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Incorporating microdata into macro policy decision-making

Author

Listed:
  • Israël, Jean-Marc

    (Former Head of Division, European Central Bank, Germany)

  • Tissot, Bruno

    (Bank for International Settlements, Switzerland)

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.

Suggested Citation

  • Israël, Jean-Marc & Tissot, Bruno, 2021. "Incorporating microdata into macro policy decision-making," Journal of Digital Banking, Henry Stewart Publications, vol. 6(3), pages 233-250, December.
    • Handle: RePEc:aza:jdb000:y:2021:v:6:i:3:p:233-250
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    More about this item

    Keywords

    official statistics; granular data; policymaking; central banking; data integration;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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