First Announcements and Real Economic Activity
Michael Clements and
Ana Galvão ()
No 271314, Economic Research Papers from University of Warwick - Department of Economics
The recent literature suggests that Örst announcements of real output growth in the US have predictive power for the future course of the economy. We show that this need not point to a behavioural relationship, whereby agents respond to the announcement, but may instead simply be a by-product of the data revision process. Initial estimates are subsequently subject to a number of rounds of revisions: the nature of these revisions is shown to be key in determining any apparent relationship between Örst announcements and the future course of the economy.
Keywords: Financial; Economics (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Journal Article: First announcements and real economic activity (2010)
Working Paper: First Announcements and Real Economic Activity (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ags:uwarer:271314
Access Statistics for this paper
More papers in Economic Research Papers from University of Warwick - Department of Economics
Bibliographic data for series maintained by AgEcon Search ().