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An Uncertain Past: Data Revisions and Monetary Policy in Canada

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Many important economic variables are subject to revision. This article explains how, when, and why such revisions occur; how revisions to Canadian gross domestic product (GDP) compare with GDP revisions in some other countries; which GDP components are subject to the largest revisions; and how data revisions can affect policy decisions. The author finds that revisions to Canadian GDP tend to be smaller, on average, than those of some other countries, and that among the GDP components, exports and imports are most heavily revised.

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  • Greg Tkacz, 2010. "An Uncertain Past: Data Revisions and Monetary Policy in Canada," Bank of Canada Review, Bank of Canada, vol. 2010(Spring), pages 41-51.
  • Handle: RePEc:bca:bcarev:v:2010:y:2010:i:spring10:p:41-51
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    File URL: http://www.bankofcanada.ca/wp-content/uploads/2010/06/tkacz.pdf
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    1. repec:kap:compec:v:50:y:2017:i:3:d:10.1007_s10614-016-9601-4 is not listed on IDEAS
    2. Sharon Kozicki & Jill Vardy, 2017. "Communicating Uncertainty in Monetary Policy," Discussion Papers 17-14, Bank of Canada.
    3. Smith Paul, 2016. "Nowcasting UK GDP during the depression," Working Papers 1606, University of Strathclyde Business School, Department of Economics.

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