The Empirical Analyses of Network Data Sets

• Activity Number: 540
• Type: Invited
• Date/Time: Wednesday, August 6, 2014 : 2:00 PM to 3:50 PM
• Sponsor: Business and Economic Statistics Section
• Author(s): Sean Holly*+
• Companies: University of Cambridge
• Keywords: Cross section dependence ; Economic Networks ; Federal Open Markets Committee ; US house prices

Abstract

The data sets that are available to us on network structures in economics, regional sciences and geography have become numerous. At the same time, methodologies have developed that enable analyses where the networks are not directly observed but can only be inferred from observed variation in outcomes. In this paper we look at the micro-structure of network decision-making in the small monetary policy committees available at Central Banks. We also look at the macro-structure of network data sets available at the geographical level that reveal spatial relationships not easily examined by contiguity. We contrast analyses at the above two levels using data on preferred interest rates within the Federal Open Markets Committee (micro-structure) and house across Metropolitan Statistical Areas in the USA (macro-structure). The work is based on recent methodological developments in the analyses of network data.