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윌리엄 풀 세인트루이스 연준총재, '거시지표' 주제 연설(원문)

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Data, Data and Yet More Data
William Poole*
President, Federal Reserve Bank of St. Louis

The Association for University Business and Economic Research (AUBER) Annual Meeting
University of Memphis
Memphis, Tenn.
Oct. 16, 2006

*I appreciate comments provided by my colleagues at the Federal Reserve Bank of St. Louis. Robert H. Rasche, senior vice president and director of research, provided special assistance. However, I take full responsibility for errors. The views expressed are mine and do not necessarily reflect official positions of the Federal Reserve System.


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Data, Data and Yet More Data

I am very pleased to be here today at the annual meeting of the Association for University Business and Economic Research. I’ve long had an interest in data, and I think that this topic is a good one for this conference. The topic is also one I’ve not addressed in a speech.

A personal recollection might be a good place to begin. In the early 1960s, in my Ph.D. studies at the University of Chicago, I was fortunate to be a member of Milton Friedman’s Money Workshop. Friedman stoked my interest in flexible exchange rates, in an era when mainstream thinking was focused on the advantages of fixed exchange rates and central banks everywhere were committed to maintaining the gold standard. Well, I should say central banks almost everywhere, given that Canada had a floating rate system from 1950 to 1962. Friedman got me interested in doing my Ph.D. dissertation on the Canadian experience with a floating exchange rate, and later I did a paper on nine other floating rate regimes in the 1920s. For this paper I collected daily data on exchange rates from musty paper records at the Board of Governors in Washington.

What was striking about the debates over floating rates in the 1950s is that economists were so willing to speculate about how currency speculators would destabilize foreign exchange markets without presenting any evidence to support those views. In this and many other areas, careful empirical research has resolved many disputes. Our profession has come a long way in institutionalizing empirical approaches to resolving empirical disputes. The enterprise requires data, and what I will discuss is some of the history of the role of the Federal Reserve Bank of St. Louis in providing the data.

Before proceeding, I want to emphasize that the views I express here are mine and do not necessarily reflect official positions of the Federal Reserve System. I thank my colleagues at the Federal Reserve Bank of St. Louis for their comments. Robert H. Rasche, senior vice president and director of research, provided special assistance. However, I retain full responsibility for errors.

Origins
The distribution of economic data by the Research department of the Federal Reserve Bank of St. Louis can be traced back at least to May 1961. At that time, Homer Jones, then director of research, sent out a memo with three tables attached showing rates of change of the money supply (M1), money supply plus time deposits, and money supply plus time deposits plus short-term government securities. His memo indicated that he “would be glad to hear from anyone who thinks such time series have value, concerning promising applications or interpretations.” Recollections of department employees from that time were that the mailing list was about 100 addressees.

Apparently Homer received significant positive feedback, since various statistical releases emerged from this initial effort. Among these were Weekly Financial Data, subsequently U.S. Financial Data; Bank Reserves and Money, subsequently Monetary Trends; National Economic Trends (1967) and International Economic Trends (1978), all of which continue to this date. In April 1989, before a subscription price was imposed, the circulation of U.S. Financial Data had reached almost 45,000. A Business Week article published in 1967 commented about Homer that “while most leading monetary economists don’t buy his theories, they eagerly subscribe to his numbers.”(1) As an aside, as a Chicago Ph.D. I both bought the theories and subscribed to the data publications. By the late 1980s, according to Beryl Sprinkel, a prominent business economist of the time, “weekly and monthly publications of the Research Department, which have now become standard references for everyone from undergraduates to White House officials, were initially Homer’s products.”(2)

Why should a central bank distribute data as a public service? Legend has it that Homer Jones viewed as an important part of his mission to provide the general public with timely information about the stance of monetary policy. In this sense he was an early proponent, perhaps the earliest proponent, of central bank accountability and transparency. While Homer was a dedicated monetarist, and data on monetary aggregates have always figured prominently in St. Louis Fed data publications, data on other variables prominent in the monetary policy debates at the time, including short-term interest rates, excess reserves and borrowings, were included in the data releases.

