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.

Data collection process of gathering and measuring information

Data collection is the process of gathering and measuring information on targeted variables in an established system, which then enables one to answer relevant questions and evaluate outcomes. Data collection is a component of research in all fields of study including physical and social sciences, humanities, and business. While methods vary by discipline, the emphasis on ensuring accurate and honest collection remains the same. The goal for all data collection is to capture quality evidence that allows analysis to lead to the formulation of convincing and credible answers to the questions that have been posed.

Data analysis activity for gaining insight from data

Data analysis is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, informing conclusions, and supporting decision-making. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names, while being used in different business, science, and social science domains. In today's business, data analysis is playing a role in making decisions more scientific and helping the business achieve effective operation.

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.

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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.

Managerial economics deals with the application of the economic concepts, theories, tools, and methodologies to solve practical problems in a business. It helps the manager in decision making and acts as a link between practice and theory". It is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units.

Heteroscedasticity statistical property in which some subpopulations in a collection of random variables have different variabilities from others

In statistics, a collection of random variables is heteroscedastic if there are sub-populations that have different variabilities from others. Here "variability" could be quantified by the variance or any other measure of statistical dispersion. Thus heteroscedasticity is the absence of homoscedasticity.

Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for GDP, inflation, unemployment or the fiscal deficit—or at a more disaggregated level, for specific sectors of the economy or even specific firms.

National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though they each measure different characteristics, for example production and the income from it. As a method, the subject is termed national accounting or, more generally, social accounting. Stated otherwise, national accounts as systems may be distinguished from the economic data associated with those systems. While sharing many common principles with business accounting, national accounts are based on economic concepts. One conceptual construct for representing flows of all economic transactions that take place in an economy is a social accounting matrix with accounts in each respective row-column entry.

Computational economics is a research discipline at the interface of computer science, economics, and management science. This subject encompasses computational modeling of economic systems, whether agent-based, general-equilibrium, macroeconomic, or rational-expectations, computational econometrics and statistics, computational finance, computational tools for the design of automated internet markets, programming tools specifically designed for computational economics, and pedagogical tools for the teaching of computational economics. Some of these areas are unique to computational economics, while others extend traditional areas of economics by solving problems that are difficult to study without the use of computers and associated numerical methods.

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Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method. Philosophy and economics also takes up methodology at the intersection of the two subjects.

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.

Arnold Zellner was an American economist and statistician specializing in the fields of Bayesian probability and econometrics. Zellner contributed pioneering work in the field of Bayesian analysis and econometric modeling.

Enrico Giovannini economist

Enrico Giovannini is an Italian economist and statistician, member of the Club of Rome. Since 2002, he has been a full professor of economic statistics at the University of Rome Tor Vergata. He is Senior Fellow of the LUISS "School of European Political Economy", member of the “Commission Economique de la Nation” of the French Government, and co-chair of the "Independent Expert Advisory Group on the Data Revolution for Sustainable Development" established by the Secretary-General of the United Nations. He is also chair and member of several boards of Italian and international organisations. From April 2013 to February 2014 he was Minister of labour and social policies in the Italian government. From August 2009 to April 2013 he was President of the Italian Statistical Institute (Istat). From January 2001 to July 2009, he was Director of Statistics and Chief Statistician of the Organisation for Economic Co-operation and Development (OECD).

Official statistics statistics published by government agencies or other public bodies such as international organizations as a public good

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Jan Kmenta American economist

Jan Kmenta was a Czech-American economist. He was the Professor Emeritus of Economics and Statistics at the University of Michigan and Visiting Professor at CERGE-EI in Prague, until summer 2016.

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Edward Emory Leamer is a professor of economics and statistics at UCLA. He is Chauncey J. Medberry Professor of Management and director of the UCLA Anderson Forecast.

Causation in economics has a long history with Adam Smith explicitly acknowledging its importance via his (1776) An Inquiry into the Nature and Causes of the Wealth of Nations and David Hume and John Stuart Mill (1848) both offering important contributions with more philosophical discussions. Hoover (2006) suggests that a useful way of classifying approaches to causation in economics might be to distinguish between approaches that emphasize structure and those that emphasise process and to add to this a distinction between approaches that adopt a priori reasoning and those that seek to infer causation from the evidence provided by data. He represented by this little table which useful identifies key works in each of the four categories.

Agustín Maravall Spanish economist

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.

References

Citations

  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.

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R. G. D. Allen British economist

Sir Roy George Douglas Allen, CBE, FBA was an English economist, mathematician and statistician, also member of the International Statistical Institute.

International Standard Book Number Unique numeric book identifier

The International Standard Book Number (ISBN) is a numeric commercial book identifier which is intended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency.

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