Forecasting With NIPA Income Data: Estimation Procedures and Revision Evidence Background Paper BEA Advisory Committee Meeting

Granger and Newbold (1986) make the following statement in connection with forecasting: “A good deal of macroeconomic data is subject to continual revision, even several years after the event. This problem could be worthy of a separate book... ” (p. 203). Specifically, what they refer to is the “errors in observation ” problem (p. 203), which haunts all forecasters of economi