Understanding the macrofinance dataflow

自20世纪初以来，全球经济环境与金融市场的联系日益紧密。上市股票和公共债务市场是这一转变的主要最初推动力。最近，与股票和债券相关的衍生产品，以及抵押贷款支持证券和信贷衍生品的激增，进一步提高了金融市场对不断变化的宏观经济状况的敏感性，并提高了金融市场与实体经济之间信息传递的速度。如今，所有传统的宏观经济变量以及相对较新的指数和调查都受到市场参与者的密切关注，因为它们被视为对金融市场有重大影响。然而，发现金融和宏观经济变量之间的经验关系仍然很困难，因为这些数据具有复杂的动态

Since the beginning of the twentieth century, the global economic environment has become increasingly interconnected with financial markets. The markets for listed equities and public debt were the main initial drivers of this transition. More recently, the proliferation of derivative products linked to equities and bonds, as well as mortgage-backed securities and credit derivatives, has further increased financial markets' sensitivity to changing macroeconomic conditions and multiplied the speed with which information is transmitted between financial markets and the real economy. Today, all of the traditional macroeconomic variables as well as relatively new indexes and surveys are closely followed by market participants as they are seen to have a significant influence on financial markets. However, finding empirical relationships among financial and macroeconomic variables remains difficult, as these data have complex dynamics