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Has the Real-Time Reliability of Monthly Indicators Changed over Time?

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Abstract

Economic data are routinely revised after they are initially released. I examine the extent to which the real-time reliability of six monthly macroeconomic indicators important to policymakers has remained stable over time by studying the time-series properties of their short-term and long-term revisions. I show that the revisions to many monthly economic indicators display systematic behaviors that policymakers could build into their real-time assessments. I also find that some indicators? revision series have varied substantially over time, suggesting that these indicators may now be less useful in real time than they once were. Lastly, I find that substantial revisions tend to occur indefinitely after the initial data release, a result which suggests a certain degree of caution is in order when using even thrice-revised monthly data in policymaking.

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  • Mark Bognanni, 2019. "Has the Real-Time Reliability of Monthly Indicators Changed over Time?," Economic Commentary, Federal Reserve Bank of Cleveland, issue October.
    • Handle: RePEc:fip:fedcec:00108
    DOI: 10.26509/frbc-ec-201916
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