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Covid-19 and official statistics: a wakeup call?

Author

Listed:
  • Claudia Biancotti

    (Bank of Italy)

  • Alfonso Rosolia

    (Bank of Italy)

  • Giovanni Veronese

    (Bank of Italy)

  • Robert Kirchner

    (Deutsche Bundesbank)

  • Francois Mouriaux

    (Banque de France)

Abstract

As COVID-19 spread globally, fast political decisions and the implementation of drastic measures were necessary to slow down proliferation and counter the economic disruption. The demand for broad, timely, high-frequency statistics about economic and health developments surged. At the same time, the pandemic outpaced the frequency at which most conventional statistics become available. Unconventional data helped to bridge these time lags, and to supply information on aspects of society not suitably covered by traditional official statistics, but that the need of the day suddenly made prominent for decision makers. The lesson from the COVID-19 crisis is that greater preparedness and flexibility in facing �future unknowns� is essential. Enabling users of statistics to quickly tap on data dimensions and relationships needed for their decisions when confronted with exceptional circumstances, is essential for guaranteeing salience and, ultimately, trustworthiness of official statistics.

Suggested Citation

  • Claudia Biancotti & Alfonso Rosolia & Giovanni Veronese & Robert Kirchner & Francois Mouriaux, 2021. "Covid-19 and official statistics: a wakeup call?," Questioni di Economia e Finanza (Occasional Papers) 605, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_605_21
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2021-0605/QEF_605_21.pdf
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    References listed on IDEAS

    as
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    4. Claudia Biancotti & Paolo Ciocca, 2019. "Opening Internet Monopolies to Competition with Data Sharing Mandates," Policy Briefs PB19-3, Peterson Institute for International Economics.
    5. Tobias Cagala, 2017. "Improving data quality and closing data gaps with machine learning," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data needs and Statistics compilation for macroprudential analysis, volume 46, Bank for International Settlements.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Webel, Karsten, 2022. "A review of some recent developments in the modelling and seasonal adjustment of infra-monthly time series," Discussion Papers 31/2022, Deutsche Bundesbank.
    2. Irving Fisher Committee, 2021. "Issues in Data Governance," IFC Bulletins, Bank for International Settlements, number 54.

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    More about this item

    Keywords

    high frequency statistics; data access; official statistics;
    All these keywords.

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • F60 - International Economics - - Economic Impacts of Globalization - - - General

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