BEA Regional Data and the Dallas FED Franklin D. Berger Federal Reserve Bank of Dallas The views expressed are those of the speaker and should not be attributed.

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Presentation transcript:

BEA Regional Data and the Dallas FED Franklin D. Berger Federal Reserve Bank of Dallas The views expressed are those of the speaker and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System

Understanding the regional economy is important to monetary policy

BEA Regional Products Gross State Product State and Local Personal Income Regional Facts Sheets (Bearfacts) Regional Input-Output Modeling System (Rims II) Regional Economic Information System (REIS)

We Love the BEA !

We want more data, and sooner !

Issues Timeliness

Issues Timeliness Frequency

Issues Timeliness Frequency Geography

“A New Quarterly Output Measure for Texas” Franklin D. Berger and Keith R. Phillips Economic Review Federal Reserve Bank of Dallas Third Quarter 1995 Available at

Annual gross state product Quarterly real earnings Quarterly gross state product Hocus Pocus Chow-Lin Procedure

Issues Lack of fit in some industries

Issues Lack of fit in some industries –Mining real GSP uncorrelated with anything: real earnings, national corporate profits, oil prices, natural gas prices, crude oil production, natural gas production, rig count

Issues Lack of fit in some industries –Mining real GSP fits nothing –Nondurable manufacturing neither: real earnings

Explanations?

Capital Intensity

Explanations? Capital Intensity Energy-related

Thank You

Who Am I? Franklin D. Berger Manager of Research Support Federal Reserve Bank of Dallas (214)

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