IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Undertaking Revisions and Real-Time Data Analysis using the OECD Main Economic Indicators Original Release Data and Revisions Database

  • Richard McKenzie
Registered author(s):

    The first releases of official statistics are often revised in subsequent releases, sometimes substantially. Such revisions can impact on policy decisions, as revisions to first published data may alter the previous assessment of the state of the economy. This may occur through a changed interpretation based on the revised data itself or the impact the revision may have on econometric models which may incorporate several statistics, each subject to revision. Whilst this is a recognised issue of key importance, most producers of official statistics do not quantify expected revisions to their data and economists do not have the required data to test the sensitivity of their econometric models to revisions in input data. This important gap in knowledge required to effectively use official statistics, and demands from central banks motivated the OECD to develop a unique new product: the Main Economic Indicators Original Release Data and Revisions Database, now freely available at: http://stats.oecd.org/mei/default.asp?rev=1 . Accessing this source of originally published data will enable analysts to test the likely effectiveness of econometric models in simulated real-time. It will also enable producers of official statistics to study the magnitude and direction of subsequent revisions to published data which can lead to a better understanding of the statistical compilation process, enabling problems to be identified and improvements to be made. Revisions analysis also provides important information to users on the robustness of first estimates... Les premières publications des statistiques officielles sont souvent révisées dans des publications ultérieures, parfois substantiellement. Les révisions des données initiales peuvent avoir une incidence sur les décisions de politique économique car elles peuvent modifier l'appréciation portée antérieurement sur l'état de l'économie. En effet, l'analyse même des données révisées peut donner lieu à une nouvelle interprétation et la révision peut avoir une incidence sur les modèles économétriques intégrant parfois plusieurs statistiques, chacune sujette à révision. Bien qu'il s'agisse d'une question dont l?importance centrale est reconnue, la plupart de ceux qui produisent des statistiques officielles ne quantifient pas les révisions attendues de leurs données et les économistes ne disposent pas des données nécessaires pour tester la sensibilité de leurs modèles économétriques aux révisions des données utilisées pour les établir. Cette lacune importante dans les connaissances requises pour utiliser efficacement les statistiques officielles et les exigences des banques centrales ont incité l'OCDE à élaborer un nouveau produit unique : la Base de données de l'OCDE : « Principaux indicateurs économiques : première publication des données et révisions ultérieures. », désormais accessible gratuitement sur le site : http://stats.oecd.org/mei/default.asp?rev=1. L'accès à cette source de données initiales permettra aux analystes de tester l'efficacité probable des modèles économétriques en temps réel simulé. Il permettra aussi aux producteurs de statistiques officielles d'étudier l'importance et l'orientation des révisions apportées ultérieurement aux données publiées, ce qui devrait conduire à une meilleure compréhension du processus d'établissement des statistiques, faciliter la mise en évidence des problèmes et donner lieu à des améliorations. L'analyse des révisions fournit aussi des informations importantes aux utilisateurs sur la robustesse des premières estimations...

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://dx.doi.org/10.1787/146528313656
    Our checks indicate that this address may not be valid because: 403 Forbidden (http://dx.doi.org/10.1787/146528313656 [303 See Other]--> http://www.oecd-ilibrary.org/economics/undertaking-revisions-and-real-time-data-analysis-using-the-oecd-main-economic-indicators-original-release-data-and-revisions-database_146528313656). If this is indeed the case, please notify ()


    Download Restriction: no

    Paper provided by OECD Publishing in its series OECD Statistics Working Papers with number 2006/2.

    as
    in new window

    Length:
    Date of creation: 14 Sep 2006
    Date of revision:
    Handle: RePEc:oec:stdaaa:2006/2-en
    Contact details of provider: Postal: 2 rue Andre Pascal, 75775 Paris Cedex 16
    Phone: 33-(0)-1-45 24 82 00
    Fax: 33-(0)-1-45 24 85 00
    Web page: http://www.oecd.org
    Email:


    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:oec:stdaaa:2006/2-en. 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.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.