Traffic stands near the Lincoln Tunnel in this aerial photograph taken with a tilt-shift lens above Weehawken, New Jersey, U.S., on Wednesday, June 10, 2015. U.S. stocks rallied and the dollar fell as the Federal Reserve signaled it will continue to support the economy. Photographer: Craig Warga/Bloomberg
Much like a satellite in space can survey the weather across an entire continent so can the GDP give an overall picture of the state of the economy.
— Paul A. Samuelson
Mark Curtis: Given the predominance of new data coming from Google, Twitter, and Facebook, do you think that this will limit, or even make obsolete, the role of traditional government statistical agencies such as Census Bureau and the Bureau of Labor Statistics in the future? If not, do you believe there is the potential for collaboration between these agencies and companies such as Google?
Hal Varian: The government statistical agencies are the gold standard for data collection. It is likely that real-time data can be helpful in providing leading indicators for the standard metrics, and supplementing them in various ways, but I think it is highly unlikely that they will replace them. I hope that the private and public sector can work together in fruitful ways to exploit new sources of real-time data in ways that are mutually beneficial.
A staff blog, ‘BankUnderground‘, with connotations of radicalism that will be tough to live up to. And a relaunch of their working paper series, now emphasised to be a Staff Working Paper Series to mark the fact that these will not be censored for conformity with BoE policy lines.