Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Coherent macroeconomic statistics
Document related concepts
Economics of fascism wikipedia , lookup
Non-monetary economy wikipedia , lookup
Modern Monetary Theory wikipedia , lookup
Monetary policy wikipedia , lookup
Washington Consensus wikipedia , lookup
Business cycle wikipedia , lookup
Fiscal multiplier wikipedia , lookup
Transcript
The need for coherent Macroeconomic Statistics Workshop on SNA and GFS Istanbul 20-22 November 2013 Kurt Wass, EFTA 1 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 2 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. 3 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 4 Coherent macroeconomic statistics Economic theories Policy makers Economy Statistical data 5 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 6 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 7 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 8
