1. 1.2 DATA TYPES

2. Outline
1.0 Data types 2.0 Sources of data

3. 1. Data types There are 3 types of data Cross sectional data
Time series data
Panel data

4. 1.1 Time series data
A time series is a set of observations on the values that a variable takes at different times
Such data may be collected at regular time intervals
Minutely and Hourly- collected literally continuously ( the so-called real time quote)
Daily- e.g., Financial time series-Stock prices, exchange rates; weather reports- rainfall, temperature
Weekly – e.g., money supply
Monthly- e.g., consumer price index
Quarterly- e.g., GDP
Semi-annually- e.g., Fiscal data
Annually- e.g., Fiscal data

5. Illustration of time series

6. Example: Consumption and Income (annual)

7. 1.2 Cross-sectional data
Cross-section data are data on one or more variables collected at the same point in time
Survey data- questionnaire is designed to capture all variables a research is looking for.
Macro data relating to different economic entities : countries, banks at a particular point in time. E.g. 2010
Other data

8. Summary data from income survey

9. Cross-country data

10. 1.3 Panel/pooled data
Panel data is a combination of both time and cross-section data
Specialized type is the longitudinal or micropanel data where a cross-sectional unit (say, individual, family, firm) is surveyed over time.
Surveying same individual over time is able to provide useful information on the dynamics of individual/household/firm behavior

11. Example 1

12. Pooling data

13. Longitudinal/Micropanel data

14. 2.0 SOURCES OF DATA
Data may be obtained from primary as well as secondary sources.
Primary sources - Primary data
information obtained firsthand by the researcher on the variables of interest for the specific purpose of the study
Secondary Sources- Secondary data
information gathered from existing sources

15. 2.1 Secondary sources
This is data collected by someone other than the researcher conducting the study
Sources of secondary data include:
Books and periodicals
Government publications
Census data
etc

16. 2.1.1 Common sources Secondary data
Data used in macroeconomic analysis may be collected by
Governmental agency
International agency
Private organizations
Individual

17. 2.1.2 Governmental agencies
These are agencies established by governments to collect data.
These may include: Ministries, Central/Reserve banks, Statistical agencies.

18. 2.1.3 International agencies
These are international institutions which provide credible data. E.g.,
International Monetary Fund (IMF)- International Financial statistics, etc
World Bank (WB)- World development indicators, African development indicators
African Development Bank (ADB)
Practical Exercise
Try to navigate the IMF , WB & ADB macro data

19. 2.1.4 Private organizations
Some private institutions collect and construct some useful data sets used by economists.
Standard and poor, Moody, etc – provide information on country ratings.
Transparency International (TI)- provides data on corruption perceptions index (CPI)
Most of these institutions sell this data
Exercise: Go to the TI website and try to access data on CPI.

20. 2.1.5 Individuals
Some individuals conduct surveys, assemble the data in a particular format and sell it.
Others construct indices which they offer for sale or donate.
Chinn-Ito index- on financial liberalization

21. 2.2 Primary sources The main primary sources include: Individuals
Focus groups
Panels

22. 2.2.1 Individuals
Here information is obtained from individuals through:
interviews: - face-to-face, telephone, computer, electronic media.
administered questionnaires:- personally administered, mail, electronically administered.
Observation:- observe individuals and events without videotaping or audio recording

23. 2.2.2 Focus groups
Focus groups may be of 8-10 persons with a moderator leading the discussions on a particular topic, concept, or product.
The role of the moderator is to introduce the topic, observe and take notes or tape the discussion.
Members of the group are chosen by virtue of their expertise or experience of the subject.
Focus group discussions are aimed at obtaining respondents’ impressions, interpretations, and opinions on the subject.
The nature of data obtained is qualitative .

24. 2.2.3 Panels Panels are like focus groups. Difference-
Focus group- is a one-time session while panels meet more than once.
Panels are useful when a particular issue is being observed over time-political developments, economic developments
Panels may be static or dynamic.
Static- same members serve on the panel over extended periods of time.
Dynamic-members change from time to time as the various phases of the study are rolled out.