Its properties — particularly as regards serial correlation — differ markedly from those of the standard expenditure-side measure and lead to substantially revised views regarding the properties of GDP.
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Working Paper
Improving GDP Measurement: A Measurement-Error Perspective
May 2013
WP 13-16 - The authors provide a new and superior measure of U.S. GDP, obtained by applying optimal signal-extraction techniques to the (noisy) expenditure-side and income-side estimates.
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