1. 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

2. Understanding the regional economy is important to monetary policy

3. 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)

4. We Love the BEA !

5. We want more data, and sooner !

6. Issues Timeliness

7. Issues Timeliness Frequency

8. Issues Timeliness Frequency Geography

9. “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 www.dallasfed.org

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

13. Issues Lack of fit in some industries

14. 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

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

16. Explanations?

17. Capital Intensity

18. Explanations? Capital Intensity Energy-related

19. Thank You

20. Who Am I? Franklin D. Berger Manager of Research Support Federal Reserve Bank of Dallas (214) 922-5170 frank.d.berger@dal.frb.org www.dallasfed.org