RBNZ economists look to improve GDP statistics

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Economists with the Reserve Bank of New Zealand have developed a new measure of GDP, which they say has numerous advantages over standard statistics.

In an analytical note, Michael Callaghan and Thomas van Florenstein Mulder outline what they call “GDPplus”, which supplements standard GDP data with signals from the labour market.

The resulting indicator has “several advantages” over the published GDP figures: “less volatility, greater predictability and smaller revision properties”.

They

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