Early on, the various St. Louis Fed data publications incorporated “growth triangles,” which tracked growth rates of monetary aggregates over varying horizons. Accompanying graphs of the aggregates included broken trend lines that illustrated rises and falls in growth rates. This information featured prominently in monetarist critiques of “stop-go” and procyclical characteristics of monetary policy during the Great Inflation period.

Does the tradition of data distribution initiated by Homer Jones remain a valuable public service? I certainly believe so. But I will also note that the St. Louis Fed’s data resources are widely used within the Federal Reserve System. This information is required for Fed research and policy analysis; the extra cost of making the information available also to the general public is modest.

Rational Expectations Macroeconomic Equilibrium
The case for making data readily available is simple. Most macroeconomists today adhere to a model based on the idea of a rational expectations equilibrium. Policymakers are assumed to have a set of goals, a conception of how the economy works and information about the current state and history of the economy. The private sector understands, to the extent possible, policymakers’ views, and has access to the same information about the state and history of the economy as policymakers have.

An equilibrium requires a situation in which the private sector has a clear understanding of policy goals and the policymakers’ model of the economy, and the policy model of the economy is as accurate as economic science permits. Based on this understanding, market behavior depends centrally on expectations concerning monetary policy and the effects of monetary policy on the economy, including effects on inflation, employment and financial stability. If the policymakers and private market participants do not have views that converge, no stable equilibrium is possible because expectations as to the behavior of others will be constantly changing.

The economy evolves in response to stochastic disturbances of all sorts. The continuous flow of new information includes everything that happens—weather disturbances, technological developments, routine economic data reports and the like. The core of my policy model is that market responses and policy responses to new information are both maximizing—households maximize utility, firms maximize profits and policymakers maximize their policy welfare function.

A critical assumption in this model is the symmetry of the information that is available to both policymakers and private market participants. In cases where the policymakers have an informational advantage over market participants, policy likely will not unfold in the way that markets expect, and the equilibrium that I have characterized here will not emerge. Hence public access to current information on the economy at low cost is a prerequisite to good policy outcomes.

The Evolution of St. Louis Fed Data Services
Data services provided by the Federal Reserve Bank of St. Louis have evolved significantly from the paper publications initiated by Homer Jones. The initial phase of this evolution began in April 1991 when FRED, Federal Reserve Economic Data, was introduced as a dial-up electronic bulletin board. This service was not necessarily low cost. For users in the St. Louis area, access was available through a local phone call. For everyone else, long-distance phone charges were incurred. Nevertheless, within the first month of service, usage was recorded from places as wide ranging as Taipei, London, England and Vancouver, Canada.(3) FRED was relatively small scale. The initial implementation included only the data published in U.S. Financial Data and a few other time series. Subsequently it was expanded to include the data published in Monetary Trends, National Economic Trends and International Economic Trends. At the end of 1995, the print versions of these four statistical publications contained short histories on approximately 200 national and international variables; initially FRED was of comparable scope.

The next step occurred in 1996 when FRED migrated to the World Wide Web. At that point, 403 national time series became available instantaneously to anyone who had a personal computer with a Web browser. An additional 70 series for the Eighth Federal District were also available. The data series were in text format and had to be copied and pasted into the user’s PC. In July 2002, FRED became a true database and the user was offered a wider range of options. Data can be downloaded in either text or Excel format. Shortly thereafter user accounts were introduced so that multiple data series can be downloaded into a single Excel workbook, and data lists can be stored for repeated downloads of updated information. In the first six months after this version of FRED was released, 3.8 million hits were recorded to the website. In a recent six-month period, FRED received 21 million hits from over 109 countries around the world. FRED currently contains 1175 national time series and 1881 regional series. FRED data are updated on a real-time basis as information is released from various statistical agencies.

After 45 years, Homer Jones’s modest initiative to distribute data on three variables has developed into a broad-based data resource on the U.S. economy that is available at the click of a mouse around the globe. Through this resource, researchers, students, market participants and the general public can reach informed decisions based on information that is comparable to the information policymakers have.

