The Business Cycle and Chain-Weighted GDP: Has Our Perspective Changed?
نویسنده
چکیده
In early 1996 the Bureau of Economic Analysis released data from an extensive revision to its measures of aggregate economic activity in the United States. The new data and methodology, which represent the first comprehensive revision of the National Income and Product Accounts (NIPA) since 1991, reflect more substantial changes than have many previous revisions.1 While past revisions have changed some definitions and statistics and have incorporated newly available source data, the most recent revision includes an even more important change: the move from a fixed base-year measure to a chained index, which is said to have significantly altered the way we view recent economic performance. One analysis in the New York Times even speculated that the outcome of the 1992 election might have been different if we had known then what we know now about the 1990-91 recession:
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