Improving GDP Measurement: A Measurement-Error Perspective
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.
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Document Object Identifier (DOI): 10.3386/w18954
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