Economic statistics

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Economic statistics is a topic in applied statistics that concerns the collection, processing, compilation, dissemination, and analysis of economic data. It is also common to call the data themselves 'economic statistics', but for this usage see economic data. The data of concern to economic statistics may include those of an economy of region, country, or group of countries. Economic statistics may also refer to a subtopic of official statistics for data produced by official organizations (e.g. national statistical services, intergovernmental organizations such as United Nations, European Union or OECD, central banks, ministries, etc.). Analyses within economic statistics both make use of and provide the empirical data needed in economic research, whether descriptive or econometric. They are a key input for decision making as to economic policy. The subject includes statistical analysis of topics and problems in microeconomics, macroeconomics, business, finance, [1] forecasting, data quality, and policy evaluation. [2] [3] It also includes such considerations as what data to collect in order to quantify some particular aspect of an economy and of how best to collect in any given instance.


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Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships". The first known use of the term "econometrics" was by Polish economist Paweł Ciompa in 1910. Jan Tinbergen is considered by many to be one of the founding fathers of econometrics. Ragnar Frisch is credited with coining the term in the sense in which it is used today.

Jan Tinbergen Dutch economist

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Economic data or economic statistics 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 or in cross-sectional data in one time period. Data may also be collected from surveys of for example individuals and firms 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.

Clive Granger British Economist

Sir Clive William John Granger was a British econometrician known for his contributions to non-linear time series. He taught in Britain, at the University of Nottingham and in the United States, at the University of California, San Diego. In 2003, Granger was awarded the Nobel Memorial Prize in Economic Sciences, in recognition of the contributions that he and his co-winner, Robert F. Engle, had made to the analysis of time series data. This work fundamentally changed the way in which economists analyse financial and macroeconomic data. Sir Clive Granger often refers to his time at HPH Claymore which he claims to be one of his main sources of inspiration, knowledge and bravery.

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In statistics, a vector of random variables such as observations of income in different cities is heteroscedastic if the variance of the random disturbance is different across elements of the vector. Here "variability" could be quantified by the variance or any other measure of statistical dispersion. Thus heteroscedasticity is the absence of homoscedasticity.

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The Journal of Business & Economic Statistics is a quarterly peer-reviewed academic journal published by the American Statistical Association. The journal covers a broad range of applied problems in business and economic statistics, including forecasting, seasonal adjustment, applied demand and cost analysis, applied econometric modeling, empirical finance, analysis of survey and longitudinal data related to business and economic problems, the impact of discrimination on wages and productivity, the returns to education and training, the effects of unionization, and applications of stochastic control theory to business and economic problems.

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John Maron Abowd is the Associate director for research and methodology and chief scientist of the US Census Bureau, where he serves on leave from his position as the Edmund Ezra Day Professor of Economics, professor of information science, and member of the Department of Statistical Science at Cornell University.

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Agustín Maravall Herrero is a Spanish economist known for his contributions in statistics and econometrics time series analysis, in particular seasonal adjustment and in the estimation of signals in economic time series. He has completed a methodology and several computer programs that are used throughout the world by analysts, researchers, and data producers. An important use is official production of series adjusted for seasonality and (perhaps) other undesirable effects such as noise, outliers, or missing observations. Maravall has received several awards and distinctions and retired in December 2014 from the Bank of Spain.



  1. Journal of Business and Economic Statistics, Aims and Scope. [ permanent dead link ]
  2. "Journal of Business & Economic Statistics, American Statistical Association."
  3. • Charles J. Bullock, 1919. "Prefatory Statement," Review of Economic Statistics, 1(1), [unnumbered page].
      Arnold Zellner, 1983. "Editorial Statement," Journal of Business and Economic Statistics, 1(1), pp. 1-4.
      Eric Ghysels and Alastair Hall, 2002. "Editors' Introduction to Twentieth Anniversary Commemorative Issue," Journal of Business and Economic Statistics, 20(1), pp. 1-4.