institutional framework for economic statistics in decentralized system j. steven landefeld director...
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Institutional Framework for Economic Statistics in Decentralized SystemJ. Steven Landefeld Director
Friends of the Chair Group on Integrated Economic Statistics, Work Group Meeting
June 6-8, 2007
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How Do Things Get Done in A Decentralized System?
The U.S. system produces a set of statistics that pretty well reflects what the U.S. public wants: Timely data that answers the “big
picture” questions, gets the answer “about right,” and doesn’t ask “too much” information from respondents
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How Do Things Get Done in A Decentralized System?
The system achieves this through: Coordination of selected infrastructure issues Strong degree of independence of major
statistical agencies Working with and listening very carefully to
customers (balancing needs of all customers) Responding to these customers by
Specializing and coordinating across agencies in research, innovation, and implementation in the development of new measures for these customers.
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Role of the Chief Statistician & Inter-Agency Council on Statistical Policy (ICSP)
Infrastructure Education – JPSM Best practices – OMB Quality and
Documentation Standards Principles for statistical agencies
Confidentiality, Independence, Professionalism
Common data dissemination – FEDSTATS Classification systems – NAICS, NAPS,
Regional Standards and Guidelines for: Data releases,
survey response rates, and accuracy
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Role of Chief Statistician & ICSP
Integration
Forms review – avoid duplication, minimize response burden
Cross cutting budget review Data sharing – CIPSEA and IITSA
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Role of Federal Economic Statistics Advisory Committee
Review of Cross cutting BEA, BLS and Census issues
Recommendations for improvements, including: Expansion of payroll survey Development of time use survey Development of financial services
prices
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Role of Intra-Agency Coordination
BEA/BLS PPI expansion for services, export-import prices, new
non-residential construction process, and integration of BEA-BLS employment and productivity data
BEA/Census Domestic services data expansion and assistance on
international services sample frame BEA/FRB
Stock options, pensions, LAN prices and integration of Flow of Funds and NIPAs.
BEA/FRB/Treasury Derivatives, short-term instruments, and tax havens
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Professional Associations & Interest Groups
BEA/NABE chain and hedonic indexes, more timely regional and
industry data, NAICS time series BEA/Coalition of Services Industries
expanded detail on international trade in services BEA/NBER-CRIW
Multinational Corporations, capital stock and deprecation, prices for new goods and services, medical care, intangibles and integration
BEA/AEA “New Economy,” “off-shoring”, corporate profits and
medical care BEA/ACCRA/AUBER
more timely, detailed, comprehensive regional data
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Role of BEA Advisory Committee
Blue ribbon panel of academics and business leaders
Recommendations carry weight beyond BEA Key role in all BEA and related system-wide
improvements in recent years Integration efforts across agencies Capitalization of R&D Better measurement of health care expenditures
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Role of Other Government Agencies
Federal Reserve Board, President’s Council of Economic Advisors, Treasury, Congressional Budget Office and others
Important for filling “gaps” where there is no constituency: Data sharing, services expansion, chain
indexes, and international capital flows
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What works in the Decentralized System
Resulting system good at providing timely measures on issues of interest to public and private decision makers: Rich set of monthly current indicators Timely quarterly GDP accounts data on key
issues of relevance to policymakers Regularly updated measures to reflect changes
in the economy. “Big Picture” accuracy through innovation and
the adoption chain indexes, hedonic measures, and other quantitatively important new methods.
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What Are the Challenges?
Challenges associated with decentralized system: Providing consistent and well integrated data Developing measures on issues/areas with no
constituency and Federal agency management
Challenges for all systems: Lack of well established conceptual foundation
and organizational framework (true of all national accounts)