Transcript Coherent macroeconomic statistics

The need for coherent Macroeconomic
Statistics
Workshop on SNA and GFS
Istanbul 20-22 November 2013
Kurt Wass, EFTA
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Coherent macroeconomic statistics
• Successful policymaking in a complex world requires
high quality information of data
• Statistical systems need to address both the policy
objectives and the instruments at hand that might have
effect on the objectives
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Coherent macroeconomic statistics
• Main objectives of
macroeconomic policies
– High, but sustainable economic
growth
– High/full employment
– Price stability
– External balance
– Influence the distribution of income
and wealth
– Provision of public goods
– Efficient allocation of resources
– High private consumption
• Main policy instruments
– Fiscal policy
• Government expenditures
• Taxation
– Monetary policy
• Interest rates
• Money supply
• Exchange rates
– Supply side policy
• Competition, efficiency
improvements, i.e.;
• Privatization
• Deregulation
• Free trade
• Tax reforms etc.
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Coherent macroeconomic statistics
Policy
makers
Economy
In order to affect the economy policymakers need an
understanding how policies might work on important
economic phenomena – it is a need for:
• economic theories
• statistical data
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Coherent macroeconomic statistics
Economic
theories
Policy
makers
Economy
Statistical
data
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Coherent macroeconomic statistics
Taxes
Government Financial transactions
Change in debt
Government
Demand
Corporations
Taxes
Subsid.
Cap.Inj.
Demand
Fiscal policies
Monetary policies
Supply side policies
Dividends
Example, policy objective:
increase employment
Central
Bank
Demand
Transfers
Labour market
Supply
Market G & S
Financial
markets
Exports
Imports
Households
RoW
Financial transactions
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Coherent macroeconomic
statistics
Transactions
Transactions
Transactions
Revenue
account
Expense
account
GFS
Non-financial
assets
Production
account
Income
accounts
Operating
balance
SNA
ESA
Capital
transfers &
Non-financial
assets
GDP
(value added)
Current
account
Saving
BoP
Capital
account
Current
account
balance
MFS
Transactions
Financial
assets &
liabilities
Financial
assets &
liabilities
Net lending / borrowing
Financial
assets &
liabilities
Financial
assets &
liabilities
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Coherent macroeconomic statistics
•
Although the four main sets of macroeconomic
accounting statistical frameworks have different focus,
they are mutually consistent and provide a coherent
basis for policy making
•
Since the different statistics are often compiled by
different institutions, inter-institutional coordination is
necessary to in order to ensure a coherent macroeconomic basis for policy making
•
Since statisticians should not operate in a vacuum, it is
also important with a close cooperation with important
users
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