National Accounts in a world of Naturally Occurring Data

Summary

Presentation for the Conference on Non-traditional Data, Machine Learning and Natural Language Processing in Macroeconomics hosted by Sveriges Riksbank and jointly organized with the Federal Reserve Board, the Bank of Italy, and the Bank of Canada.

Key points

• Key points:
• This paper provides the first proof of concept that naturally occurring transaction data, can be harnessed to produce high quality consumption survey.
• A simple aggregation of the data can result in good proxies of National Accounts levels and growth.
• The real time and high-definition components of the data show a powerful economic tool to track the economy in real time not only at aggregate levels but also zooming out across characteristics, gender, income categories and geographical details.
• The combination of this information constitutes the basis for better diagnoses and furthermore for the design of smart policies.

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