In the past year we have introduced a number of additional data services. One of these, ALFRED, adds a vintage (or real-time) dimension to FRED. The ALFRED database stores revision histories of the FRED data series. Since 1996, we have maintained monthly or weekly archives of the FRED database. All the information in these archives has been populated to the ALFRED database, and the user can access point-in-time revisions of these data.(4) We have also extended the revision histories of many series back in time using data that were recorded in U.S. Financial Data, Monetary Trends and National Economic Trends. For selected quarterly National Income and Product data we have complete revision histories back to 1959 for real data and 1947 for nominal data. Revision histories are available on household and payroll employment data back to 1960. A similar history for industrial production is available back to 1927.

Preserving such information is crucial to understanding historical monetary policy. For example, Orphanides shows “that real-time policy recommendations differ considerably from those obtained with ex-post revised data. Further, estimated policy reaction functions based on ex-post revised data provide misleading descriptions of historical policy and obscure the behavior suggested by information available to the Federal Reserve in real time.”(5) Orphanides concludes that “reliance on the information actually available to policymakers in real time is essential for the analysis of monetary policy rules.”(6)

Such vintage information also is essential for analysis of conditions at subnational levels. For example, in January 2005 the BLS estimated that nonfarm employment in the St. Louis MSA had increased by 38.8 thousand between December 2003 and December 2004. This increase was widely cited as evidence that the MSA had returned to strong employment growth after four years of negative job growth. However, these data from the Current Employment Statistics (CES) were not benchmarked to more comprehensive labor market information that is available only with a lag.(7) The current estimate of nonfarm employment growth in the St. Louis MSA for this period, after several revisions, is only 11.6 thousand, less than 30 percent of the increase originally reported.

Another data initiative that we launched several years ago is FRASER – the Federal Reserve Archival System for Economic Research. The objective of this initiative is to digitize and distribute the monetary and economic record of the U.S. economy. FRASER is a repository of image files of important historical documents and serial publications. At present we have posted the entire history of The Economic Report of the President, Economic Indicators and Business Conditions Digest. We have also posted images of most issues of the Survey of Current Business from 1925 through 1990 and are working on filling in images of the remaining volumes. The collection also includes Banking and Monetary Statistics and the Annual Statistical Digests published by the Board of Governors, as well as the Business Statistics supplements to the Survey of Current Business published by the Department of Commerce. We are currently working, in a joint project with the Board of Governors, to image the entire history of the Federal Reserve Bulletin. Finally, we are posting images of historical statistical releases that we have collected in the process of extending the vintage histories in ALFRED back in time. These images should allow scholars, analysts and students of economic history to reconstruct vintage data on many series in addition to those we are maintaining on ALFRED.

Transparency, Accountability and Information Distribution
As just indicated, the scope of the archival information in FRASER extends beyond numeric data. Ready access to a wide variety of information is essential for transparency and accountability of monetary authorities and a full understanding of policy actions by the public. Since 1994 the Federal Reserve System and the FOMC have improved the scope and timeliness of information releases. I have discussed this progress in previous speeches.(8) Currently the FOMC releases a press statement at the conclusion of each scheduled meeting and three weeks later follows up with the release of minutes of the meeting. The press release and the minutes of the meetings record the vote on the policy action. The policy statement and minutes give the public a clear understanding of the action taken and insight into the rationale for the action.

Contrast the current situation with the one in 1979. At that time, actions by the Board of Governors on discount rate changes were reported promptly, but there was no press release subsequent to an FOMC policy action and FOMC meeting minutes were released with a 90-day delay. On Sept. 19, 1979, the Board of Governors voted by the narrow margin of 4-3 to approve a ½ percentage-point increase in the discount rate, with all three dissents against the increase. This information generated the public perception that the Fed officials were sharply divided and, therefore, that the Fed was not prepared to act decisively against inflation. John Berry, a knowledgeable reporter at the Washington Post, observed that “the split vote, with its clear signal that from the Fed’s own point of view interest rates are at or close to their peak for this business cycle, might forestall any more increases in market interest rates.”(9) However, the interpretation of the “clear signal” was erroneous. On that same day, the FOMC had voted 8 to 4 to raise the range for the intended funds rate to 11-1/4 to 11-3/4 percent. More importantly, three of the four dissents were in favor of a more forceful action to restrain inflation.(10) Neither the FOMC’s action, the dissents nor the rationale for the dissents were revealed to the public under the disclosure policies then in effect. The result was to destabilize markets, with commodity markets, in particular, exhibiting extreme volatility.

