Incorporating microdata into macro policy decision-making

Jean-Marc Israël and Bruno Tissot
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Jean-Marc Israël: Former Head of Division, European Central Bank, Germany
Bruno Tissot: Bank for International Settlements, Switzerland

Journal of Digital Banking, 2021, vol. 6, issue 3, 233-250

Abstract: The ongoing expansion of granular data sets calls for broadening official statistical frameworks to benefit from this information in order to assist the assembling of macroeconomic aggregates and/or facilitate the linkage between micro- and macrolevel statistics. It can also provide important analytical benefits and effectively support central bank policies, with a greater ability to ‘zoom in’ on particular areas of interest and assess the distribution of macroeconomic aggregates within reporting populations. There are, however, important challenges associated with dealing with these data sets, for instance with regard to their quality, confidentiality and the manner of accessing them. Indeed, the task of integrating (granular and) microfinancial information in macro frameworks has proved more complex than initially thought, and many challenges have yet to be addressed. This paper discusses an important issue: how to make use of granular information from private sources which are not part of the official statistics framework.

Keywords: official statistics; granular data; policymaking; central banking; data integration (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2021:v:6:i:3:p:233-250

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