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Register a new userCan Machine Learning Catch the COVID-19 Recession?
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Based on evidence gathered from a newly built large macroeconomic data set for the UK, labeled UK-MD and comparable to similar datasets for the US and Canada, it seems the most promising avenue for forecasting during the pandemic is to allow for general forms of nonlinearity by using machine learning (ML) methods. But not all nonlinear ML methods are alike. For instance, some do not allow to extrapolate (like regular trees and forests) and some do (when complemented with linear dynamic components). This and other crucial aspects of ML-based forecasting in unprecedented times are studied in an extensive pseudo-out-of-sample exercise.
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We move beyond Is Machine Learning Useful for Macroeconomic Forecasting? by adding the how. The current forecasting literature has focused on matching specific variables and horizons with a particularly successful algorithm. In contrast, we study the usefulness of the underlying features driving ML gains over standard macroeconometric methods. We distinguish four so-called features (nonlinearities, regularization, cross-validation and alternative loss function) and study their behavior in both the data-rich and data-poor environments. To do so, we design experiments that allow to identify the treatment effects of interest. We conclude that (i) nonlinearity is the true game changer for macroeconomic prediction, (ii) the standard factor model remains the best regularization, (iii) K-fold cross-validation is the best practice and (iv) the $L_2$ is preferred to the $bar epsilon$-insensitive in-sample loss. The forecasting gains of nonlinear techniques are associated with high macroeconomic uncertainty, financial stress and housing bubble bursts. This suggests that Machine Learning is useful for macroeconomic forecasting by mostly capturing important nonlinearities that arise in the context of uncertainty and financial frictions.
Introduction: Real-world data generated from clinical practice can be used to analyze the real-world evidence (RWE) of COVID-19 pharmacotherapy and validate the results of randomized clinical trials (RCTs). Machine learning (ML) methods are being used in RWE and are promising tools for precision-medicine. In this study, ML methods are applied to study the efficacy of therapies on COVID-19 hospital admissions in the Valencian Region in Spain. Methods: 5244 and 1312 COVID-19 hospital admissions - dated between January 2020 and January 2021 from 10 health departments, were used respectively for training and validation of separate treatment-effect models (TE-ML) for remdesivir, corticosteroids, tocilizumab, lopinavir-ritonavir, azithromycin and chloroquine/hydroxychloroquine. 2390 admissions from 2 additional health departments were reserved as an independent test to analyze retrospectively the survival benefits of therapies in the population selected by the TE-ML models using cox-proportional hazard models. TE-ML models were adjusted using treatment propensity scores to control for pre-treatment confounding variables associated to outcome and further evaluated for futility. ML architecture was based on boosted decision-trees. Results: In the populations identified by the TE-ML models, only Remdesivir and Tocilizumab were significantly associated with an increase in survival time, with hazard ratios of 0.41 (P = 0.04) and 0.21 (P = 0.001), respectively. No survival benefits from chloroquine derivatives, lopinavir-ritonavir and azithromycin were demonstrated. Tools to explain the predictions of TE-ML models are explored at patient-level as potential tools for personalized decision making and precision medicine. Conclusion: ML methods are suitable tools toward RWE analysis of COVID-19 pharmacotherapies. Results obtained reproduce published results on RWE and validate the results from RCTs.
Assessing the trend of the COVID-19 pandemic and policy effectiveness is essential for both policymakers and stock investors, but challenging because the crisis has unfolded with extreme speed and the previous index was not suitable for measuring policy effectiveness for COVID-19. This paper builds an index of policy effectiveness on fighting COVID-19 pandemic, whose building method is similar to the index of Policy Uncertainty, based on province-level paper documents released in China from Jan.1st to Apr.16th of 2020. This paper also studies the relationships among COVID-19 daily confirmed cases, stock market volatility, and document-based policy effectiveness in China. This paper uses the DCC-GARCH model to fit conditional covariances change rule of multi-series. This paper finally tests four hypotheses, about the time-space difference of policy effectiveness and its overflow effect both on the COVID-19 pandemic and stock market. Through the inner interaction of this triad structure, we can bring forward more specific and scientific suggestions to maintain stability in the stock market at such exceptional times.
We present a robust data-driven machine learning analysis of the COVID-19 pandemic from its early infection dynamics, specifically infection counts over time. The goal is to extract actionable public health insights. These insights include the infectious force, the rate of a mild infection becoming serious, estimates for asymtomatic infections and predictions of new infections over time. We focus on USA data starting from the first confirmed infection on January 20 2020. Our methods reveal significant asymptomatic (hidden) infection, a lag of about 10 days, and we quantitatively confirm that the infectious force is strong with about a 0.14% transition from mild to serious infection. Our methods are efficient, robust and general, being agnostic to the specific virus and applicable to different populations or cohorts.
The COVID-19 pandemic represents the most significant public health disaster since the 1918 influenza pandemic. During pandemics such as COVID-19, timely and reliable spatio-temporal forecasting of epidemic dynamics is crucial. Deep learning-based time series models for forecasting have recently gained popularity and have been successfully used for epidemic forecasting. Here we focus on the design and analysis of deep learning-based models for COVID-19 forecasting. We implement multiple recurrent neural network-based deep learning models and combine them using the stacking ensemble technique. In order to incorporate the effects of multiple factors in COVID-19 spread, we consider multiple sources such as COVID-19 confirmed and death case count data and testing data for better predictions. To overcome the sparsity of training data and to address the dynamic correlation of the disease, we propose clustering-based training for high-resolution forecasting. The methods help us to identify the similar trends of certain groups of regions due to various spatio-temporal effects. We examine the proposed method for forecasting weekly COVID-19 new confirmed cases at county-, state-, and country-level. A comprehensive comparison between different time series models in COVID-19 context is conducted and analyzed. The results show that simple deep learning models can achieve comparable or better performance when compared with more complicated models. We are currently integrating our methods as a part of our weekly forecasts that we provide state and federal authorities.
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