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RBA Glossary definition for GDP

GDP – Gross Domestic Product. A key measure of the value of economic production in the economy. GDP is determined in one of three ways: the value of goods and services produced less the cost of production; the sum of incomes generated by production; the sum of final expenditure on goods and services produced plus exports minus imports. An average of the three approaches may be calculated and is also referred to as GDP.

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Extensions

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
the level of the detrended credit-to-GDP ratio, or credit gap, and the product of the credit gap and real credit growth, both lagged two years. ... larger in magnitude than –0.6, which would occur if the credit-to-GDP ratio was 6 percentage points
https://www.rba.gov.au/publications/rdp/2019/2019-05/extensions.html

Criticisms and Doubts

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
For example, the median estimate of the cumulative output loss is 63 per cent of annual pre-crisis GDP. ... But that does not mean the stock of credit (the numerator) changes faster than GDP.
https://www.rba.gov.au/publications/rdp/2019/2019-05/criticisms-and-doubts.html

Cost-benefit Analysis of Leaning against the Wind

1 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
For example, the median estimate of the cumulative output loss is 63 per cent of annual pre-crisis GDP. ... But that does not mean the stock of credit (the numerator) changes faster than GDP.
https://www.rba.gov.au/publications/rdp/2019/2019-05/full.html

Cost-benefit Analysis of Leaning against the Wind

1 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
Specifically, we use Stata to estimate the credit-to-GDP gap and the probability of a financial crisis. ... This is used to produce more timely estimates of the credit-to-GDP gap, shown in Figure 6 in the RDP.
https://www.rba.gov.au/publications/rdp/2019/2019-05/read-me.html

References

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
Papell DH and R Prodan (2012), ‘The Statistical Behavior of GDP after Financial Crises and Severe Recessions’, The B.E. ... Sunstein CR (2018), The Cost-Benefit Revolution, MIT Press, Cambridge. Svensson LEO (2013), ‘“Leaning against the Wind”
https://www.rba.gov.au/publications/rdp/2019/2019-05/references.html

Dynamic Estimates for Australia

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
This VAR includes gross national expenditure, GDP, inflation, the cash rate, interest rate differentials, real business credit, a survey measure of difficulty obtaining finance and the real exchange rate as endogenous ... variables, and major trading
https://www.rba.gov.au/publications/rdp/2019/2019-05/dynamic-estimates-for-australia.html

Introduction

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
few years, and Drehmann et al (2010), who find that the detrended credit-to-GDP ratio is the best single predictor of financial crises.
https://www.rba.gov.au/publications/rdp/2019/2019-05/introduction.html