Some Implications of New Data Sources for Economic Analysis and Official Statistics

12 Pages Posted: 23 Aug 2019

See all articles by Corinna Ghirelli

Corinna Ghirelli

Bank of Spain

Juan Peñalosa

Banco de España

Javier J. Pérez

Banco de España - Research Department

Alberto Urtasun

Banco de España

Date Written: July 11, 2019

Abstract

On the back of new technologies, new data sources are emerging. These are of very high frequency, with greater granularity than traditional sources, and can be accessed across the board, in many cases, by the different economic agents. Such developments open up new avenues and new opportunities for official statistics and for economic analysis. From a central bank’s standpoint, the use and incorporation of these data into its traditional tasks poses significant challenges, arising from their management, storage, security and confidentiality. Further, there are problems with their statistical representativeness. Given that these data are available to many agents, and not exclusively to official statistics institutions, there is a risk that different measures of the same phenomenon may be generated, with heterogeneous quality standards, giving rise to confusion among the public. Some of these sources, which consist of unstructured data such as text, require new processing techniques so that they can be integrated into economic analysis in an appropriate format (quantitative). In addition, their use entails the incorporation of machine learning techniques, among others, into traditional analysis methodologies. This article reviews, from a central bank’s standpoint, some of the possibilities and implications of this new phenomenon for economic analysis and official statistics, with examples of recent studies.

Keywords: new sources of economic information, big data, data science, machine learning, text analysis

JEL Classification: C10, C18, C50, C80, D80

Suggested Citation

Ghirelli, Corinna and Peñalosa, Juan and Perez, Javier J. and Urtasun, Alberto, Some Implications of New Data Sources for Economic Analysis and Official Statistics (July 11, 2019). Banco de Espana Article 15/19, May 2019, Available at SSRN: https://ssrn.com/abstract=3441173

Corinna Ghirelli (Contact Author)

Bank of Spain ( email )

Calle Alcala, 48
Madrid, 28014
Spain

Juan Peñalosa

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Javier J. Perez

Banco de España - Research Department ( email )

Alcala 50
28014 Madrid
Spain

HOME PAGE: http://www.bde.es/investigador/staff/95.htm

Alberto Urtasun

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

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