Conclusion
The tradition of data services was well established when I arrived in St. Louis in 1998, and I must say that I am proud that leadership in the Bank’s Research division has extended that tradition. Data are the lifeblood of empirical research in economics and of policy analysis. Our rational expectations conception of how the macroeconomy works requires that the markets and general public understand what the Fed is doing and why. Of all the things on which we spend money in the Federal Reserve, surely the return on our data services is among the highest.

 

References
1. “Maverick in the Fed System,” Business Week, November 18, 1967.

2. Beryl W. Sprinkel, “Confronting Monetary Policy Dilemmas: the Legacy of Homer Jones,” Federal Reserve Bank of St. Louis Review, March 1987, p 6.

3. “Introducing FRED,” Eighth Note, Federal Reserve Bank of St. Louis, May/June 1991, p. 1.

4. We do not maintain histories of daily data series in ALFRED. Interest rates and exchange rates appear at daily frequencies in FRED. In principal these data are not revised, though occasional recording errors are observed to slip into the initial data releases. Such reporting errors get corrected in subsequent publications, so sometimes there is a vintage dimension to one of these series.

5. A. Orphanides, “Monetary Policy Rules Based on Real-Time Data,” American Economic Review, 91(4), September 2001, pp. 964.

6. ibid.

7. H.J. Wall and C.H. Wheeler, “St. Louis Employment in 2004: A Tale of Two Surveys,” CRE8 Occasional Report No. 2005-1, February 9, 2005.

8. See for example, FOMC Transparency,

9. J. Berry, “Fed Lists Discount Rate to Peak of 11% on Close Vote,” Washington Post, September 19, 1979, p. A1.

10. See, D.E. Lindsey, A. Orphanides, and R.H. Rasche, “The Reform of October 1979: How it Happened and Why,” Federal Reserve Bank of St. Louis Reivew, 87(2), Part 2,March/April 2005, pp 195-6.

