Introducing Data to Students: Federal Reserve Economic Data (FRED) and Luxembourg Income Study (LIS)
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Introducing Data to Students: Federal Reserve Economic Data (FRED) and Luxembourg Income Study (LIS)

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Presentation for the GoDigs METRO SIG (http://libguides.metro.org/content.php?pid=126208) on 10/24/13

Presentation for the GoDigs METRO SIG (http://libguides.metro.org/content.php?pid=126208) on 10/24/13

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  • There are 59 sources, and I’ve arranged these sources by the top 25 most numerous time series. FRED only houses time series data (no panel or cross-sectional data) Cross-sectional data is multiple measurements taken during one period of time / time series is multiple measures taken during different times / panel data is a combination of both which some reserve banks create. Fred’s work in transforming dataWhat is a time series?“The majority of our transformations are seasonally adjusting series, aggregating series from a smaller geographic region into larger region (e.g. states into Bureau of Economic Analysis Regions), and doing common combinations of series”FRED is also planning to add all board of governors and Federal reserve bank data in the next yearDefinition of the Federal Reserve BoardThe Federal Reserve board analyzes domestic and international economic developments, supervises and regulates the operations of the Federal Reserve Banks, has responsibility for Americas payments system, and oversees and administers most consumer credit protection laws. The board of governors has seven of the 12 seats on the Federal Open Market Committee, which determines U.S. monetary policy. The board alone has authority over changes in reserve requirements, and it must approve any change in the discount rate initiated by a Federal Reserve Bank. Members of the board frequently testify before congressional committees on the economy, monetary policy, banking supervision and regulation, consumer credit protection, and financial markets.
  • LISWebtabultor needs to be updated to the lasts wave of data

