Modernizing Federal Economic Statistics
William G. Bostic Jr., Ron S. Jarmin, Brian Moyer
American Economic Review · 2016 · Volume 106 · Issue 5
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.
Keywords
Classification Methods, Cluster Analysis, Principal Components, Factor Models, Data Collection and Data Estimation Methodology, Computer Programs: General
Enable JavaScript for citation tools and additional paper interactions.