The first session will address the challenges of digitization and how we can measure its impact on the economy. We will review how the international statistical community has had to adapt to new sources of information to develop indicators that account for the impact of this new age. Also, during the first session, we will analyze the implications of digitalization and the use of electronic invoicing data in Chile to support the activities of central banks, mainly in the fields of monetary policy, economic analysis and financial stability. Finally, we will learn about the estimation of the contribution of the digital economy to the GDP of the US. The second session will address how the globalization of production has imposed demands for greater generation of statistics that provide information on interdependence between countries. We will learn about the experience of Mexico and the US in the development of new national accounts statistics. Page 3 of 4  Central Bank of Chile October 2019  In the third session, we will see how digitalization provides us with an opportunity to integrate databases of different sources and sizes, becoming a valuable tool for the design and development of economic and financial indicators. Finally, in the last panel, we will try to find answers to questions like: What is the role of the digital economy in the decline of productivity estimates? How are we capturing the contribution of digital platforms in the labor market? And how would current statistics and macroeconomic measurements be affected? among others.
Estimation methods must be improved, and the statistical infrastructure must be strengthened to develop additional indicators describing the new digitalization-driven environment. In Chile, in order to continue leading official statistics, we have taken a number of steps to respond to the digital economy challenge:   We are closely involved in the international agenda on the measurement of the digital economy, conformed by various institutions, including the OECD, the United Nations, Eurostat and the IMF.   In the short term, one of the main challenges we are dealing with is to have an estimation for e-commerce, following the international guidelines. We expect to achieve this using a combination of administrative data and upgraded surveys collected by our National Statistics Office. Page 2 of 4  Central Bank of Chile October 2019    Regarding administrative data, Chile has built a complete and secure set of data that have helped to produce sound traditional statistics, placing the country at the forefront using this type of information. For example, this data is being used intensively as an input for National Accounts official statistics, namely, monthly indicator of economic activity, supply and use tables, regional GDP and international trade in services statistics.   Furthermore, since 2014 the CBC publishes the housing price index for Chile (HPI), which is built based on administrative data of the Internal Revenue Service, including actual transactions of dwellings. The index considers breakdowns by type of property (houses and apartments) and geographic areas.