6/14/09

US GDP. Comprehensive revision is coming!

Thanks to Donald Marron at iStockAnalyst for a good news. (I've found his post via Forbes.com ) A comprehensive revision will be published by the BEA on July 29, 2009. Last was in 2003 (?) and brought a fantastic result - the growth rate for 2001 was revised from -1.3 to +0.8, i.e. by +2.1% (!). For instance, this means no recession in 2001, and the NBER business cycle dating committee had really hard time explaining to a broader economic community how could they fail.
For our purposes, we expect this revision for updating our model and validation of tests for cointegration between GDP and the number of 9-year-olds:
Kitov, I., Kitov, O., Dolinskaya, S., (2009). Modelling real GDP per capita in the USA: cointegration tests, Journal of Applied Economic Sciences, Spiru Haret University,Faculty of Financial Management and Accounting Craiova, vol. 4(1(7)_ Spr), pp. 80-96.http://www.jaes.reprograph.ro/articles/spring2009/KitovI_KitovO_DolinskayaS.pdf
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