The exponential growth of digital data, such as images, videos and speeches, from numerous sources (e.g. social media, Internet-of-Things, etc.) is driving the search for tools that allow us to extract relevant information from disparate kinds of data. Private companies have played an important role in collecting and organizing behavioural microdata on firms and households.
This means that we can tailor our monetary policy response by taking into account the nature and the persistence of economic shocks, and ensures flexibility for individual economies or sectors to adjust gradually also in the face of asymmetric shocks.