An Examination of Data Revisions in the Quarterly National Accounts
The paper presents a real time database of economic time series for Ireland. The database contains a record of what was considered official data at each point in time. The database is used to describe the properties of data revisions to the growth rates of GDP and its expenditure components in the Quarterly National Accounts. The revisions, although significant in an absolute sense, are small relative to average growth over the sample by international standards. Nonetheless, using the methodology of Mankiw et al (1984), it is found that initial estimates of GDP growth are not rational forecasts of final GDP growth. This means that there is a predictable element to the revisions. A number of rational forecasts of GDP growth are constructed using various forecasting regressions. It is found that forecasts of GDP growth estimated using the initial announcement and a measure of stock prices are more accurate reflections of true GDP growth than the initial announcements.
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| Length: | 21 pages |
| Date of creation: | Sep 2006 |
| Date of revision: | |
| Handle: | RePEc:cbi:wpaper:10/rt/06 |
| Contact details of provider: | Postal: P.O. Box No. 559, Dame Street, Dublin 2 Phone: (01) 671 6666 Fax: (01) 671 6561 Web page: http://www.centralbank.ie Email: More information through EDIRC
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dean Croushore & Tom Stark, 1999.
"A real-time data set for macroeconomists,"
Working Papers
99-4, Federal Reserve Bank of Philadelphia.
- Croushore, Dean & Stark, Tom, 2001. "A real-time data set for macroeconomists," Journal of Econometrics, Elsevier, vol. 105(1), pages 111-130, November.
- Jon Faust & John H. Rogers & Jonathan H. Wright, 2000.
"News and noise in G-7 GDP announcements,"
International Finance Discussion Papers
690, Board of Governors of the Federal Reserve System (U.S.).
- Faust, Jon & Rogers, John H & Wright, Jonathan H, 2005. "News and Noise in G-7 GDP Announcements," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(3), pages 403-19, June.
- Athanasios Orphanides, 2001.
"Monetary Policy Rules Based on Real-Time Data,"
American Economic Review,
American Economic Association, vol. 91(4), pages 964-985, September.
- Athanasios Orphanides, 1998. "Monetary policy rules based on real-time data," Finance and Economics Discussion Series 1998-03, Board of Governors of the Federal Reserve System (U.S.).
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