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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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A State-space Approach to Australian GDP Measurement

28 Oct 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
Research Discussion Paper – RDP 2014-12 A State-space Approach to Australian GDP Measurement Abstract. ... Across a range of specifications, our measures are substantially less volatile than headline GDP growth.
https://www.rba.gov.au/publications/rdp/2014/2014-12.html

Estimating GDP Growth

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
RDP 2014-12: A State-space Approach to Australian GDP Measurement 2. Estimating GDP Growth. ... where. represent growth in GDP(E), GDP(I) and GDP(P), and ε. E,t. ,
https://www.rba.gov.au/publications/rdp/2014/2014-12/estimating-gdp-growth.html

Comparison with GDP(A)

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
Table 5 compares moments of the published GDP series to those of our models. ... Table 9: Unemployment Rate – Real-time Forecast Errors. Measure. GDP(A). Model 1.
https://www.rba.gov.au/publications/rdp/2014/2014-12/comparison-with-gdp.html

A State-space Approach to Australian GDP Measurement

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
Research Discussion Paper – RDP 2014-12 A State-space Approach to Australian GDP Measurement.
https://www.rba.gov.au/publications/rdp/2014/2014-12/

Results

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
RDP 2014-12: A State-space Approach to Australian GDP Measurement 4. Results. ... GDP(M1) is highly correlated with GDP(A), but it is less volatile.
https://www.rba.gov.au/publications/rdp/2014/2014-12/results.html

Estimation

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
RDP 2014-12: A State-space Approach to Australian GDP Measurement 3. Estimation. ... Our estimation procedure assumes that the trend growth rate of GDP has been constant over our sample.
https://www.rba.gov.au/publications/rdp/2014/2014-12/estimation.html

Conclusion

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
RDP 2014-12: A State-space Approach to Australian GDP Measurement 6. Conclusion. ... Although our measures are highly correlated with published GDP growth, they are noticeably less volatile and easier to forecast.
https://www.rba.gov.au/publications/rdp/2014/2014-12/conclusion.html

Appendix B: Levels or Differences?

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
https://www.rba.gov.au/publications/rdp/2014/2014-12/appendix-b.html

Appendix A: Identification

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
RDP 2014-12: A State-space Approach to Australian GDP Measurement Appendix A: Identification.
https://www.rba.gov.au/publications/rdp/2014/2014-12/appendix-a.html

References

31 Dec 2014 RDP 2014-12
Daniel Rees, David Lancaster and Richard Finlay
Bishop J, T Gill and D Lancaster (2013), ‘GDP Revisions: Measurement and Implications’, RBA. ... Fixler D and B Grimm (2006), ‘GDP Estimates: Rationality Tests and Turning Point Performance’,.
https://www.rba.gov.au/publications/rdp/2014/2014-12/references.html