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Implications of Covid-19 for official statistics: a central banking perspective

Author

Listed:
  • Bruno Tissot
  • Barend de Beer

Abstract

The impact of the Covid-19 pandemic on official statistics has been a particularly relevant issue for central banks, as both producers and users of data. As producers, they have been confronted with statistical data gaps that arose and also involved in methodological interventions to address the related challenges. As users of statistics, they needed information to pursue their monetary and financial stability policy objectives in the face of the sharp disruptions caused by the pandemic. The experience of statisticians in various central banks weathering this storm highlighted three main lessons. A first, somewhat reassuring one is the importance of the international efforts made since the 2007-09 Great Financial Crisis to build better-quality, more comprehensive, flexible and integrated statistics. A second lesson is that, despite recent progress, many data gaps remain that have been exacerbated by the crisis. Thirdly, the pandemic also underscored the need to go beyond the "standard" offering of official statistics especially in crisis times. A key requirement is to have more timely, frequent and well-documented indicators to guide policy. Addressing these needs calls for fully exploiting the data sources available, promoting greater data sharing among official statistics producers as well as considering alternative, "big data" sources as a complement to official statistics.

Suggested Citation

  • Bruno Tissot & Barend de Beer, 2020. "Implications of Covid-19 for official statistics: a central banking perspective," IFC Working Papers 20, Bank for International Settlements.
  • Handle: RePEc:bis:bisiwp:20
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    Citations

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    Cited by:

    1. Jean-Marc Israel & Bruno Tissot, 2021. "Incorporating micro data into macro policy decision-making," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Micro data for the macro world, volume 53, Bank for International Settlements.

    More about this item

    Keywords

    Big data; administrative sources; data gaps; statistical methods; public policy;
    All these keywords.

    JEL classification:

    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • F30 - International Economics - - International Finance - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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