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356 – Financial Time Series Analysis
Shared Understanding and Data Quality in the SCF
Jesse Bricker
Federal Reserve Board
Arthur Kennickell
Federal Reserve Board
Data quality is most vulnerable is at the point of data collection. Because the Survey of Consumer Finances (SCF) queries respondents on topics that are particularly technical and private, the role of the interviewer as facilitator is crucial; to be an effective facilitator, the interviewer must be well informed. To this end, interviewers participate in trainings with NORC staff and Federal Reserve Board (FRB) staff review completed cases for data quality issues. Reviewing individual cases, though, makes larger data quality patterns less obvious; these issues are also difficult to identify when review comes after a considerable lag. Overall, communication was inefficient. This paper focuses on advances in the communication channel in the 2013 SCF. The work builds on the recognition that clarity is easier to reach when everyone involved in the data collection process has a common understanding of the goals. To move to this ideal, some data quality review will be diffused through NORC staff. By engaging with the actual data, all players in the data creation process develop a strong common understanding of emergent issues and communicate clearly about elements of data quality.