RESET: Re-Engineering Statistics using Economic Transactions
The Re-Engineering Statistics using Economic Transactions (RESET) project aims to provide the architecture for re-engineering official economic statistics—literally to build key measurements such as GDP and consumer inflation from the ground up. The new measurement architecture offers internally consistent real expenditure and inflation measures that adjust for product turnover and product quality change at scale. It builds up measures of inflation and spending from granular, item-level transactions data. It therefore engineers statistics directly from the information systems of firms rather than superimposing a measurement system based on surveys and enumerations implemented by statistical agencies. To implement the architecture, the project and ultimately the statistical agencies will partner with firms to create a pipeline from business information systems to statistical agencies to aggregate data for official statistics.
RESET is a joint project of the University of Maryland, the University of Michigan, and the U.S. Census Bureau. It is supported by grants from the Alfred P. Sloan Foundation to the University of Maryland and the University of Michigan (G-2016-7227, G-2021-16821).