Central banks have made considerable progress in recent years in integrating big new datasets into their policy analysis and decision-making. Granular data collected by central banks themselves have, in particular, become an indispensable source of information for policymakers.
Yet, it is probably fair to say that we are still exploring how to use much of the big data that new technology opens up to us. Although evidence is growing that online data may provide tangible benefits for short-term forecasting, more research is needed to ensure that the data are of sufficient quality and reliability to systematically inform policymaking.