A New Monthly Index of Industrial Production, 1884–1940

Jeffrey Miron () and Christina Romer

The Journal of Economic History, 1990, vol. 50, issue 2, 321-337

Abstract: The article derives a new monthly index of industrial production for the United States for 1884 to 1940. This index improves upon existing measures of industrial production by excluding indirect proxies for industrial activity, using only component series that are consistent over time, and not making ad hoc adjustments to the data. Analysis of the new index shows that it has more within-year volatility than conventional indexes, has relatively unimportant seasonal fluctuations, and has cyclical turning points that are grossly similar to but subtly different from existing series.

Date: 1990
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Working Paper: A New Monthly Index of Industrial Production, 1884-1940 (1989)
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