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How Data Revisions and Uncertainty Affect Monetary Policy

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Abstract

Important macroeconomic data are often revised, and initial releases are subject to sometimes large measurement errors. The size of the data revisions has declined over time for most key series, but discrepancies between initial and final data for some variables are not random. This creates a problem for policymakers, since they need to make decisions in real time while not knowing the true state of the economy.

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  • Thomas A. Lubik & Jacob Titcomb, 2026. "How Data Revisions and Uncertainty Affect Monetary Policy," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 26(01), January.
    • Handle: RePEc:fip:fedreb:102302
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    File URL: https://www.richmondfed.org/publications/research/economic_brief/2026/eb_26-01
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