Editing Economic data (section)

{{For|the [[statistical analysis]] of economic data and problems|Economic statistics}}

'''Economic data''' are data describing an actual [[economy]], past or present. These are typically found in [[time-series]] form, that is, covering more than one time period (say the monthly [[unemployment rate]] for the last five years) or in [[cross-sectional data]] in one time period (say for consumption and income levels for [[Sample (statistics)|sample]] households). Data may also be collected from [[Survey data|survey]]s of for example individuals and firms<ref>• Jeff Dominitz and Arthur van Soest, 2008. "survey data, analysis of," ''The New Palgrave Dictionary of Economics'', 2nd Edition, [http://www.dictionaryofeconomics.com/article?id=pde2008_A000229&edition=all&field=content&q=panel%20data&topicid=C8&result_number=2 Abstract.]<br/>&nbsp;&nbsp;• C. Hsiao, 2008. "Economic Panel Data," ''[[International Encyclopedia of the Social & Behavioral Sciences]]'', pp. 4114–4121. [http://www.sciencedirect.com/science/article/pii/B0080430767004113 Abstract.]</ref> or [[aggregate data|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]].

[[Economic methodology|Methodological]] [[economic]] and [[statistical]] elements of the subject include measurement, [[data collection|collection]], [[data analysis|analysis]], and publication of data.<ref>• Referred to in the ''Journal of Economic Literature'' [[JEL classification codes|classification codes]] under [[JEL classification codes#Mathematical and quantitative methods JEL: C Subcategories|JEL: C8 – Data Collection and Data Estimation Methodology]] and [[JEL classification codes#Macroeconomics and monetary economics JEL: E Subcategories|JEL: E01 – Measurement and Data on National Income and Product Accounts and Wealth]].<br/>&nbsp;&nbsp;• T. P. Hill, 2001. "Macroeconomic Data," ''International Encyclopedia of the Social & Behavioral Sciences'', pp. 9111&ndash;9117.   [https://archive.today/20130105121358/http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B7MRM-4MT09VJ-4TK&_rdoc=18&_hierId=151000134&_refWorkId=21&_explode=151000131,151000134&_fmt=summary&_orig=na&_docanchor=&_idxType=SC&view=c&_ct=28&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=ca21bd9f0990f078143dcbf9ca76bb8f Abstract.]</ref> 'Economic statistics' may also refer to a subtopic of [[official statistics]] produced by official organizations (e.g. statistical institutes, intergovernmental organizations such as [[United Nations]], [[European Union]] or [[OECD]], [[central bank]]s, ministries, etc.).  Economic data provide an empirical basis for economic research, whether descriptive or [[econometric]]. Data archives are also a key input for assessing the [[replicability]] of empirical findings<ref>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. [http://www.pages.drexel.edu/~bdm25/agmv.pdf 99–115.] {{Webarchive|url=https://web.archive.org/web/20211104214512/http://www.pages.drexel.edu/~bdm25/agmv.pdf |date=2021-11-04 }}</ref> 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 [[national accounting]].<ref>• Nancy D. Ruggles, 1987. "social accounting," ''[[The New Palgrave: A Dictionary of Economics]]'', v. 4, pp. 377–82.<br/>&nbsp;&nbsp;• André Vanoli, 2008. "national accounting, history of", ''[[The New Palgrave Dictionary of Economics]]'', 2nd Edition.[http://www.dictionaryofeconomics.com/article?id=pde2008_N000160&q=National%20Income%20and%20Product%20Accounts%20(USA)&topicid=&result_number=1 Abstract.]<br/>&nbsp;&nbsp;• T. P. Hill, 2001. "Macroeconomic Data," ''[[International Encyclopedia of the Social & Behavioral Sciences]]'', pp. 9111&ndash;9117. [https://archive.today/20130105121358/http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B7MRM-4MT09VJ-4TK&_rdoc=18&_hierId=151000134&_refWorkId=21&_explode=151000131,151000134&_fmt=summary&_orig=na&_docanchor=&_idxType=SC&view=c&_ct=28&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=ca21bd9f0990f078143dcbf9ca76bb8f Abstract.]</ref>  Such data include [[Gross National Product]] and its components, [[Gross National Expenditure]], [[Gross National Income]] in the [[National Income and Product Accounts]], and also the [[capital stock]] and national [[Economic wealth|wealth]]. In these examples data may be stated in [[Real versus nominal value (economics)|nominal or real values]], that is, in money or [[inflation]]-adjusted terms. Other [[economic indicator]]s include a variety of alternative measures of [[output (economics)|output]], orders, [[trade]], the [[labor force]], [[Consumer confidence|confidence]], [[prices]], and financial series (''e.g.,'' [[money]] and [[interest rates]]). At the international level there are many series including [[international trade]], international financial flows, direct investment flows (between countries) and [[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 [[Unemployment#Definitions, types, and theories|seasonal unemployment]].<ref>Svend Hylleberg, 2008. "seasonal adjustment," ''The New Palgrave Dictionary of Economics'', 2nd Edition,  [http://www.dictionaryofeconomics.com/article?id=pde2008_S000496&edition=current&q=Seasonal%20Adjustment&topicid=&result_number=1 Abstract.]</ref>

