TITLE

The Challenge of Measuring and Modeling a Dynamic Economy

AUTHOR(S)
Greenspan, Alan
PUB. DATE
April 2001
SOURCE
Business Economics;Apr2001, Vol. 36 Issue 2, p5
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
There is a trade-off between better data and better analysis in the allocation of scarce economic research resources. Although great strides have been made in econometric models, their use as predictive devices does not seem to be superior to simple, reduced-form models, even though they have provided valuable insights into the functioning of the economy. The financial sector, in particular, presents unresolved problems in theory and modeling. However, given the rapid change in the structure of the U.S. economy, it appears that getting better data may provide a better return than more sophisticated analysis. This is particularly true for prices and output in service industries. The Federal Reserve System, as well as the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the Census Bureau, have made great strides in the conceptual improvement of economic measurement, but much remains to be done.
ACCESSION #
4548986

 

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