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An Examination of the Statistical Discrepancy and Private Investment Expenditure

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Author Info
Christopher Bajada () (University of Technology, Sydney Broadway)

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Abstract

The statistical discrepancy is often used to gauge the reliability of national accounts data. Particularly since the mid-1980’s the statistical discrepancy in Australia has grown significantly in size and variance. In this paper we demonstrate that the overwhelming contribution to the size of the statistical discrepancy is mismeasurement of private investment expenditure. We demonstrate that this mismeasurement not only adds to the volatility of investment but may have a significant impact on the volatility of the business cycle in general.

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File URL: http://www.cema.edu.ar/publicaciones/download/volume4/bajada.pdf
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Publisher Info
Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): IV (2001)
Issue (Month): (May)
Pages: 27-61
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Handle: RePEc:cem:jaecon:v:4:y:2001:n:1:p:27-61

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Related research
Keywords: statistical discrepancy; national accounts; investment; business cycles;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data

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    Other versions:
  2. G. C. Lim, 1985. "GDP Growth Rates Calculated from Quarterly National Accounts: Discrepancies and Revisions," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 18(4), pages 21-27. [Downloadable!] (restricted)
  3. McDonald, John, 1972. "An Examination of the Residual Error in the U. K. National Accounts," The Manchester School of Economic & Social Studies, Blackwell Publishing, vol. 40(2), pages 193-207, June.
  4. Alan S. Blinder, 1981. "Retail Inventory Behavior and Business Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1981-2), pages 443-520. [Downloadable!]
  5. Guest, Ross S. & McDonald, Ian M., 2001. "The volatility of the socially optimal level of investment," Journal of Policy Modeling, Elsevier, vol. 23(8), pages 901-928, November. [Downloadable!] (restricted)
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  6. Warwick J. McKibbin, 2002. "Macroeconomic Policy in Japan," Asian Economic Papers, MIT Press, vol. 1(2), pages 133-165. [Downloadable!] (restricted)
  7. Matthews, K G P, 1984. "The GDP Residual Error and the Black Economy: A Note," Applied Economics, Taylor and Francis Journals, vol. 16(3), pages 443-48, June.
  8. Weale, Martin, 1985. "Testing Linear Hypotheses on National Account Data," The Review of Economics and Statistics, MIT Press, vol. 67(4), pages 685-89, November. [Downloadable!] (restricted)
  9. de Leeuw, Frank, 1990. "The Reliability of U.S. Gross National Product," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(2), pages 191-203, April.
  10. Weale, Martin, 1992. "Estimation of Data Measured with Error and Subject to Linear Restrictions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 7(2), pages 167-74, April-Jun. [Downloadable!] (restricted)
  11. Blinder, Alan S & Maccini, Louis J, 1991. "Taking Stock: A Critical Assessment of Recent Research on Inventories," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 73-96, Winter. [Downloadable!] (restricted)
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