Modernizing Federal Economic Statistics
American Economic Review
vol. 106,
no. 5, May 2016
(pp. 161-64)
Abstract
Official statistical data on the structure, evolution and performance of the U.S. economy are produced by a variety federal, state and local agencies. Much of the methodology, policy frameworks and infrastructure for U.S. economic measurement have been in place for decades. There are growing concerns that the economy is evolving more rapidly than are the economic statistics we use to monitor it. We discuss both the challenges and opportunities to modernizing federal economic statistics. We describe an incremental approach that federal statistics agencies can follow to build a 21st century economic measurement system.Citation
Bostic, William G. Jr., Ron S. Jarmin, and Brian Moyer. 2016. "Modernizing Federal Economic Statistics." American Economic Review, 106 (5): 161-64. DOI: 10.1257/aer.p20161061Additional Materials
JEL Classification
- C38 Classification Methods; Cluster Analysis; Principal Components; Factor Models
- C80 Data Collection and Data Estimation Methodology; Computer Programs: General