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The papers in this volume analyze the deployment of Big Data to solve both existing and novel challenges in economic measurement.
The existing infrastructure for the production of key economic statistics relies heavily on data collected through sample surveys and periodic censuses, together with administrative records generated in connection with tax administration. The increasing difficulty of obtaining survey and census responses threatens the viability of existing data collection approaches. The growing availability of new sources of Big Data—such as scanner data on purchases, credit card transaction records, payroll information, and prices of various goods scraped from the websites of online sellers—has changed the data landscape. These new sources of data hold the promise of allowing the statistical agencies to produce more accurate, more disaggregated, and more timely economic data to meet the needs of policymakers and other data users. This volume documents progress made toward that goal and the challenges to be overcome to realize the full potential of Big Data in the production of economic statistics. It describes the deployment of Big Data to solve both existing and novel challenges in economic measurement, and it will be of interest to statistical agency staff, academic researchers, and serious users of economic statistics.
Prefatory Note
Introduction: Big Data for Twenty-First-Century Economic Statistics: The Future Is Now
Toward Comprehensive Use of Big Data in Economic Statistics
Reengineering Key National Economic Indicators
Big Data in the US Consumer Price Index: Experiences and Plans
Improving Retail Trade Data Products Using Alternative Data Sources
From Transaction Data to Economic Statistics: Constructing Real-Time, High-Frequency, Geographic Measures of Consumer Spending
Improving the Accuracy of Economic Measurement with Multiple Data Sources: The Case of Payroll Employment Data
Uses of Big Data for Classification
Transforming Naturally Occurring Text Data into Economic Statistics: The Case of Online Job Vacancy Postings
Automating Response Evaluation for Franchising Questions on the 2017 Economic Census
Using Public Data to Generate Industrial Classification Codes
Uses of Big Data for Sectoral Measurement
Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity
Unit Values for Import and Export Price Indexes: A Proof of Concept
Quantifying Productivity Growth in the Delivery of Important Episodes of Care within the Medicare Program Using Insurance Claims and Administrative Data
Valuing Housing Services in the Era of Big Data: A User Cost Approach Leveraging Zillow Microdata
Methodological Challenges and Advances
Off to the Races: A Comparison of Machine Learning and Alternative Data for Predicting Economic Indicators
A Machine Learning Analysis of Seasonal and Cyclical Sales in Weekly Scanner Data
Estimating the Benefits of New Products
Contributors
Author Index
Subject Index