Revisionist History: How Data Revisions Distort Economic Policy Research

Abstract

This article describes how and why official U.S. estimates of the growth in real economic output and inflation are revised over time, demonstrates how big those revisions tend to be, and evaluates whether the revisions matter for researchers trying to understand the economy’s performance and the contemporaneous reactions of policymakers. The conclusion may… (More)

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@inproceedings{Runkle1998RevisionistHH, title={Revisionist History: How Data Revisions Distort Economic Policy Research}, author={David E. Runkle and Ellen R. McGrattan and Arthur J. Rolnick and Kathleen S. Rolfe and Jenni C. Schoppers and Elaine R. Reed}, year={1998} }