Page 49 - Invited Paper Session (IPS) - Volume 2

IPS178 Stephan Müller
need for their work. A similar service is offered to users of the Bundesbank’s
real-time database. This database contains a large volume of macroeconomic
data for Germany in chronological order and therefore allows the
reconstruction of the available information at a specific time in the past. In this
context, statisticians benefit especially from communication with the users
because they can thus detect statistical anomalies and better interpret the
data.
An example of established communication processes between
statisticians and economists from DG Financial Stability is the exchange of
transaction data, which is closely related to the introduction of the European
Market Infrastructure Regulation (EMIR). In this context, regular meetings at
working level between experts from DG Financial Stability and DG Statistics
take place to share insights on transaction data. Experts also communicate
using an intranet user group. The value added from the perspective of financial
stability is, for example, better monitoring of the derivative markets and the
behaviour of market participants. However, the transfer of knowledge and
skills works in both ways. Data scientists have expertise in handling large and
complex datasets, and they have the computational power at their disposal to
process them. Financial stability experts can report the experience and
economic insights gained through analysis back to data experts. This
comprises, in particular, the detection of economic mechanisms in the data
and their interpretation. It may also include detection of potential anomalies
or discrepancies, which helps statisticians to produce better data and
anticipate user needs.
Another regular workstream in which direct communication plays an
important role is the preparation of the Bundesbank’s Monthly Report1. The
economic statements in the Monthly Report are fundamentally based on the
analysis of statistical data. Therefore, close cooperation is needed, in particular
between DG Economics and DG Statistics. Although DG Economics, in
principal, has direct access to the statistical databases, there is still a lot of
coordination required between the providers and users of the data in order to
ensure their proper use.
Statisticians’ main task in the production process of the Monthly Report
is to review the included statistical data. The data must be checked for up-to-
dateness, correctness, quality, and validity. At the same time, an examination
of their confidentiality must be carried out. Although these tasks may sound
boring, they are indeed very useful. It is also important to ensure that the data
are not over-interpreted. Since there has been long-standing cooperation in
this workstream, a number of routine processes can be used. This also applies
to other regularly performed tasks, such as seasonal, working-day, or weather
adjustment. As an example of working-day adjustment, the phenomenon of
“bridge days” (working days that fall between public holidays and/or

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