GDPIP {DATAstudio}

A Real-time Vintage of GDP and IP for the US Economy

Description

US GDP (Gross Domestic Product) and IP (Industrial Production) ranging from from 1947 (Q1) to 2013 (Q4); the data correspond to a real-time vintage.

Usage

GDPIP

Format

A bivariate time series with 268 observations on two variables: GDP and IP. The object is of class mts.

Source

Federal Reserve Bank of Philadelphia.

References

de Carvalho, M. and Rua, A. (2017). Real-time nowcasting the US output gap: Singular spectrum analysis at work. International Journal of Forecasting, 33, 185-198.

See Also

https://www.maths.ed.ac.uk/~mdecarv/decarvalho2017sh.html

Examples

data(GDPIP)
plot(GDPIP)

## Plotting GDP against IP (de Carvalho and Rua, 2017; Fig. 4)
data(GDPIP)
oldpar <- par(mar = c(5, 4, 4, 5) + .1)
plot(GDPIP[, 1], type = "l", 
     xlab = "Time", ylab = "Gross Domestic Product (GDP)",
     lwd = 3, col = "red", cex.lab = 1.4, cex.axis = 1.4)
par(new = TRUE)
plot(GDPIP[, 2], type = "l", xaxt = "n", yaxt = "n",
     xlab = "", ylab = "", lwd = 3, col = "blue", cex.axis = 1.4)
axis(4)
mtext("Industrial Production (IP)", side = 4, line = 3, cex = 1.4)
legend("topleft", col = c("red", "blue"),
       lty = 1, lwd = 3, legend = c("GDP", "IP"))
par(oldpar)

## Not run: 
    ## Tracking the US Business Cycle (de Carvalho et al, 2017; Fig. 6)
    ## Install the package ASSA, if not installed
    if (!require("ASSA")) install.packages("ASSA")
    data(GDPIP)
    fit <- bmssa(log(GDPIP))
    plot(fit)
    print(fit)

## End(Not run)