Transcript

  • 1. Introducing Data to Students: Federal Reserve Economic Data (FRED) and Luxembourg Income Study (LIS) Frans Albarillo Business, Sociology, and Linguistics Librarian Brooklyn College, CUNY falbarillo@brooklyn.cuny.edu
  • 2. Outline Federal Reserve Economic Data (FRED) and Luxembourg Income Study (LIS)  my role in providing data services to patrons  functionality and features of web resources  implications of the federal government's Open Data Policy with these resources  Big Data and big data
  • 3. Data Audience at Brooklyn College  Economics and Sociology (undergraduate and graduate )  Management and Finance (undergraduate) Note: my formal graduate training is in Linguistics
  • 4. http://research.stlouisfed.org/
  • 5. Definition of 'Federal Reserve Bank Of St. Louis' The Federal Reserve Bank responsible for the eighth district. It is located in St. Louis, MO. Its territory includes parts of the states of Illinois, Indiana, Kentucky, Missouri, Mississippi and Tennessee, as well as the entire state of Arkansas. The Federal Reserve Bank of St. Louis maintains a database called Federal Reserve Economic Data http://research.stlouisfed.org/ Source: ―Federal Reserve Bank Of St. Louis Definition | Investopedia.‖ 2013. Accessed October 22. http://www.investopedia.com/terms/f/federal-reservebank-of-stlouis.asp.
  • 6. What is time series data? Data Source Organisation for Economic Co-operation and Development U.S. Department of Labor: Bureau of Labor Statistics U.S. Department of Commerce: Bureau of Economic Analysis World Bank Board of Governors of the Federal Reserve System U.S. Department of Commerce: Census Bureau Eurostat University of Pennsylvania University of Groningen Federal Reserve Bank of St. Louis National Bureau of Economic Research International Monetary Fund Federal Housing Finance Agency Federal Financial Institutions Examination Council U.S. Department of Energy: Energy Information Administration U.S. Department of Labor: Employment and Training Administration Bankrate, Inc. BofA Merrill Lynch S&P Dow Jones Indices LLC British Bankers' Association CredAbility Nonprofit Credit Counseling & Education Haver Analytics Federal Reserve Bank of Philadelphia Dow Jones & Company National Association of Realtors Time Series 61,218 21,626 14,166 10,442 7,257 7,224 6,316 5,890 4,542 4,300 3,036 538 520 372 284 221 198 192 184 150 134 120 102 51 41 Source: Federal Reserve Bank of St. Louis. ―Sources of Economic Data.‖ Accessed October 21, 2013. http://research.stlouisfed.org/fred2/sources?pageID=1.
  • 7. Notes
  • 8. The Effects of Open Data Policy on FRED
  • 9. http://www.lisdatacenter.org/
  • 10. LIS Highlights  What is microdata?  largest available database of income microdata  harmonized microdata that enable high-quality, cross-national, comparative research  data from 40 countries, 220 datasets in 8 cross-sections (waves)  29 years old  poverty measurement and analysis  gender gaps in employment, earnings, occupations, and income  user registration to access microdata, key figures (public) Source: Gornick, Janet, Berglind Ragnarsdóttir, and Sarah Kostecki. ―LIS: Cross-National Data Center in Luxembourg.‖ In Understanding Research Infrastructures in the Social Sciences. Zurich: Swiss Foundation for Research in Social Sciences, 2013. LIS Technical Paper Number 5: http://www.lisdatacenter.org/wps/techwps/5.pdf
  • 11. Audience
  • 12. Access to Microdata – LISSY registered users only
  • 13. SPSS CPS Wave 6 Data
  • 14. Access to Microdata – Web Tabulator registered users only
  • 15. Restrictions on Income Microdata
  • 16. Data Journey Country X survey LIS variable template LIS database This can take 3-6 months of manual coding of the data to the LIS template (disaggregates the data) Example from harmonization guidelines: Household head can be main income earner, person most knowledgeable about the budgetary situation of the household, eldest person, person responsible for the dwelling contract, or simply self defined by the respondents, etc.
  • 17. Data
  • 18. Are these resources big data or Big Data?
  • 19. ―Big Data is a shorthand label that typically means applying the tools of artificial intelligence, like machine learning, to vast new troves of data beyond that captured in standard databases. The new data sources include Web-browsing data trails, social network communications, sensor data and surveillance data.‖ Source: Lohr, Steve. 2012. ―The Age of Big Data.‖ The New York Times, February 11, sec. Sunday Review. http://www.nytimes.com/2012/02/12/sunday-review/big-datasimpact-in-the-world.html.
  • 20. ―Link these communicating sensors to computing intelligence and you see the rise of what is called the Internet of Things or the Industrial Internet. Improved access to information is also fueling the Big Data trend. For example, government data—employment figures and other information—has been steadily migrating onto the Web. In 2009, Washington opened the data doors further by starting Data.gov, a Web site that makes all kinds of government data accessible to the public.‖ Source: Lohr, Steve. 2012. ―The Age of Big Data.‖ The New York Times, February 11, sec. Sunday Review. http://www.nytimes.com/2012/02/12/sunday-review/big-datasimpact-in-the-world.html.
  • 21. ―Data is not only becoming more available but also more understandable to computers. Most of the Big Data surge is data in the wild—unruly stuff like words, images and video on the Web and those streams of sensor data. It is called unstructured data and is not typically grist for traditional databases.‖ Source: Lohr, Steve. 2012. ―The Age of Big Data.‖ The New York Times, February 11, sec. Sunday Review. http://www.nytimes.com/2012/02/12/sunday-review/big-datasimpact-in-the-world.html.
  • 22. Big Data or big data—whatever it is, I think it’s an opportunity for librarians to address issues of authority, source, access, technology, privacy, and ethics.
  • 23. Thank you for listening Falbarillo@brooklyn.cuny.edu My thanks to Keith G. Taylor, II, Data Desk Coordinator at FRED keith.g.taylor@stls.frb.org and Janet Gornick, Director of Luxembourg Income Study and Professor of Political Science and Sociology at the CUNY Graduate Center