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Beyond the Streetlight: Economic Measurement in the Division of Research and Statistics at the Federal Reserve

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Abstract

This paper was written for the academic conference held in celebration of the 100th anniversary of the Division of Research and Statistics (R&S) of the Federal Reserve Board. The work of the Federal Reserve turns strongly on empirical efforts to understand the structure and state of the economy, and R&S can be thought of as operating a large factory for discovering and developing data and analytical methods to provide evidence relevant to the mission of the Board. This paper, as signaled by its title, illustrates how the measurement research component of the R&S factory often looks far beyond current conventions to meet the needs of the Board—and has done so since its earliest days. It would take a far longer paper to provide a complete history and evolution of measurement activities in R&S; here, we provide an indicative review focusing on selected areas from which, we believe, it is easy to conclude that R&S has been—and likely will continue to be—an important innovator in economic measurement.

Suggested Citation

  • Tomaz Cajner & Carol Corrado & Arthur B. Kennickell, 2025. "Beyond the Streetlight: Economic Measurement in the Division of Research and Statistics at the Federal Reserve," Finance and Economics Discussion Series 2025-019, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfe:2025-19
    DOI: 10.17016/FEDS.2025.019
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    File URL: https://www.federalreserve.gov/econres/feds/files/2025019pap.pdf
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    1. Aizcorbe, Ana M., 2014. "A Practical Guide to Price Index and Hedonic Techniques," OUP Catalogue, Oxford University Press, number 9780198702429, Decembrie.
    2. Aditya Aladangady & Shifrah Aron-Dine & Wendy E. Dunn & Laura Feiveson & Paul Lengermann & Claudia R. Sahm, 2016. "The Effect of Hurricane Matthew on Consumer Spending," FEDS Notes 2016-12-02, Board of Governors of the Federal Reserve System (U.S.).
    3. Ana Aizcorbe, 2006. "Why Did Semiconductor Price Indexes Fall So Fast in the 1990s? A Decomposition," Economic Inquiry, Western Economic Association International, vol. 44(3), pages 485-496, July.
    4. Aditya Aladangady & Shifrah Aron-Dine & David B. Cashin & Wendy E. Dunn & Laura Feiveson & Paul Lengermann & Katherine Richard & Claudia R. Sahm, 2018. "High-frequency Spending Responses to the Earned Income Tax Credit," FEDS Notes 2018-06-21, Board of Governors of the Federal Reserve System (U.S.).
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    More about this item

    Keywords

    Data collection methods and estimation strategies; Business cycles; productivity; and price measurement; Financial accounts and financial data; the Survey of Consumer Finances; Blended data;
    All these keywords.

    JEL classification:

    • C89 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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