This project aims to provide the architecture for re-engineering official economic statistics?literally to build key measurements such as GDP and consumer inflation from the ground up. The new measurement architecture offers internally consistent real output and inflation measures that adjust for product turnover and product quality change at scale. It builds up measures of inflation and spending from granular, item-level transactions data. It therefore engineers statistics directly from the information systems of firms rather than superimposing a measurement system based on surveys implemented by statistical agencies.
Funding:
University of Maryland, College Park
Funding Period:
07/01/2021 to 06/30/2026