StatGPT

StatGPT: Your Macroeconomic Data Assistant

September 26, 2024

Navigating the world of macroeconomic data can be daunting. There's an overwhelming amount of information spread across various sources, often requiring specific knowledge of data structures and terminology. This is where StatGPT comes in. It acts as your personal research assistant, helping you navigate and retrieve the data you need using simple, natural language.

Here’s what StatGPT offers:

Features Examples

Construct and Refine Data Query Interactively
Discover Datasets
Define Concepts and Describe Methodologies

Features

Interactive data query: ask for data using natural language. StatGPT will guide you through the process, asking clarifying questions and suggesting relevant indicators.

Data query refinement: easily adjust your query by adding or removing indicators, changing the time range, or specifying countries/regions of interest.

Expand country groups: seamlessly identify country group members by relying on business definitions (SDMX hierarchies).

Concept definitions: get clear definitions of economic concepts and methodologies related to available data, ensuring you understand the information you're working with.

Dataset discovery: list datasets with descriptions of their content and information about the providing agency.

Full context-aware conversations: combine all the features mentioned above into complete conversational flow starting from definitions of concepts and related indicators and finishing with precisely executed data queries.

Examples

Let's illustrate StatGPT's features with practical examples.

Construct and Refine Data Query Interactively

You would like to discover available data on unemployment:

What data on unemployment do you have?

I found multiple datasets related to unemployment. Please specify which one you are interested in from the following list:

IMF, World Economic Outlook (WEO)

ID: IMF.RES:WORLD_ECONOMIC_OUTLOOK(5.0.0)
Provider: International Monetary Fund (IMF)
Dataset: World Economic Outlook (WEO)
Last updated: April 2024
URL: https://betadata.imf.org/en/datasets/IMF.RES:WORLD_ECONOMIC_OUTLOOK(5.0.0)
Query:
- Indicator (Indicator): Unemployment rate

WB, World Development Indicators (WDI)

ID: WB:WDI(2.0.1)
Provider: World Bank (WB)
Dataset: World Development Indicators (WDI)
Last updated: June 2024
URL: https://datatopics.worldbank.org/world-development-indicators/
Query:
- Series (Indicator): Unemployment rate Unemployment, total (% of total labor force); Unemployment, total (% of total labor force) (national estimate).

Please proceed with WDI. Query data for the last 15 years

To proceed with your query for the World Development Indicators (WDI) dataset regarding unemployment data for the last 15 years, please specify the Reference Area (country or region) for which you need the data. Example values include Libya, Sri Lanka, Canada, Guyana, Mauritania, Somalia, Barbados, Belize, Macedonia, FYR, Netherlands. You can choose one or more from these examples or any other country or region listed in the dataset. Please provide this information to complete your query.

You would like to find data for group of countries. You can ask:

What are monetary aggregates?

Monetary aggregates can be defined as the sum of currency in circulation plus the outstanding amounts of certain financial instruments which have a high degree of moneyness or liquidity in a broad sense. The Eurosystem has defined a narrow (M1), an intermediate (M2), and a broad aggregate (M3). These aggregates differ with respect to the degree of moneyness of the financial instruments included.

Query broad money aggregate for G7 members*

The query for the "Broad money (current LCU)" indicator was executed for Canada, the United States, Japan, and the United Kingdom from 2014 to 2024. The received data contains 3 series.*

Query broad money aggregate for G7 members*

The query for the "Broad money (current LCU)" indicator was executed for Canada, the United States, Japan, and the United Kingdom from 2014 to 2024. The received data contains 3 series.*

* - Indicate that you are interested in individual countries that compose the group. Data query is subject to series availability thus several countries are filtered out.

You would like to find data for group of countries as a single country entity. You can ask:

Get GDP per capita growth in Eurozone*

The query for GDP per capita growth (annual %) in the Euro area from 2014 to 2024 has been successfully executed. The received data contains 1 series.

* - StatGPT will keep the country group as a single entity unless there is an indication or context related to the need in group expansion. Data query is executed automatically as a single match is found.

Discover Datasets

You're interested in datasets that contain outlook on the economic situation. You can ask:

What OECD datasets do you have?

Here are the details of the OECD datasets I have access to:

OECD, Trade in Value Added (TiVA) 2023 edition: Principal Indicators

ID: OECD.STI.PIE:DSD_TIVA_MAINLV@DF_MAINLV(1.0.2)
Description: The Trade in Value Added (TiVA) database is a collection of measures that can provide insights into global production networks and supply chains
Provider: The Organisation for Economic Co-operation and Development (OECD)
Dataset: Trade in Value Added (TiVA) 2023 edition: Principal Indicators, levels
Last updated: May 2024
URL: https://www.oecd.org/en/topics/sub-issues/trade-in-value-added.html
IMF.RES:WORLD_ECONOMIC_OUTLOOK(5.0.0)

Please let me know if you need more information or have any other questions!

You're interested in datasets that contain outlook on the economic situation. You can ask:

What datasets contain economic outlook data?

Here are the details of the dataset containing economic outlook information:

IMF, World Economic Outlook (WEO)

ID: IMF.RES:WORLD_ECONOMIC_OUTLOOK(5.0.0)
Description: The World Economic Outlook (WEO) database is created during the biannual WEO exercise, which begins in January and June of each year and results in the April and September/October WEO publication. Selected series from the publication are available in a database format.
Provider: International Monetary Fund (IMF)
Dataset: World Economic Outlook (WEO)
Last updated: April 2024
URL: https://betadata.imf.org/en/datasets
https://betadata.imf.org/en/datasets

Please let me know if you need more information or have any other questions!

Define Concepts and Describe Methodologies

You would like to learn more specific concept or methodology. You can ask:

What OECD datasets do you have?

The Production (gross output) indicator from TiVA is defined as the production at basic prices by industry in a country. It is extracted directly from the Inter-Country Input-Output (ICIO) tables and represents the gross output at basic prices [doc1]. The Misery Index was popularized in the 1970s by economist Arthur Okun. It is often used by policymakers and researchers to provide a simple measure of economic health that is easily understandable by the public. It can also be a useful tool in economic analysis and comparison between different countries or time periods.

You encounter a term you're unfamiliar with. You can ask:

What is the Misery Index?

The Misery Index is an economic indicator that helps to measure the well-being of the average citizen. It is calculated by adding the unemployment rate to the inflation rate. The rationale behind this index is that both high unemployment and high inflation create economic and social costs for a country.

Components of the Misery Index:

Unemployment Rate:
Represents the percentage of the labor force that is unemployed and actively seeking employment.
Inflation Rate:
Measures the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Interpretation:

A higher Misery Index indicates a higher level of "misery" in the economy, which generally suggests more economic hardship for the population.
Conversely, a lower Misery Index suggests a healthier economy with less economic distress.

The Misery Index was popularized in the 1970s by economist Arthur Okun. It is often used by policymakers and researchers to provide a simple measure of economic health that is easily understandable by the public. It can also be a useful tool in economic analysis and comparison between different countries or time periods.