Open AccessNew developments in central bank statistics around the world1
Author(s) -
Alfonso Rosolia,
Silke Stapel-Weber,
Bruno Tissot
Publication year - 2021
Publication title -
statistical journal of the iaos
Language(s) - English
Resource type - Journals
eISSN - 1875-9254
pISSN - 1874-7655
DOI - 10.3233/sji-210887
Subject(s) - resilience (materials science) , central bank , key (lock) , face (sociological concept) , complement (music) , covid-19 , business , computer science , economics , computer security , macroeconomics , monetary policy , sociology , medicine , social science , biochemistry , chemistry , physics , disease , pathology , complementation , gene , infectious disease (medical specialty) , phenotype , thermodynamics
A key lesson from central banks’ experience during the COVID-19 pandemic, as both users and producers of economic and financial data, is the need to broaden their ability to face future shocks that can test the resilience of today’s economies in unexpected ways. This could be achieved by developing higher-frequency, more granular and timelier indicators, leveraging on the growing availability of alternative data sources. In particular, increased digitalization is bringing new types of information that can complement and expand traditional analysis and statistical measurements. Yet, a key issue is that reaping the full the benefits of such new and alternative data sources can face several important challenges.