Aruoba, S. Boragan; Diebold, Francis X.; Nalewaik, Jeremy; … - Federal Reserve Bank of Philadelphia - 2013
We 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. Its properties -- particularly as regards serial correlation -- differ markedly from those of the standard expenditure-side...