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Coherent Macroeconomic Statistics Workshop

Join the workshop on SNA and GFS in Istanbul to learn how high-quality and coherent macroeconomic statistics are vital for successful policymaking. Explore the main policy instruments and objectives of macroeconomic policies. Understand the importance of economic theories and statistical data in shaping policies. Enhance your understanding of fiscal, monetary, and supply-side policies, and their impact on important economic phenomena. Discover the interconnections between various macroeconomic accounts and how they form a coherent basis for policy making.

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Coherent Macroeconomic Statistics Workshop

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  1. The need for coherent Macroeconomic Statistics Workshop on SNA and GFS Istanbul 20-22 November 2013 Kurt Wass, EFTA

  2. 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

  3. Coherent macroeconomic statistics • 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. • 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

  4. Coherent macroeconomic statistics Policy makers Economy • In order to affecttheeconomy policymakers need an understandinghowpoliciesmightworkonimportanteconomicphenomena – it is a need for: • economictheories • statistical data

  5. Coherent macroeconomic statistics Economic theories Policy makers Economy Statistical data

  6. Coherent macroeconomic statistics Example, policy objective: increase employment Fiscal policies Monetary policies Supply side policies Taxes Government Government Financial transactions Change in debt Taxes Dividends Subsid. Cap.Inj. Central Bank Corporations Demand Demand Production Demand Financial transactions Labour market Market G & S Financial markets Exports Imports Supply Transfers Consumption Financial transactions Households RoW Financial transactions

  7. Coherent macroeconomic statistics Transactions Transactions Transactions Revenue account Production account Current account GDP (value added) Expense account Income accounts Current account balance Operating balance Saving Non-financial assets Capital transfers & Non-financial assets Capital account SNA ESA GFS BoP MFS Transactions Financial assets & liabilities Financial assets & liabilities Financial assets & liabilities Financial assets & liabilities Net lending / borrowing

  8. 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 macro-economic basis for policy making • Since statisticians should not operate in a vacuum, it is also important with a close cooperation with important users

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