Journal of Economic and Social Measurement - Volume 15, issue 3-4
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ISSN 0747-9662 (P)
ISSN 1875-8932 (E)
The Journal of Economic and Social Measurement (JESM) is a quarterly journal that is concerned with the investigation of all aspects of production, distribution and use of economic and other societal statistical data, and with the use of computers in that context. JESM publishes articles that consider the statistical methodology of economic and social science measurements. It is concerned with the methods and problems of data distribution, including the design and implementation of data base systems and, more generally, computer software and hardware for distributing and accessing statistical data files. Its focus on computer software also includes the valuation of algorithms and their implementation, assessing the degree to which particular algorithms may yield more or less accurate computed results. It addresses the technical and even legal problems of the collection and use of data, legislation and administrative actions affecting government produced or distributed data files, and similar topics.
The journal serves as a forum for the exchange of information and views between data producers and users. In addition, it considers the various uses to which statistical data may be put, particularly to the degree that these uses illustrate or affect the properties of the data. The data considered in JESM are usually economic or social, as mentioned, but this is not a requirement; the editorial policies of JESM do not place a priori restrictions upon the data that might be considered within individual articles. Furthermore, there are no limitations concerning the source of the data.
Abstract: This paper examines the investments and returns of UK private sector pension funds during the period of UK exchange controls. The main findings are that over the period i) 50% of private sector pension funds' wealth was in UK shares, UK bond holdings fell from 40% to 26%, UK property holdings rose from 3% to 16%, overseas asset holdings were unimportant; ii) the total real return on the portfolio was just over 1% p.a. and that only UK property, loans and shares had positive average real returns; iii) the pension funds generally purchase assets to hold on a long term…basis, not for their short-term capital gain potential; iv) the actual investment performance of UK private sector pension funds barely dominated that of a non-traded portfolio.
Abstract: Employment data for small geographic areas such as counties are often published only as ranges, to avoid disclosing information pertaining to a specific firm. This paper presents a procedure to reduce the range of employment data published by the U.S. Bureau of the Census. The procedure involves two stages, the first one uses the published employment range together with data on the number of firms by size-class to make a first reduction in the range of employment in an industry and area. The second stage reduces that range further by using data from other industries in the same area. An…example of the complete procedure is given. The results of applying the procedure to all two-digit industries in counties of six different states are also reported.
Abstract: The Consumer Expenditure (CE) Survey data are a collection of detailed consumer expenditures, income, and consumer unit characteristics. The data set is a rich source of information available to researchers conducting economic analysis. The purpose of this paper is to provide an overview of the projects being undertaken at the Bureau of Labor Statistics in which these data are being utilized and to suggest directions for future research. The paper focuses primarily on the estimation of aggregate statistics, index numer reseach, econometric modeling, and survey research methodology. Topics addressed include: weighting, moving-weight price indexes, price indexes for demographic subgroups, interarea…price indexes, tax and price indexes, demand analysis, statistical and econometric techniques, the econometrics of panel data, income and consumption distributions, cognitive research, composite estimation, non-normal distribution testing, and data imputation. Noted are changes in the survey methodology, which were introduced with the Continuing Consumer Expenditure Survey, and topics, within statistical methods, which focus on improving the measurement of CE variables.
Abstract: The Household Component of the National Medical Expenditure Survey (NMES) was designed to provide unbiased national estimates of the health care utilization, expenditures, sources of payment and health insurance coverage for the U.S. civilian noninstitutionalized population. The same panel of households were contacted four times over the course of the survey to obtain data on their health care experience for 1987. Furthermore, an additional screening interview was conducted in the fall of 1986 to permit the oversampling of population subgroups of particular health policy interest: blacks, Hispanics, the poor and near poor, the elderly, and the functionally impaired. Due to…the panel design of the survey, the NMES experienced two distinct forms of nonresponse: complete nonresponse and partial nonresponse, where sample participants did not respond for their entire period of sample eligibility. In this paper, the characteristics of the NMES part-year respondents are contrasted with those of the complete respondents. The investigation includes an analysis of the effects of alternative nonresponse adjustment strategies for compensating for partial nonresponse.