14  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  14  References  Akerlof, G and Shiller, R. 2009. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. Princeton. Gigerenzer, G. 2004. ‘Dread Risk, September 11, and Fatal Traffic Accidents’, Psychological Science, Vol 15, Issue 4. Grupe, D and Nitschke, J. 2013. ‘Uncertainty and Anticipation in Anxiety: An integrated neurobiological and psychological perspective’. National Review of Neuroscience. 2013 Jul; 14(7): 488–501. Haldane, A. 2015 ‘Stuck’. Speech to the Open University. Haldane, A., Chowla, S. 2020. ‘Fast economic indicators’. Nature Reviews Physics. Nessen, R. 2008. ‘The Brookings Institution’s Arthur Okun – Father of the “Misery Index”’. Brookings Op-Ed. Okun, Arthur M. 1962. ‘Potential GNP: Its Measurement and Significance’. American Statistical Association, Proceedings of the Business and Economics Statistics Section, pp. 98–104. 15  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  15
An exciting development in that area has been the creation of the Financial Stability Board Data Hub at the Bank for International Settlements, the result of extensive collaboration among central banks and banking supervisors in many countries. BIS central bankers’ speeches  5  Conclusion To conclude: I’ve focused on two challenges that we face in making the best use of data to address pressing policy questions. The first challenge is to bring innovative ideas to data. Although progress has been made in this area, more imagination and thought are needed in identifying and creating useful data. Once a data product is imagined, the right investment is crucial to deliver good data to analysts and policymakers. The second challenge is to provide effective data stewardship. Good management of data is needed locally, often in the person of data stewards who make information accessible in a world of imperfect data, nonintegrated technology platforms, and statistical packages. Significantly, learning from one another in conferences such as this one is vital to meeting the innovation challenge and to improving data around the globe. 6  BIS central bankers’ speeches