The National Bank of Belgium, Research Department’s new business survey indicator
The business survey indicator is one of the most valuable statistics that the Bank publishes every month. Its reputation is due to the reliability it has demonstrated over several decades in reflecting the pattern of economic activity in the country and in the euro area every month. The indicator is compiled on the basis of the responses to the monthly business survey that the Bank has arranged with enterprises in Belgium since 1954. Almost twenty years after the last methodological revision of the indicator in 1990, the Bank decided that it was now desirable to review its method of calculation again. This article presents the key characteristics of the business survey indicator, its practical applications and the new method of calculation applied since April 2009. This methodological revision gradually became necessary owing to the extension of the survey in 1994 to business-related services, the results of which were not included in the general business survey indicator until this methodological change. The old business survey indicator had also exhibited some undesirable short-term fluctuations. The methodological changes have been kept to a minimum and only concern the calculation of the synthetic curves, with an amended selection of questions that are included in the synthetic curves for each industry and by incorporating the business-related services curve into the overall synthetic business indicator. These changes aim to strengthen the correlation between the indicator and GDP growth, to reduce the undesirable short-term volatility and to maintain its early response.
Volume (Year): (2009)
Issue (Month): ii (June)
|Contact details of provider:|| Postal: Boulevard de Berlaimont 14, B-1000 Bruxelles|
Phone: (+ 32) (0) 2 221 25 34
Fax: (+ 32) (0) 2 221 31 62
Web page: https://www.nbb.be/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Stock, James H. & Watson, Mark W., 1999.
"Business cycle fluctuations in us macroeconomic time series,"
Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 1, pages 3-64
- James H. Stock & Mark W. Watson, 1998. "Business Cycle Fluctuations in U.S. Macroeconomic Time Series," NBER Working Papers 6528, National Bureau of Economic Research, Inc.
- Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
- Marianne Baxter & Robert G. King, 1995. "Measuring Business Cycles Approximate Band-Pass Filters for Economic Time Series," NBER Working Papers 5022, National Bureau of Economic Research, Inc.
- Tom Doan, "undated". "BKFILTER: RATS procedure to implement band pass filter using Baxter-King method," Statistical Software Components RTS00026, Boston College Department of Economics.
- Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, 05.
- Lawrence J. Christiano & Terry J. Fitzgerald, 1999. "The Band pass filter," Working Paper 9906, Federal Reserve Bank of Cleveland.
- Lawrence J. Christiano & Terry J. Fitzgerald, 1999. "The Band Pass Filter," NBER Working Papers 7257, National Bureau of Economic Research, Inc.
- King, Robert G. & Plosser, Charles I., 1994. "Real business cycles and the test of the Adelmans," Journal of Monetary Economics, Elsevier, vol. 33(2), pages 405-438, April.
- Robert G. King & Charles I. Plosser, 1989. "Real business cycles and the test of the Adelmans," Proceedings, Federal Reserve Bank of San Francisco.
- King, R.G. & Plosser, C.I., 1989. "Real Business Cycles And The Test Of The Adelmans," RCER Working Papers 204, University of Rochester - Center for Economic Research (RCER).
- Robert G. King & Charles I. Plosser, 1989. "Real Business Cycles and the Test of the Adelmans," NBER Working Papers 3160, National Bureau of Economic Research, Inc.
- Ilse Mintz, 1969. "Dating Postwar Business Cycles: Methods and Their Application to Western Germany, 1950–67," NBER Books, National Bureau of Economic Research, Inc, number mint69-1.
- Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1.
- Ilse Mintz, 1969. "Summary to "Dating Postwar Business Cycles: Methods and Their Application to Western Germany, 1950–67"," NBER Chapters,in: Dating Postwar Business Cycles: Methods and Their Application to Western Germany, 1950–67, pages 53-54 National Bureau of Economic Research, Inc.
- Luc Aucremanne & Marianne Collin & Thomas Stragier, 2007. "Assessing the Gap between Observed and Perceived Inflation in the Euro Area : Is the Credibility of the HICP at Stake ?," Working Paper Research 112, National Bank of Belgium.
- Luc Dresse & Christophe Van Nieuwenhuyze, 2008. "Do survey indicators let us see the business cycle ? A frequency decomposition," Working Paper Research 131, National Bank of Belgium. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:nbb:ecrart:y:2009:m:june:i:ii:p:31-51. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.