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OPERA: Open-Source Prediction Evaluation and Real-Time Analysis

Documentation

OPERA is a modular ecosystem aimed at streamlining forecasting tasks for economists and fostering open collaboration. Model logic - estimation, forecasting, forecast decomposition - is separated from the real-time workflow, making it easier to compare models in replicable environments and leverage open source contributions. The ecosystem is currently composed of seven blocks which cover the full pipeline from raw data to evaluation. Its architecture, interfaces and design principles reflect the specific constraints of macro analysis: data revision, ragged edge, mixed-frequency, conditional projections, uncertainty quantification, narrative accounting and nested models. By making these modules open-source, OPERA provides a platform for central bankers, academics and other forecasters to share infrastructure and collaborate.


Architecture

Forecasting Ecosystem Architecture


Modules

Module Package Role
Model Libraries bvar, nowcast-midas Bayesian VARs; mixed-data sampling and SC-MIDAS combinations
Forecast Evaluation forecast_evaluation Validate data, evaluate accuracy, run statistical tests, visualise
Real-time Forecasting forecast_realtime Fit and forecast wrappers, backtesting, simulation, stress-testing, R/MATLAB/Julia adapters
Forecast Combination forecast_combo Inverse-error, regression and hierarchical combination
News Decomposition news_decomp Nowcast decomposition into level and revision; news/reestimation/interaction

Install all ecosystem packages with pip install "opera-eco[modules]".

Authors

The package authors listed in each repository's pyproject.toml are:

Package Authors
opera-eco Paul Labonne; Diego Lopez
forecast_evaluation James Hurley; Paul Labonne; Harry Li
forecast_realtime Paul Labonne; Sumer Singh; Harry Li; Nades Raviraj
bvar Paul Labonne; Andrea Renzetti; Joseph Oyegoke
nowcast-midas James Kensett; Paul Labonne; Andre Moreira
forecast_combo Filippo Busetto; Paul Labonne; James McConachie; Roshni Tara
news_decomp Guido Bonatti; Kensley Blaise; Paul Labonne; Nades Raviraj

Quick Start

pip install opera-eco              # Install the CLI and skills only.
pip install "opera-eco[modules]"  # Install the CLI and all ecosystem packages.
pip install "opera-eco[notebooks]" # Install Marimo notebook tooling.
opera install skills               # Install AI skills in .claude/skills/.

Then ask Copilot or Claude to use an installed skill:

Tell me about @opera and how I can use it with my model.

OPERA Skills for Claude and Copilot

The package includes seven skills for AI coding assistants:

Skill Description
opera Meta-skill covering the full ecosystem: architecture, modules, data flows, conventions, integration patterns
forecast-evaluation Data validation, accuracy metrics, statistical tests, visualisations, dashboards
forecast-realtime Real-time forecasting, backtesting, model wrapping, external language models (R, MATLAB, Julia)
bvar Bayesian VARs, conditional forecasting with hard/soft/skewed constraints, GIRFs
nowcast-midas MIDAS regressions, MultiMIDAS, SC-MIDAS combinations, monthly-to-quarterly nowcasting
forecast-combo Forecast combination methods, hierarchical pooling, weight analysis
forecast-decomp Nowcast decomposition: levels and revisions, news, reestimation, interaction, and New York Fed-style analysis

Project Layout

docs/                            # Documentation site.
examples/illustration.py        # Runnable end-to-end example.
examples/illustration_marimo.py # Native Marimo version of the example.
src/opera/                      # Package source, bundled skills, and tests.
  cli.py                        # Command-line interface.
  skills_manager.py             # Skill discovery and installation.
  skills/                       # Bundled Markdown skill files.
pyproject.toml                  # Python package configuration.
zensical.toml                   # Documentation site configuration.

Data Classification

Bank of England Data Classification: OFFICIAL BLUE

Release files for opera-eco 0.4.10

For a detailed explanation of source distributions (sdists) and built distributions (wheels), please see the package formats documentation.

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