Improving GDP measurement: a measurement-error perspective

S. Boragan Aruoba, Francis Diebold, Jeremy J. Nalewaik, Frank Schorfheide and Dongho Song

No 13-16, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: We provide a new and superior measure of U.S. GDP, obtained by applying optimal signal-extraction techniques to the (noisy) expenditure-side and income-side estimates. Its properties -- particularly as regards serial correlation -- differ markedly from those of the standard expenditure-side measure and lead to substantially-revised views regarding the properties of GDP.

Keywords: Income; Expenditures, Public; Business cycles; Recessions (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (27)

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Related works:
Journal Article: Improving GDP measurement: A measurement-error perspective (2016)
Working Paper: Improving GDP Measurement: A Measurement-Error Perspective (2013)
Working Paper: Improving GDP Measurement: A Measurement-Error Perspective (2013)
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