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The Consumption Activity Index

Author

Listed:
  • Koji Nakamura

    (Bank of Japan)

  • Hiroshi Kawata

    (Bank of Japan)

  • Masaki Tanaka

    (Bank of Japan)

  • Lisa Uemae

    (Bank of Japan)

Abstract

In this paper, we introduce the Consumption Activity Index (CAI). The CAI uses a variety of sales and supply-side statistics on goods and services as its source statistics and is provided as a measure for capturing short-term consumption activity on both monthly and quarterly bases. The CAI traces movements of consumption in the household side of the economy, much like those in the Annual Report on National Accounts (ARNA) - the most comprehensive statistic representing nationwide consumption activity - but delivers in a more timely fashion. Unlike demand-side statistics, this index shows only small fluctuations emanating from sample rotations, and also exhibits a high correlation with a number of confidence survey measures. Various versions of the CAI are available - nominal and real indexes as well as those both including and excluding inbound consumption - and they are designed to help users according to their analytical needs. Based on the above-mentioned properties, the CAI will contribute to proper assessment of the actual movements of consumption activities in Japan.

Suggested Citation

  • Koji Nakamura & Hiroshi Kawata & Masaki Tanaka & Lisa Uemae, 2016. "The Consumption Activity Index," Bank of Japan Research Papers 16-05-02, Bank of Japan.
    • Handle: RePEc:boj:bojron:ron160502a
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    File URL: http://www.boj.or.jp/en/research/brp/ron_2016/data/ron160502a.pdf
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    Citations

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    Cited by:

    1. Masato Takahashi & Takuji Kondo & Ko Munakata & Tomohiro Okubo & Yuto Iwasaki, 2021. "Revision of the Consumption Activity Index to Capture Recent Changes in Consumption Patterns," Bank of Japan Research Papers 21-07-07, Bank of Japan.
    2. Akihiro Kanafuji & Rina Mandokoro & Naoya Kato & Tomohiro Sugo, 2018. "Revision of the Consumption Activity Index to Address the 2008 SNA and Improve Accuracy," Bank of Japan Research Papers 18-04-20, Bank of Japan.
    3. Tomohiro Okubo & Koji Takahashi & Haruhiko Inatsugu & Masato Takahashi, "undated". "Development of "Alternative Data Consumption Index":Nowcasting Private Consumption Using Alternative Data," Bank of Japan Working Paper Series 22-E-8, Bank of Japan.

    More about this item

    Keywords

    private consumption; business cycles;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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