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The mismeasured personal saving rate is still useful: using real-time data to improve forecasting

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  • Leonard I. Nakamura

Abstract

People make decisions based on information. Often, with hindsight, they could have made better choices. Economics faces a similar problem: Economic data, when first released, are often inaccurate and may subsequently be revised. In \\"The Mismeasured Personal Saving Rate Is Still Useful: Using Real-Time Data to Improve Forecasting,\\" Leonard Nakamura uses the U.S. personal saving rate - a statistic that has often been initially low, then substantially revised upward - to discuss how modern economic statistical techniques can improve forecasting.

Suggested Citation

  • Leonard I. Nakamura, 2008. "The mismeasured personal saving rate is still useful: using real-time data to improve forecasting," Business Review, Federal Reserve Bank of Philadelphia, issue Q4, pages 9-20.
    • Handle: RePEc:fip:fedpbr:y:2008:i:q4:p:9-20
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/2008/q4/brq408_mismeasured-personal-saving-rate.pdf
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    Cited by:

    1. Croushore, Dean & Del Monaco Santos, Pedro, 2022. "The personal saving rate: Data revisions and forecasts," Economics Letters, Elsevier, vol. 219(C).

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    Keywords

    Real-time data; Forecasting;

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