Spain | National Accounts in a World of Naturally Occurring Data

Summary

Presentation for the Conference on Real-Time Data Analysis, Methods, and Applications hosted by Bank of Spain. We apply National accounting principles to obtain real-time, high-frequency Big Data consumption indicators with many applications.

Key points

• Key points:
• We apply National Accounting principles (ESA-2010) to Transactions from major private sector bank (BBVA).
• Results in a with Consumption Panel characterized by i) A Massive Survey: Almost two million participants ii) Aggregates to national accounts consumption at comparable frequencies iii) Updated Real time (daily frequency since 2015) & Geo-localized information iv) Breakdown of consumption into COICOP categories (officially yearly, now real time!!).
• With Many Applications, namely: i) Consumption in Real Time & HD (1st Distributional Accounts of Consumption) ii) Rich characterization of consumption growth iii) Inflation Heterogeneous impact, High-frequency response to monetary policy shocks & Sustainability other papers

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