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Forecasting GDP growth with NIPA aggregates: In search of core GDP

机译:使用NIPA总量预测GDP增长:寻找核心GDP

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In addition to GDP, which is measured using expenditure data, the U.S. national income and product accounts (NIPAs) provide a variety of measures of economic activity including gross domestic income and other aggregates that exclude one or more o the components that make up GDP. Similarly to the way in which economists have attempted to use core inflation-which excludes volatile energy and food prices-to predict headline inflation, the omission of GDP components may be useful in extracting a signal as to where GDP is going. We investigate the extent to which these NIPA aggregates constitute "core GDP." In an out-of-sample forecasting exercise using a nove real-time dataset of NIPA aggregates, we find that consumption growth and the growth of GDP excluding inventories and trade have historically outperformed a canonica univariate benchmark for forecasting GDP growth, suggesting that these are promising measures of core GDP growth. (C) 2019 International Institute of Forecasters. Published by Elsevier B.V. All rights reserved.
机译:除了使用支出数据衡量的GDP之外,美国国民收入和产品账户(NIPAs)还提供了多种经济活动指标,包括国内总收入和其他总计(不包括构成GDP的一个或多个组成部分)。与经济学家试图使用核心通货膨胀(不包括波动的能源和食品价格)来预测整体通货膨胀的方式类似,省略GDP成分可能有助于提取有关GDP走向的信号。我们调查了这些NIPA总量构成“核心GDP”的程度。在使用NIPA总量的新实时数据集进行的样本外预测活动中,我们发现,消费增长和GDP(不包括库存和贸易)增长在历史上都超过了Canonica单变量基准来预测GDP增长,表明这些是有希望的核心GDP增长指标。 (C)2019国际预报员学会。由Elsevier B.V.发布。保留所有权利。

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