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미일 금리차 축소에도 '엔저' 왜? [서울=뉴스핌] 오영상 기자 = 미국과 일본의 금리 격차가 빠르게 줄고 있음에도 엔화 약세가 좀처럼 꺾이지 않는 이례적인 상황이 이어지고 있다. 미국이 금리를 내리고 일본이 금리를 올리면, 미일 간 금리 격차가 좁혀지면서 엔화가 강세를 보이는 것이 일반적인 환율 흐름이다. 그러나 올해 외환시장은 이 공식이 잘 작동하지 않고 있다. 미국 연방준비제도(연준)가 세 차례 연속 금리를 인하했고 일본은행(BOJ)이 추가 금리 인상을 앞두고 있지만, 엔화는 여전히 1달러=155엔 부근에서 약세를 이어가고 있다. 시장에서는 이러한 현상을 두고 '엔화의 코넌드럼(수수께끼)'이라는 말까지 나오고 있다. 일본 엔화 [사진=로이터 뉴스핌] ◆ 문제는 '금리'가 아니라 '경제 구조' 상황이 이러하자 시장의 시선은 금리에서 일본 경제의 구조적 요인으로 이동하고 있다. 표면적으로 일본은 막대한 외화를 벌어들이고 있다. 재무성에 따르면 올해 1~10월 경상수지는 27조6000억엔 흑자를 기록했다. 연간 기준으로도 지난해(29조3000억엔)에 이어 사상 최대가 유력하다. 이 가운데 약 5조엔이 일본 국내로 환류되며 엔화 매수 요인이 되고 있다. 그러나 세부 항목을 보면 엔화에 불리한 흐름이 뚜렷하다. 무역수지는 지난해까지 4년 연속 적자를 기록했고, 올해도 10월까지 1조5000억엔 적자다. 원유·자원 수입 대금의 상당 부분을 달러로 결제해야 하는 구조 자체가 엔화 약세 압력으로 작용한다. 더 심각한 것은 서비스수지다. 일본은 디지털 서비스 분야에서 만성적인 적자를 안고 있다. 올해 10월까지 디지털 수지는 5조6000억엔 적자를 기록했다. 방일 관광객 증가로 여행수지가 5조4000억엔 흑자를 내며 간신히 이를 상쇄하고 있지만, 구조적으로는 불안정하다. 일본 경제산업성은 디지털 적자가 2035년에는 18조엔까지 확대될 것으로 추산한다. 이는 2024년 기준 원유 수입액(약 10조엔)을 훌쩍 넘는 규모다. 클라우드, 동영상 스트리밍, 생성형 AI 등 핵심 디지털 서비스가 해외 기업에 장악된 상황에서, 여행수지 흑자로 이를 계속 메우기는 어렵다는 지적이 많다. 일본 교토를 방문한 외국인 관광객들이 일본의 전통 의상인 '기모노'를 입고 교토 시내의 공원을 구경하고 있다. [사진=로이터 뉴스핌] ◆ NISA와 재정 확장이 초래한 엔화 매도 일본 정부가 추진한 신(新) NISA(소액투자비과세제도) 역시 의도치 않은 엔화 약세 요인으로 지목된다. 제도 개편 이후 해외 투자신탁 매수에 따른 자금 유출이 크게 늘었기 때문이다. 미쓰비시UFJ모간스탠리증권에 따르면 신 NISA 도입 이후 해외 펀드 투자로 월평균 약 6900억엔이 해외로 빠져나가고 있다. 연간 기준으로는 약 8조엔 규모의 엔화 매도다. 전문가들은 이 흐름이 단기간에 끝나지 않을 것으로 본다. NISA 계좌 수가 현재 2700만개에서 4000만개 수준까지 늘어날 가능성이 있는 만큼, 향후 5~10년 동안 매년 10조엔 안팎의 엔화 매도 압력이 지속될 수 있다는 분석이다. 여기에 재정 정책에 대한 불안도 겹친다. 다카이치 사나에 정권이 내세운 대규모 재정 지출이 성장으로 이어질지, 아니면 재정 건전성을 훼손할지에 대한 의문이 시장에 남아 있다. 일본 국채의 신용위험을 반영하는 CDS(신용부도스와프) 프리미엄은 최근 약 2년 만의 고점까지 상승했다. 코로나19 이후 최대 규모로 편성된 2025회계연도(2025년 4월~2026년 3월) 추가경정예산 역시 '재정 팽창'에 대한 경계심을 자극한다. 외국계 금융권에서는 "재정 지출이 성장으로 연결되더라도 1~2년의 시차가 불가피하며, 그동안은 엔화 약세 압력이 지속될 가능성이 크다"는 평가가 나온다. 다카이치 사나에 일본 총리 [사진=로이터 뉴스핌] ◆ 엔저 지속, 한국 기업에 부담으로 작용 엔화 약세가 장기화될 경우 한국 경제와 금융시장에도 파급 효과가 적지 않다. 가장 직접적인 채널은 엔/원 환율이다. 엔화가 달러 대비 약세를 유지하면, 원화가 달러 대비 일정 수준에서 움직이더라도 엔/원 환율은 상대적으로 하락(원화 강세)하기 쉽다. 