Editing Economic data

{{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>

==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 direct investment|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 risk|investment risk]]. The severity of the [[Mexican peso crisis|Mexican]] and [[Asian financial crisis|Asian financial crises]] was made worse by the realization by investors that the authorities had hidden a deteriorating economic situation by slow and incomplete reporting of critical economic data. Being unsure of exactly how bad the economic situation was, they tried to withdraw their assets quickly and in the process caused further damage to the economies in question. It was the realization that data issues lay behind much of the damage done by these international [[Crisis (economic)|financial crises]] that led to the creation of international data quality standards, such as the [[International Monetary Fund]] (IMF) [[General Data Dissemination System]] (GDDS).<ref>http://dsbb.imf.org International Monetary Fund, Dissemination Standards Bulletin Board</ref><ref>[http://dsbb.imf.org/Applications/web/gdds/gddshome/ International Monetary Funds, ''General Data Dissemination System (GDDS)'']</ref>

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,<ref>IRS. [https://www.irs.gov – Tax Statistics – Produced by the Statistics of Income Division and Other Areas of the Internal Revenue Service].</ref> but the data are limited by statutory limitations and confidentiality concerns.<ref>Nicholas H. Greenia, 2007. [https://www.irs.gov/pub/irs-soi/08rpstatusegreenia.pdf Statistical Use of U.S. Federal Tax Data]," ''SOI Paper Series''.</ref>

{{Portal|Business and Economics}}

==References==
* Giovanini, Enrico [http://www.oecd.org/statistics/understandingeconomicstatistics ''Understanding Economic Statistics''], OECD Publishing, 2008, {{ISBN|978-92-64-03312-2}}

==Notes==
{{Reflist}}

==External links==
{{commons category}}
* [https://web.archive.org/web/20111103071402/http://ucblibraries.colorado.edu/govpubs/us/stats.htm Statistics] from ''UCB Libraries GovPubs''
* [https://georgewbush-whitehouse.archives.gov/fsbr/esbr.html Economic statistics]: The White House pages on U.S. economic statistics
* [http://unstats.un.org/unsd/goodprac/bpabout.asp Fundamental principles of official statistics]:  United Nations, Statistics Division
* [http://www.unece.org/stats/archive/act.02.e.htm Economic statistics (papers from methodological meetings)]: UNECE
* [https://web.archive.org/web/20100809183701/http://fxtradeinfocenter.oanda.com/fxeconostats/ OANDA FXEconostats]: Historical graphical economic data of major industrial countries
* [http://www.oecd.org/statistics OECD Official Statistics] Organisation for Economic Cooperation and Development (OECD) Statistics
* [http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home Eurostat]: The European Commission's Statistical Office
* [http://www.quandl.com Quandl] {{Webarchive|url=https://web.archive.org/web/20140519103211/http://www.quandl.com/ |date=2014-05-19 }}: Economic Time Series Data
* [https://research.stlouisfed.org/fred2/ FRED (Federal Reserve Economic Data)]: 383,000 US and international time series from 82 sources. Custom charts
* [http://www.centerforfinancialstability.org/hfs.php Historical Financial Statistics]: Center for Financial Stability (emphasizes statistics before about 1950)
* [http://datacatalog.worldbank.org/ The World Bank]: The world bank data catalogue is focused on the development of countries and includes 215 datasets
* [https://vizala.com/ Vizala]: combines data from 30+ sources.  Build custom reports
* [http://data.imf.org/ IMF]: data on IMF lending, exchange rates and other economic and financial indicators
* [http://data.un.org/Explorer.aspx UNdata]: Data from the UN Statistics Division as well as selected data from other international organizations

===States===
* [http://www.statistics.gov.uk/ National statistics, United Kingdom]
* [https://web.archive.org/web/20060621025019/http://www.census.gov/compendia/statab/ Statistical Abstract of the United States]

===Central banks===
* [https://web.archive.org/web/20061224103119/http://www.bundesbank.de/statistik/statistik.en.php Bundesbank’s Statistics Department, Germany]
* [https://web.archive.org/web/20080504165035/http://www.riksbank.com/templates/Page.aspx?id=27394 Historical Monetary Statistics of Sweden 1668–2008, the Riksbank]

===Providers of aggregated data===
*[http://www.oswego.edu/~economic/data.htm Data sources, Oswego] {{Webarchive|url=https://web.archive.org/web/20050910035844/http://www.oswego.edu/~economic/data.htm |date=2005-09-10 }}
*[http://www.retailinvestor.org/StatsCan.xls Amalgamation of US and Cdn financial data series in spreadsheet]
*[http://stats.oecd.org/wbos OECD Statistics]
[[Stat.io|*Stat.io: comprehensive provider of socio-economic data]]

[[Category:Economic data| ]]
[[Category:Time series]]
[[Category:Cross-sectional analysis]]
[[Category:Mathematical and quantitative methods (economics)]]

[[bg:Икономическа статистика]]
[[pt:Estatística econômica]]