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Past Event

Can big data improve economic measurement?

Part of the Hutchins’ Productivity Measurement Initiative

Past Event

Introduction & Case studies in using big, privately gathered data

Introduction & Case studies in using big, privately gathered data
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Introduction & Case studies in using big, privately gathered data

Panel Discussion - Using Big Data: Potential and Obstacles
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Panel Discussion - Using Big Data: Potential and Obstacles

In an era of big data, where our every move is seemingly captured and recorded, traditional means of collecting data for official measures of the economy – from surveys to in-person price checks – appear increasingly outdated. Additionally, as the economy changes with the spread of online shopping, “free” internet sites and the gig economy, traditional methods of measurement may not adequately capture economic activity and variations in living standards. Privately collected big data has the potential to supplement or, in some cases, even supplant standard government indicators used to accurately capture changes in prices, quantities, and quality. However, difficulties related to interpretation and access remain significant barriers to properly utilizing such data.

On March 14, as part of its Productivity Measurement Initiative, the Hutchins Center on Fiscal & Monetary Policy at Brookings examined the potential as well as the obstacles to using big data in economic measurement, featuring several case studies and a panel of experts.

Agenda

Introduction

Case studies in using big, privately gathered data

Using Zillow microdata to value housing services
 Jeremy Moulton, Associate Professor of Public Policy,University of North Carolina, Chapel Hill

 

Real-time, high-frequency, geographic measures of consumer spending
Claudia Sahm, Chief of Consumer and Community Development Research, Federal Reserve Board

J

Jeremy Moulton

Associate Professor of Public Policy - University of North Carolina, Chapel Hill

Claudia Sahm

Chief of Consumer and Community Development Research - Federal Reserve Board

Panel Discussion - Using Big Data: Potential and Obstacles

E

Erica Groshen

Visiting Scholar - Cornell University

former Commissioner - Bureau of Labor Statistics

C

Crystal Konny

Consumer Prices Branch Chief, Division of Consumer Prices and Price Indexes - Bureau of Labor Statistics

F

Fiona Greig

Managing Director, Director of Consumer Research - JPMorgan Chase Institute

Closing Remarks on Privacy

B

Brian Harris-Kojetin

Director - CNSTAT

Study Director - Panel on Improving Federal Statistics for Policy and Social Science Research Using Multiple Data Sources

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