FR3051_20150629_omb_B

Supporting Statement B for the
Microeconomic Survey
(FR 3051; OMB No. 7100-0321)
Statistical Methods
The Federal Reserve would use this event-driven survey to obtain information
specifically tailored to the Federal Reserve’s supervisory, regulatory, operational, and other
responsibilities. The survey topics and questions vary with the information needs of the Federal
Reserve.
For each study conducted under this information collection, the Federal Reserve would
(1) determine the type of study to be conducted, (2) identify the characteristics of a test group or
groups, (3) refine and test the survey questionnaire, if needed, and (4) initiate the sampling
protocol. The consumer studies may take the format of focus group discussions, one-on-one
interviews, telephone interviews, mall intercept testing, written questionnaires (paper or web
based), or controlled experiments. The size of consumer focus groups would vary depending on
the topics discussed and the format of the sessions. Experience has shown that focused
discussions of not more than 10 to 12 participants are most productive.
The format and content of the questions would depend on changing economic, regulatory,
or legislative developments. The FR 3051 could therefore take the form of interviewer-mediated
face-to-face or telephone interviews; self-administered interviews administered on paper, the
telephone or the Internet; controlled experiments; focus group discussions; cognitive interviews;
or other formal or less formal formats. The size of the samples and the length of the data
collection period would vary depending on the particular informational needs.
The studies may be conducted through an external consulting and research firm, which
would be chosen in a competitive bidding process.1 The research instruments may be developed
by the Federal Reserve alone or jointly with the firm selected by the Federal Reserve. The firm
would be responsible for testing the survey procedures, following the sampling protocol
established by the Federal Reserve, conducting the survey as specified by the Federal Reserve,
preparing a data file containing the responses, computing analysis weights, and documenting all
study procedures. Data editing and analysis of survey results would be conducted either solely
by the Federal Reserve or jointly with the firm.

1

Some survey firms used by the Federal Reserve to conduct past surveys include the University of Michigan’s
Survey Research Center, Macro International Inc., Rockbridge Associates Inc., and Kleimann Communications
Group.