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

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of collecting data for official measures of the economy – from surveys to in-person price checks – appear increasingly outdated.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
Louise Sheiner
The Robert S. Kerr Senior Fellow - Economic Studies
Policy Director - The Hutchins Center on Fiscal and Monetary Policy
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
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
Session Materials
Panel Discussion - Using Big Data: Potential and Obstacles
Erica Groshen
Senior Extension Faculty Member - Cornell University
Research Fellow - Upjohn Institute for Employment Research
former Commissioner - Bureau of Labor Statistics
Michael A. Brown
Principal U.S. Economist - Visa
Crystal Konny
Consumer Prices Branch Chief, Division of Consumer Prices and Price Indexes - Bureau of Labor Statistics
David Wessel
Director - The Hutchins Center on Fiscal and Monetary Policy
Senior Fellow - Economic Studies
Session Materials
Closing Remarks on Privacy
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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