Real-time data
Encyclopedia
Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Real-time data is often used for navigation or tracking.
Some uses of this term confuse it with the term dynamic data
. In reality, the presence of real-time data is irrelevant to whether it is dynamic or static.
, are often based on preliminary estimates, and therefore are frequently adjusted as better estimates become available. These later adjusted data are called revised data. Macroeconomist
Athanasios Orphanides
has argued that economic policy rules may have very different effects when based on error-prone real-time data (as they inevitably are in reality) than they would if policy makers followed the same rules but had more accurate data available.
In order to better understand the accuracy of economic data and its effects on economic decisions, some economic organizations, such as the Federal Reserve Bank of St. Louis, Federal Reserve Bank of Philadelphia
and the Euro-Area Business Cycle Network (EABCN), have made databases available that contain both real-time data and subsequent revised estimates of the same data.
Some uses of this term confuse it with the term dynamic data
Dynamic data
Dynamic data or transactional data denotes information that is asynchronously changed as further updates to the information become available....
. In reality, the presence of real-time data is irrelevant to whether it is dynamic or static.
Real-time data in economics
Real-time economic data, and other official statisticsOfficial statistics
Official statistics are statistics published by government agencies or other public bodies such as international organizations. They provide quantitative or qualitative information on all major areas of citizens' lives, such as economic and social development, living conditions, health, education,...
, are often based on preliminary estimates, and therefore are frequently adjusted as better estimates become available. These later adjusted data are called revised data. Macroeconomist
Macroeconomics
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
Athanasios Orphanides
Athanasios Orphanides
Athanasios Orphanides is a Cypriot economist who has been the Governor of the Central Bank of Cyprus since 3 May 2007 and a member of the Governing Council of the European Central Bank since 1 January 2008.Prior to his appointment as Governor, he served as Senior Adviser at the Board of...
has argued that economic policy rules may have very different effects when based on error-prone real-time data (as they inevitably are in reality) than they would if policy makers followed the same rules but had more accurate data available.
In order to better understand the accuracy of economic data and its effects on economic decisions, some economic organizations, such as the Federal Reserve Bank of St. Louis, Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia, headquartered in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern Pennsylvania, the 9 southern counties of New Jersey, and Delaware...
and the Euro-Area Business Cycle Network (EABCN), have made databases available that contain both real-time data and subsequent revised estimates of the same data.
External links
- ALFRED: Archival Federal Reserve Economic Data, real-time data series at the Federal Reserve Bank of St. Louis
- Real-time data set for macroeconomists at the Federal Reserve Bank of Philadelphia
- Real-time database of the EABCN