이는 수출 경쟁 측면에서 한국 기업에 부담으로 작용한다. 일본과 경합하는 자동차, 조선, 기계, 소재 산업에서는 일본 기업들이 가격 경쟁력을 확보하기 쉬워지기 때문이다. 엔저가 지속될수록 한국 수출기업은 원가 절감이나 기술 경쟁력으로 대응하지 않으면 마진 압박을 받을 수 있다. 반면 수입 물가 측면에서는 일부 완충 효과도 있다. 일본으로부터 들여오는 중간재·부품 가격이 낮아지면서 제조업 원가 부담이 줄어들 수 있기 때문이다. 다만 최근 한국의 대일 수입 구조가 완제품보다는 핵심 소재·부품 중심이라는 점을 고려하면, 환율 효과가 소비자 물가 안정으로 직결되기는 어렵다는 평가가 많다. 금융시장에서는 엔/원 환율 변동성이 커질 가능성도 주목된다. 글로벌 투자자 입장에서는 엔화가 저금리 통화이자 조달 통화로 다시 활용될 경우, 위험자산 선호 국면에서는 원화 등 아시아 통화로 자금이 유입될 수 있다. 그러나 일본의 구조적 엔저 인식이 굳어질 경우, 엔화 약세와 함께 원화도 동반 약세를 보이는 '동조화 리스크'가 나타날 가능성도 배제할 수 없다. 지난 2004년 이후 미국의 금리 인상기에도 미 국채 금리가 오르지 않는 현상을 당시 앨런 그린스펀 연준 의장은 '코넌드럼'이라 불렀다. 결과적으로 저금리는 부동산 버블을 키우고 금융위기로 이어졌다. 지금의 엔화 역시 비슷한 경고음을 내고 있다. 금리차라는 단순한 설명으로는 더 이상 환율을 이해하기 어려운 국면이다. 구조적 경상수지 변화, 디지털 적자, 자본 유출, 재정 신뢰까지 얽힌 수수께끼를 풀지 못한다면, 엔화 약세는 당분간 계속될 가능성이 크다. 우에다 가즈오 BOJ 총재와 제롬 파월 연준 의장 [사진=로이터 뉴스핌] goldendog@newspim.com 2025-12-17 14:10
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김기현 자택·사무실·차량기록 전방위 압색 [서울=뉴스핌] 김영은 기자 = 민중기 특별검사팀(특검팀)이 17일 김기현 국민의힘 의원에 대한 전방위 강제수사에 나섰다. 특검팀은 "이날 오전 '김건희 여사 로저 비비에 가방 수수의혹사건' 과 관련해, 차량출입기록 확인 등을 위해 국회사무처 의회방호담당관실 사무실에 대한 압수수색에 착수했다"고 밝혔다. 시진은 김기현 전 국민의힘 대표가 2023년 12월 4일 오전 서울 여의도 국회서 열린 최고위원회의에서 모두발언을 하는 모습. [사진=뉴스핌DB] 특검팀은 이와 함께 김 의원의 서울 성동구 자택, 국회 의원회관 사무실에 대한 압수수색에도 돌입했다. 앞서 특검팀은 김 여사의 자택 압수수색 과정에서 260만원 상당 로저비비에 클러치백과 김 의원의 배우자 이모 씨가 작성한 편지를 발견했다. 2023년 3월 17일이 적힌 편지엔 김 의원의 당대표 당선에 대한 감사 인사가 적혀있던 것으로 알려졌다. 이에 특검팀은 해당 가방이 2023년 3월 8일 김 의원의 당선 직후 건네진 대가성 선물이라고 보고 최근 이씨를 피의자로 소환해 조사한 바 있다. 김 여사 측이 당초 권성동 국민의힘 의원을 지지했으나 당시 권 의원이 불출마를 선언하자 김 의원을 지지했고, 이씨가 답례로 가방을 건넸다는 특검팀의 관측이다. 특검팀은 이 과정에서 가방 구매 대금이 김 의원에게서 빠져나갔을 가능성 있다고 보고 있다. 앞서 김 의원은 김 여사 측에 대한 청탁 의혹을 부인하는 입장을 밝힌 바 있다. 그는 "아내가 신임 여당 대표의 배우자로서 대통령의 부인에게 사회적 예의 차원에서 선물을 한 것"이라며 "이미 여당 대표로 당선된 나와 내 아내가 청탁할 내용도, 이유도 없었다. 사인 간의 의례적인 예의 차원의 인사였을 뿐"이라고 했다.  이날 김 의원은 압수수색 현장에서 "민주당 하청으로 전락한 민중기 특검의 무도함을 여러분이 보고 있다"고 말했다. 사진은 박노수 특별검사보가 지난 4일 정례브리핑을 하는 모습. [사진=뉴스핌DB] yek105@newspim.com 2025-12-17 13:31
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