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Estimating Public Intangibles in Real Time
F. Bacchini (Istat), RomeR. Iannaccone, (Istat), Rome
Society for Economic Measurement Annual ConferenceThessaloniki (Greece), July 6th- 8th, 2016
This project has received funding from the European Union's Seventh Framework Programme for
research, technological development and demonstration under grant agreement No. 612774
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Outline
• Timeliness problem and data available (nominal investment)
• Information set and methodology for real time estimation
• Estimation for Italy
• Robustness check
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Information set for intagibles: di�erent across assets . . .
Introduction of SNA 2008 ESA 2010, R&D is now classi�ed asinvestment
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. . . and across countries
USA: Intangible Investment as
Source TCBE SPINTAN 4 / 15
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What we have: use table 2012 (for some asset)
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What we have: information set after 2012 -1
Total intermediate consumption for industry
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What we have: information set after 2012 - 2
Annual account for institutional sector
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What we have: information set after 2012 - 3
Turnover in services quarterly data
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Methodology - step 1
Estimation for asset - total industry
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Methodology - step 2
estimation product using STS+NA (hours worked in training)
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Robustness check
Estimation vs. real data - Italy
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Final results
Italy intangibles estimation 2010-2015
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Further steps
• Complete real time estimation for European countries includingalso assets as R&D
• extend a rolling robustness check (for example now 2011-2012) toimprove estimation performance
• extend the approach to market sector
• create a short-term index for intangibles
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