Expenditure side and income side GDP are both measured at the quarterly frequency in the US and contain measurement error. They are noisy proxies of `true’ GDP. Several econometric methods exist for producing estimates of true GDP which reconcile these noisy estimates. Recently, the authors of...

In this paper, we develop a bivariate unobserved components model for inflation and unemployment. The unobserved components are trend inflation and the non-accelerating inflation rate of unemployment (NAIRU). Our model also incorporates a time-varying Phillips curve and time-varying inflation...