ECON 3001 - Kohls: Finding data

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About the variables

What's a proxy variable?

Some variables are exactly what their label says, and are easily collected and aggregated. Examples include: sales (either in units or value); production (units or value); employment, etc. But for some products or industries these are not easily collected and aggregated.

A proxy variable reflects some aspect of what you're trying to measure, but because of difficulties with data collection or aggregation is not exactly that. Two examples: consumer expenditures instead of product sales; consumer price index instead of product price/cost data.

Below are two examples to illustrate when a proxy variable may be required ...

Apparel:

How do you define units of clothing? Is a six-pack of socks a unit, or should you count each pair of socks, or each sock?
How do you account for the large range in value for clothing? A tuxedo or floor-length gown (formalwear) is one unit, but its value (price) will greatly exceed the value of that six-pack of socks. Comparing the two is not meaningful.

Agriculture:

In general, farmers sell their products to distributors or to food processors, not directly to consumers. Food consumers buy from either the distributors (grocery stores usually, which in turn buy from wholesalers, another layer of distribution) or from a combination of food processors (e.g. baked goods and other processed foods) and distributors. Grocery stores now also provide some of the processing (think of pre-prepared foods in the deli, bakery, etc.) There are so many actors and layers in this food chain ... how and when should counting and measuring occur?
How do you account for food consumed in restaurants? That also originally came from farmers ...

Time series data databases

Some of these databases can also be used to find cross-sectional data ...

See here for more information about classification systems used to organize trade and industrial production data.

Top Databases:

Connect from S&P Global This link opens in a new window
Formerly IHS Markit Connect
Registration is required
A database of economic, financial, and demographic time series data. Primarily US data.
For data downloads, click on Data-Insight Web.

Census Data
Works best with Chrome.
Although this is a wonderful resource, because so much is there, expect to spend some time figuring it out.
The Guidance pages can be helpful.

IMF Data from International Monetary Fund This link opens in a new window
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Download time series data for international financial variables. Mostly 1970's to present, but some go much further back.
From the IMF's monthly publication of the same name. Variables include: GDP growth, inflation, unemployment, payments balances, exports, imports, external debt, capital flows, commodity prices, and more.

UN Data
Free data repository for the United Nations. Includes more than 300 statistical series, covering all countries and areas. Sources include the UN Statistics Division's databases on merchandise trade, national accounts, demography and population, energy, status of women and industrial commodities production and more.
more...less...
Also includes statistics from the Population Division, the UN Department of Economic and Social Affairs' Project Link, FAO, ILO, IMF, ITU, OECD, UNESCO, WHO, WIPO, World Bank and World Tourism Organization.

World Bank DataBank from World Bank This link opens in a new window
Free data from the World Bank, including: World Development Indicators (WDI), Statistical Capacity Indicators, Education Statistics, Gender Statistics, and Health Nutrition and Population Statistics, and more. Annual data only, mostly 1960 - present.

Additional Databases:

Historical Statistics of the United States
Statistical tables downloadable in Excel or CSV format. Colonial era to 21st century.

Passport This link opens in a new window
On first use only, acknowledgement of privacy and security policy required.
Data, reports and analysis about countries, industries, companies and consumers. Includes: economic and social data for ~200 countries; market research reports for ~80 countries; company and consumer profiles. We do NOT subscribe to the Sustainability module.
Video demo on how to search in Passport.
Economic and social indicator data redistributed from IMF, UN, World Bank, OECD. Annual data only.
WRDS from Wharton Research Data Services This link opens in a new window
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- This link opens in a new window
VPN Required for Off Campus Access.
If above link does not work when on campus on wireless, use this link
Database of datasets from various sources; primarily financial and economic data. ACCESS: You must register for a day access pass using your Marquette email address. (The VPN is also required for day access pass registration from off-campus.) Video tutorials/demos are available.
Faculty / graduate students may request individual accounts for storage space on the WRDS servers. Two-factor authentication is required for individual user accounts! See More for details.
About 2-factor authentication:
–  How to log into WRDS using 2FA.
–  FAQ for two-factor authentication with Duo.
Dataset subscriptions:
–  Audit Analytics: Audit + Compliance and Corporate + Legal datasets
–  CRSP (Center for Research in Security Prices)
–  Compustat (from Capital IQ, formerly S&P): North America, Global, and ExecuComp datasets
–  Eventus: a software package that performs event studies to compute abnormal returns for specific corporate actions or events using data directly from the CRSP stock database.
–  IHS Global Insight (also available directly on the vendor's platform Connect, from Capital IQ)
–  ISS Directors and Governance datasets (Institutional Shareholders Services; formerly called RiskMetrics and before that IRRC, or Investor Responsibility Research Center)

Other sources for time series data

Use the CRB Commodity Yearbook for more data on COPPER!

Census Data
Works best with Chrome.
Although this is a wonderful resource, because so much is there, expect to spend some time figuring it out.
The Guidance pages can be helpful.
Business Dynamics Statistics (US Census Bureau)
Here is where you'll find some data on firm openings and closings. Look at the Sector data.
WARNING: The data are only for 2-digit NAICS code industry sectors, and not for all of them!

CRB Commodity Year Book by Commodity Research Bureau
Call Number: Raynor Reference HF 1041 .C56
Check MARQCAT for print availability.

Older editions back to 1950's are online in the Mergent Archives platform. Click on the CRB tab to find them. Current edition kept in Raynor Reference.