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On the Robustness of the Balance Statistics with respect to Nonresponse

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  • Christian Seiler

Abstract

Business cycle indicators based on the balance statistics are a widely used method tomonitor the actual economic situation. In contrast to official data, indicators frombusiness surveys are early available and typically not revised after their first publication.But as surveys can be in general affected by distortions through the response behaviour,these indicators can also be biased. In addition, time-dependent nonresponse patternscan produce even more complex forms of biased results. This paper examines aframework which kind of nonresponse patterns lead to biases and decreases in performance.We perform an extensive Monte Carlo study to analyse their effects on the indicators.Our analyses show that these indicators are extremely stable towards selection biases.

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Bibliographic Info

Paper provided by Ifo Institute for Economic Research at the University of Munich in its series Ifo Working Paper Series with number Ifo Working Paper No. 126.

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Date of creation: 2012
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Handle: RePEc:ces:ifowps:_126

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Related research

Keywords: Business survey; Monte Carlo study; nonresponse;

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References

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  1. Michela Nardo, 2003. "The Quantification of Qualitative Survey Data : A Critical Assessment," Journal of Economic Surveys, Wiley Blackwell, vol. 17(5), pages 645-668, December.
  2. Konstantin A. Kholodilin & Boriss Siliverstovs, 2006. "On the Forecasting Properties of the Alternative Leading Indicators for the German GDP: Recent Evidence," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 226(3), pages 234-259, May.
  3. Christian Gayer, 2005. "Forecast Evaluation of European Commission Survey Indicators," Journal of Business Cycle Measurement and Analysis, OECD Publishing,CIRET, vol. 2005(2), pages 157-183.
  4. Stefan Arent & Alexander Eck & Michael Kloss & Oskar Krohmer, 2012. "Income Risk, Saving and Taxation:Will Precautionary Saving Survive?," Ifo Working Paper Series Ifo Working Paper No. 125, Ifo Institute for Economic Research at the University of Munich.
  5. Anna Stangl, 2007. "European Data Watch: Ifo World Economic Survey Micro Data," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 127(3), pages 487-496.
  6. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Nikolay Robinzonov & Klaus Wohlrabe, 2010. "Freedom of Choice in Macroeconomic Forecasting ," CESifo Economic Studies, CESifo, vol. 56(2), pages 192-220, June.
  8. Florian Janik & Susanne Kohaut, 2012. "Why don’t they answer? Unit non-response in the IAB establishment panel," Quality & Quantity: International Journal of Methodology, Springer, vol. 46(3), pages 917-934, April.
  9. Stangl, Anna, 2009. "Essays on the Measurement of Economic Expectations," Munich Dissertations in Economics 9823, University of Munich, Department of Economics.
  10. Andrew Ang & Geert Bekaert & Min Wei, 2005. "Do Macro Variables, Asset Markets or Surveys Forecast Inflation Better?," NBER Working Papers 11538, National Bureau of Economic Research, Inc.
  11. Steffen Henzel & Timo Wollmershäuser, 2005. "Quantifying Inflation Expectations with the Carlson-Parkin Method: A Survey-based Determination of the Just Noticeable Difference," Journal of Business Cycle Measurement and Analysis, OECD Publishing,CIRET, vol. 2005(3), pages 321-352.
  12. Katja Drechsel & Rolf Scheufele, 2010. "Should We Trust in Leading Indicators? Evidence from the Recent Recession," IWH Discussion Papers 10, Halle Institute for Economic Research.
  13. Carlson, John A & Parkin, J Michael, 1975. "Inflation Expectations," Economica, London School of Economics and Political Science, vol. 42(166), pages 123-38, May.
  14. Christian Seiler, 2010. "Dynamic Modelling of Nonresponse in Business Surveys," Ifo Working Paper Series Ifo Working Paper Nr. 93, Ifo Institute for Economic Research at the University of Munich.
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Cited by:
  1. Seiler, Christian & Heumann, Christian, 2013. "Microdata imputations and macrodata implications: Evidence from the Ifo Business Survey," Economic Modelling, Elsevier, vol. 35(C), pages 722-733.
  2. David Leuwer & Bernd Süssmuth, 2013. "The Exchange Rate Susceptibility of Some European Core Industries and the Currency Union," CESifo Working Paper Series 4253, CESifo Group Munich.
  3. Christian Seiler, 2013. "Nonresponse in Business Tendency Surveys: Theoretical Discourse and Empirical Evidence," ifo Beiträge zur Wirtschaftsforschung, Ifo Institute for Economic Research at the University of Munich, number 52.
  4. Christian Seiler, 2012. "Zur Robustheit des ifo Geschäftsklimaindikators in Bezug auf fehlende Werte," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 65(17), pages 19-22, 09.

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