Why statistics matter

Error and uncertainty in economic data renders it noisy. As the noise in reported data increases, it interferes with the detection and interpretation of movements in the true value of the underlying data. Indeed, a noisy series is especially problematic when it is used to design, implement and interpret monetary policy.

Improved accounting standards and more timely and frequent reporting improve transparency, reduce errors and uncertainty and resulting noise. Homage should be paid to the princip

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