Global | Big Data in Economics: our journey in BBVA Research

Summary

In this presentation we review what Big Data and Artificial Intelligence (AI) can accomplish and explain their potential uses with a focus on its importance for economic analysis. In addition, we highlight how we are making use of Big Data at BBVA Research and why it's useful.

Key points

• Key points:
• The alignment of several trends has triggered a rapid adoption of AI. At present, AI Industrial and Daily Life applications are found everywhere.
• The increasing availability of Big Data is changing the nature of Economic Research and making it turn into a more multi-disciplinary discipline.
• Among the uses of Big Data stand out the possibility of (i) measuring Economics in Real Time and with more granularity, High Definition Analysis; (ii) turning text into data in order to measure sentiment and finding patterns and; (iii) designing and implementing smart economic policies on consumers, firms, cities, on many fronts, including sustainability.
• At BBVA Research we work with interdisciplinarity teams with a focus on using Text as Data, approaching National Accounts in Real Time and High Definition (conducting macroeconomic and sectoral analysis) and measuring impact of policies in real time.

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