Beyond the Streetlight: Economic Measurement in the Division of Research and Statistics at the Federal Reserve

Tomaz Cajner, Carol Corrado and Arthur B. Kennickell

No 2025-019, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: This paper was written for the academic conference held in celebration of the 100th anniversary of the Division of Research and Statistics (R&S) of the Federal Reserve Board. The work of the Federal Reserve turns strongly on empirical efforts to understand the structure and state of the economy, and R&S can be thought of as operating a large factory for discovering and developing data and analytical methods to provide evidence relevant to the mission of the Board. This paper, as signaled by its title, illustrates how the measurement research component of the R&S factory often looks far beyond current conventions to meet the needs of the Board—and has done so since its earliest days. It would take a far longer paper to provide a complete history and evolution of measurement activities in R&S; here, we provide an indicative review focusing on selected areas from which, we believe, it is easy to conclude that R&S has been—and likely will continue to be—an important innovator in economic measurement.

Keywords: Data collection methods and estimation strategies; Business cycles, productivity, and price measurement; Financial accounts and financial data; the Survey of Consumer Finances; Blended data (search for similar items in EconPapers)
JEL-codes: C89 E01 E30 (search for similar items in EconPapers)
Pages: 55 p.
Date: 2025-03-21
New Economics Papers: this item is included in nep-his
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2025-19

DOI: 10.17016/FEDS.2025.019

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