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Do alternative measures of GDP affect its interpretation?

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  • Bart Hobijn
  • Charles Steindel

Abstract

Gross domestic product's high correlation with unemployment and inflation makes it a key measure of the U.S. economy. Yet the somewhat arbitrary nature of the GDP construction process complicates interpretation and measurement of the indicator. A study of an alternative measure of GDP designed to address the published series' limitations finds that the adjusted measure differs in its representation of the long-term trend--but not the short-term fluctuations--of GDP. The published series' relevance as an indicator is therefore robust to some of the arbitrariness of its construction.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Current Issues in Economics and Finance.

Volume (Year): 15 (2009)
Issue (Month): Nov ()
Pages:

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Handle: RePEc:fip:fednci:y:2009:i:nov:n:v.15no.7

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Keywords: Gross domestic product ; Economic indicators ; Econometrics;

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  1. John Laitner & Chris House & Dmitri Stolyarov, 2005. "Valuing Lost Home Production for Dual-Earner Couples," Working Papers wp097, University of Michigan, Michigan Retirement Research Center.
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Cited by:
  1. Laopodis, Nikiforos T., 2011. "Equity prices and macroeconomic fundamentals: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(2), pages 247-276, April.

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