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

Studies in [[experimental economics]] may also generate data,<ref>[[Vernon L. Smith]], 1976. "Experimental Economics: Induced Value Theory," ''American Economic Review'', 66(2), p [https://www.jstor.org/pss/1817233 p. 274]–279.</ref> rather than using data collected for other purposes. [[Design of experiments|Designed]] [[randomized experiment]]s may provide more reliable conclusions than do observational studies.<ref>• David Moore and George McCabe. ''Introduction to the Practice of Statistics''.<br/>&nbsp;&nbsp;• David A. Freedman, et alia. ''Statistics''.
</ref> Like [[epidemiology]], economics often studies the behavior of humans over periods too long to allow completely controlled experiments, in which case economists can use [[observational study|observational studies]] or [[quasi-experiment]]s; in these studies, economists collect data which are then analyzed with [[statistical methods]] ([[econometric]]s).

Many methods can be used to analyse the data.  These include, ''e.g.,'' time-series analysis using [[multiple regression]], [[Box–Jenkins method|Box–Jenkins analysis]], and [[Seasonal adjustment|seasonality analysis]].  Analysis may be [[univariate]] (modeling one series) or [[multivariate analysis|multivariate]] (from several series). [[Econometrics|Econometricians]], economic [[statistician]]s, and [[financial]] analysts formulate [[statistical model|models]], whether for past relationships or for [[economic forecasting]].<ref>Francis X. Diebold, Lutz Kilian and [[Marc Nerlove]], 2008. "time series analysis," ''The New Palgrave Dictionary of Economics'', 2nd Edition. [http://www.dictionaryofeconomics.com/article?id=pde2008_T000064&edition=current&q=&topicid=&result_number=1  Abstract.]</ref> These models may include [[partial equilibrium]] [[microeconomics]] aimed at examining particular parts of an economy or economies, or they may cover a whole economic system, as in [[general equilibrium theory]] or in [[macroeconomics]]. Economists use these models to understand past events and to forecast future events, ''e.g.,'' [[Demand (economics)|demand]], [[price]]s and [[employment]]. Methods have also been developed for analyzing or correcting results from use of [[Missing data|incomplete data]] and [[errors in variables]].<ref>• William S. Krasker ''et al.'', 1983. "Estimation for Dirty Data and Flawed Models," ch. 11, ''Handbook of Econometrics'', v. 1, pp. [http://www.sciencedirect.com/science/article/pii/S1573441283010156 651]–698. <br/>&nbsp;&nbsp; • [[Zvi Griliches]] "Economic Data Issues,"  ch. 25, ''Handbook of Econometrics'', v. 3, 1986, pp. [http://www.sciencedirect.com/science/article/pii/S1573441286030052 1465]–1514.<br/>&nbsp;&nbsp; • [[Christina D. Romer]], 1989. "The Prewar Business Cycle Reconsidered: New Estimates of Gross National Product, 1869–1908," ''Journal of Political Economy'', 97(1), pp. [https://www.jstor.org/pss/1831054 1]–37.</ref>