The Reliability of Historical Macroeconomic Data for Comparing Cyclical Stability

David R. Weir

The Journal of Economic History, 1986, vol. 46, issue 2, 353-365

Abstract: The question at issue is whether estimates of GNP and unemployment before 1930 exaggerate cyclical volatility enough to produce a false impression of increasing economic stability over the twentieth century. Based on research to be reported in detail at a later date, the answer is no. The range of possible exaggerations is small relative to the observed change.

Date: 1986
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