Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany?:
The balanced growth and stochastic growth theory implies stable consumption-to-output and investment-to-output ratios. It is tested by cointegration techniques for three different German data vintages. Systems cointegration tests are helpful in revealing inconsistencies across vintages. Differencing...
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| Format: | Elektronisch Artikel |
| Sprache: | English |
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2010
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| Zusammenfassung: | The balanced growth and stochastic growth theory implies stable consumption-to-output and investment-to-output ratios. It is tested by cointegration techniques for three different German data vintages. Systems cointegration tests are helpful in revealing inconsistencies across vintages. Differencing and rebasing, often used to adjust for benchmark revisions, are generally not sufficient to ensure consistent real-time macroeconomic data. Vintage transformation functions estimated by cointegrating regressions are more flexible. Empirically, the cointegrating property between consumption and output, as well as between investment and output, is often found, whereas the one-to-one relationship is mostly rejected. Moreover, the linear transformation function is helpful in describing the relation between two older final vintages. This function seems to be insufficient if the most recent data collection framework is involved. |
| Beschreibung: | 1 Online-Ressource (14 p.) |
| DOI: | 10.1787/jbcma-2010-5kmk0bhqqjtf |
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| spelling | Knetsch, Thomas A... VerfasserIn aut Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? Thomas A., Knetsch and Hans-Eggert, Reimers Paris OECD Publishing 2010 1 Online-Ressource (14 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The balanced growth and stochastic growth theory implies stable consumption-to-output and investment-to-output ratios. It is tested by cointegration techniques for three different German data vintages. Systems cointegration tests are helpful in revealing inconsistencies across vintages. Differencing and rebasing, often used to adjust for benchmark revisions, are generally not sufficient to ensure consistent real-time macroeconomic data. Vintage transformation functions estimated by cointegrating regressions are more flexible. Empirically, the cointegrating property between consumption and output, as well as between investment and output, is often found, whereas the one-to-one relationship is mostly rejected. Moreover, the linear transformation function is helpful in describing the relation between two older final vintages. This function seems to be insufficient if the most recent data collection framework is involved. Economics Germany Reimers, Hans-Eggert MitwirkendeR ctb Enthalten in OECD Journal: Journal of Business Cycle Measurement and Analysis Vol. 2010, no. 1, p. 1-14 volume:2010 year:2010 number:1 pages:1-14 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/jbcma-2010-5kmk0bhqqjtf Volltext |
| spellingShingle | Knetsch, Thomas A.. Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? Economics Germany |
| title | Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? |
| title_auth | Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? |
| title_exact_search | Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? |
| title_full | Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? Thomas A., Knetsch and Hans-Eggert, Reimers |
| title_fullStr | Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? Thomas A., Knetsch and Hans-Eggert, Reimers |
| title_full_unstemmed | Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? Thomas A., Knetsch and Hans-Eggert, Reimers |
| title_short | Do benchmark revisions affect the consumption-to-output and investment-to-output ratios in Germany? |
| title_sort | do benchmark revisions affect the consumption to output and investment to output ratios in germany |
| topic | Economics Germany |
| topic_facet | Economics Germany |
| url | https://doi.org/10.1787/jbcma-2010-5kmk0bhqqjtf |
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