real-time economic data and real-time economic analysis were coined by Francis X. Diebold and Glenn D. Rudebusch. Macroeconomist Glenn D. Rudebusch defined real-time analysis as 'the use of sequential information sets that were actually available as history unfolded.' Macroeconomist Athanasios Orphanides has argued that economic policy rules may have very different effects when based on error-prone real-time data (as they inevitably are in reality) than they would if policy makers followed the same rules but had more accurate data available.

In order to better understand the accuracy of economic data and its effects on economic decisions, some economic organizations, such as the Federal Reserve Bank of St. Louis, Federal Reserve Bank of Philadelphia and the Euro-Area Business Cycle Network (EABCN), have made databases available that contain both real-time data and subsequent revised estimates of the same data.

Maps Real-time data

Real-time data in real-time bidding

Real-time bidding is programmatic real-time auctions that sell digital-ad impressions. Entities on both the buying and selling sides require almost instantaneous access to data in order to make decisions, forcing real-time data to the forefront of their needs. To support these needs, new strategies and technologies, such Druid have arisen and are quickly evolving.

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See also

• Geographic information system

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References

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External links

• ALFRED: Archival Federal Reserve Economic Data, real-time data series at the Federal Reserve Bank of St. Louis
• Real-time data set for macroeconomists at the Federal Reserve Bank of Philadelphia
• Real-time database of the EABCN

Source of the article : Wikipedia