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Discussion Paper
Firm-Level Shocks and GDP Growth: The Case of Boeing’s 737 MAX Production Pause
di Giovanni, Julian (2020-02-13)
Large firms play an integral role in aggregate economic activity owing to their size and production linkages. Events specific to these large firms can thus have significant effects on the macroeconomy. Quantifying these effects is tricky, however, given the complexity of the production process and the difficulty in identifying firm-level events. The recent pause in Boeing’s 737 MAX production is a striking example of such an event or “shock” to a large firm. This post applies a basic framework that is grounded in economic theory to provide a back-of-the envelope calculation of how the ...
Liberty Street Economics , Paper 20200213

Working Paper
Global tax policy and the synchronization of business cycles
Weber, Caroline; Sly, Nicholas (2015-08-01)
Using a 30-year panel of quarterly GDP ?uctuations from of a broad set of countries, we demonstrate that the signing of a bilateral tax treaty increases the comovement of treaty partners' business cycles by 1/2 a standard deviation. This e?ect of ?scal policy is as large as the e?ect of trade linkages on comovement, and stronger than the e?ects of several other common ?nancial and investment linkages. We also show that bilateral tax treaties increase comovement in shocks to nations? GDP trends, demonstrating the permanent e?ects of coordination on ?scal policy rules. We estimate trend and ...
Research Working Paper , Paper RWP 15-7

Report
Newer need not be better: evaluating the Penn World Tables and the World Development Indicators using nighttime lights
Pinkovskiy, Maxim L.; Sala-i-Martin, Xavier X. (2016-06-01)
Nighttime lights data are a measure of economic activity whose measurement error is plausibly independent of the errors of most conventional indicators. Therefore, we can use nighttime lights as an independent benchmark to assess existing measures of economic activity (Pinkovskiy and Sala-i-Martin 2016). We employ this insight to find out which vintages of the Penn World Tables (PWT) and of the World Development Indicators (WDI) better estimate true income per capita. We find that revisions of the PWT do not necessarily dominate their predecessors in terms of explaining nighttime lights (and ...
Staff Reports , Paper 778

Working Paper
Forecasting GDP Growth with NIPA Aggregates
Knotek, Edward S.; Garciga, Christian (2017-05-19)
Beyond GDP, which is measured using expenditure data, the U.S. national income and product accounts (NIPAs) provide an income-based measure of the economy (gross domestic income, or GDI), a measure that averages GDP and GDI, and various aggregates that include combinations of GDP components. This paper compiles real-time data on a variety of NIPA aggregates and uses these in simple time-series models to construct out-of-sample forecasts for GDP growth. Over short forecast horizons, NIPA aggregates?particularly consumption and GDP less inventories and trade?together with these simple ...
Working Papers (Old Series) , Paper 1708

Journal Article
The Fog of Numbers
Sekhposyan, Tatevik; Jordà, Òscar; Merrill, Colton; Kouchekinia, Noah (2020-07-15)
In times of economic turbulence, revisions to GDP data can be sizable, which makes conducting economic policy in real time during a crisis more difficult. A simple model based on Okun’s law can help refine the advance data release of real GDP growth to provide an improved reading of economic activity in real time. Applying this to data from the Great Recession explains some of the massive GDP revisions at that time. This could provide a guide for possible revisions to GDP releases during the current coronavirus crisis.
FRBSF Economic Letter , Volume 2020 , Issue 20 , Pages 5

Newsletter
Minding the Output Gap: What Is Potential GDP and Why Does It Matter?
Wolla, Scott A. (2021-05-03)
Potential output is an estimate of what the economy could produce. Actual output is what the economy does produce. If actual is below potential -- a negative output gap -- there is "slack" in the economy. If actual is above potential -- a positive output gap -- resources are fully employed, or perhaps overutilized. This issue of Page One Economics explains how the output gap is useful for checking the health of the economy. It also points out how errors in the estimation of potential real GDP can reduce the effectiveness of policy.
Page One Economics Newsletter

Journal Article
First quarters in the national income and product accounts
Stark, Tom (2015-05)
Prompted by their expectations of an initial estimate of a marked slowdown in U.S. real gross domestic product growth in the first quarter of 2015, commentators and analysts have drawn attention to an apparent ?first-quarter effect? in the U.S. national income and product accounts
Research Rap Special Report , Issue May

Working Paper
Measurement Error in Macroeconomic Data and Economics Research: Data Revisions, Gross Domestic Product, and Gross Domestic Income
Li, Phillip; Chang, Andrew C. (2015-11-10)
We analyze the effect of measurement error in macroeconomic data on economics research using two features of the estimates of latent US output produced by the Bureau of Economic Analysis (BEA). First, we use the fact that the BEA publishes two theoretically identical estimates of latent US output that only differ due to measurement error: the more well-known gross domestic product (GDP), which the BEA constructs using expenditure data, and gross domestic income (GDI), which the BEA constructs using income data. Second, we use BEA revisions to previously published releases of GDP and GDI. ...
Finance and Economics Discussion Series , Paper 2015-102

Newsletter
Data Units in FRED®
Mendez-Carbajo, Diego (2021-11)
This Page One Economics Data Primer describes the range of data units available in FRED, including their common use and interpretation, that help reveal the story behind the numbers.
Page One Economics Newsletter

Speech
The Fed’s Balance Sheet: The 37th Annual Monetary and Trade Conference
Harker, Patrick T. (2019-05-06)
Fed?s Harker on Unwinding: ?Walk, Don?t Run?. A slow and steady approach to unwinding the Fed?s balance sheet is Philadelphia Fed President Patrick T. Harker?s preference. ?So in metaphorical terms, it is a dark and stormy night, to quote Peanuts, and we are walking in the direction of a wall,? he told a conference audience. "In that situation, most of us would give the advice of ?walk, don?t run.??
Speech , Paper 165

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