Economic data

Source: Wikipedia, the free encyclopedia.
For the
statistical analysis of economic data and problems, see Economic statistics
.

Economic data are data describing an actual

surveys of for example individuals and firms[1] or aggregated to sectors and industries of a single economy or for the international economy. A collection of such data in table form comprises a data set
.

replicability of empirical findings[3] and for use in decision making as to economic policy
.

At the level of an economy, many data are organized and compiled according to the methodology of

exchange rates
.

For time-series data, reported measurements can be hourly (e.g. for stock markets), daily, monthly, quarterly, or annually. Estimates such as averages are often subjected to seasonal adjustment to remove weekly or seasonal-periodicity elements, for example, holiday-period sales and seasonal unemployment.[5]

Within a country the data are usually produced by one or more statistical organizations, e.g., a governmental or quasi-governmental organization and/or the central banks. International statistics are produced by several international bodies and firms, including the International Monetary Fund and the Bank for International Settlements.

Studies in

econometrics
).

Many methods can be used to analyse the data. These include, e.g., time-series analysis using

errors in variables.[9]

Economic data issues

Good economic data are a precondition to effective macroeconomic management. With the complexity of modern economies and the lags inherent in

macroeconomic policy
instruments, a country must have the capacity to promptly identify any adverse trends in its economy and to apply the appropriate corrective measure. This cannot be done without economic data that is complete, accurate and timely.

Increasingly, the availability of good economic data is coming to be seen by international markets as an indicator of a country that is a promising destination for foreign investment. International investors are aware that good economic data is necessary for a country to effectively manage its affairs and, other things being equal, will tend to avoid countries that do not publish such data.

The public availability of reliable and up-to-date economic data also reassures international investors by allowing them to monitor economic developments and to manage their

financial crises that led to the creation of international data quality standards, such as the International Monetary Fund (IMF) General Data Dissemination System (GDDS).[10][11]

Inside a country, the public availability of good quality economic data allows firms and individuals to make their business decisions with confidence that they understand the overall macroeconomic environment. As with international investors, local business people are less likely to overreact to a piece of bad news if they understand the economic context.

Tax data can be a source of economic data. In the United States, the IRS provides tax statistics,[12] but the data are limited by statutory limitations and confidentiality concerns.[13]

References

  • Giovanini, Enrico Understanding Economic Statistics, OECD Publishing, 2008,
    ISBN 978-92-64-03312-2

Notes

  1. ^ • Jeff Dominitz and Arthur van Soest, 2008. "survey data, analysis of," The New Palgrave Dictionary of Economics, 2nd Edition, Abstract.
      • C. Hsiao, 2008. "Economic Panel Data," International Encyclopedia of the Social & Behavioral Sciences, pp. 4114–4121. Abstract.
  2. ^ • Referred to in the Journal of Economic Literature classification codes under JEL: C8 – Data Collection and Data Estimation Methodology and JEL: E01 – Measurement and Data on National Income and Product Accounts and Wealth.
      • T. P. Hill, 2001. "Macroeconomic Data," International Encyclopedia of the Social & Behavioral Sciences, pp. 9111–9117. Abstract.
  3. ^ Richard Anderson, William H. Greene, B. D. McCullough, and H. D. Vinod, 2008. "The Role of Data/Code Archives in the Future of Economic Research," Journal of Economic Methodology, 15(1), pp. 99–115. Archived 2021-11-04 at the Wayback Machine
  4. The New Palgrave: A Dictionary of Economics, v. 4, pp. 377–82.
      • André Vanoli, 2008. "national accounting, history of", The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
      • T. P. Hill, 2001. "Macroeconomic Data," International Encyclopedia of the Social & Behavioral Sciences, pp. 9111–9117. Abstract.
  5. ^ Svend Hylleberg, 2008. "seasonal adjustment," The New Palgrave Dictionary of Economics, 2nd Edition, Abstract.
  6. ^ Vernon L. Smith, 1976. "Experimental Economics: Induced Value Theory," American Economic Review, 66(2), p p. 274–279.
  7. ^ • David Moore and George McCabe. Introduction to the Practice of Statistics.
      • David A. Freedman, et alia. Statistics.
  8. ^ Francis X. Diebold, Lutz Kilian and Marc Nerlove, 2008. "time series analysis," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  9. Christina D. Romer, 1989. "The Prewar Business Cycle Reconsidered: New Estimates of Gross National Product, 1869–1908," Journal of Political Economy, 97(1), pp. 1
    –37.
  10. ^ http://dsbb.imf.org International Monetary Fund, Dissemination Standards Bulletin Board
  11. ^ International Monetary Funds, General Data Dissemination System (GDDS)
  12. ^ IRS. – Tax Statistics – Produced by the Statistics of Income Division and Other Areas of the Internal Revenue Service.
  13. ^ Nicholas H. Greenia, 2007. Statistical Use of U.S. Federal Tax Data," SOI Paper Series.

External links

Wikimedia Commons has media related to Economic data.

States

Central banks

Providers of aggregated data

*Stat.io: comprehensive provider of socio-economic data

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