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Estimating Quarterly GDP for the Interwar UK Economy: An Application to the Employment Function

Hayes, P. and Turner, P. (2003) Estimating Quarterly GDP for the Interwar UK Economy: An Application to the Employment Function. Working Paper. Department of Economics, University of Sheffield ISSN 1749-8368

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Abstract

Chow and Lin (1971) set out a procedure for the generation of higher frequency estimates for series for which data is available at a low frequency using data on a related series at the higher frequency. In this paper we set out a simple algorithm for the generation of quarterly estimates for a series for which annual data is available and quarterly data is available for the related series. We apply this to data for interwar Gross Domestic Product using Industrial Production as the related series. Using this approach we generate quarterly GDP figures for the period 1920.1 to 1938.4. This series is valuable in that it can be used to estimate a cointegrating relationship between employment, real wages and aggregate output which is not possible when we use industrial production directly as our quarterly measure of aggregate demand.

Item Type: Monograph (Working Paper)
Copyright, Publisher and Additional Information: The Sheffield Economics Research Paper (SERP) series offers a forum for the research output of the academic staff and research students of the Department of Economics, University of Sheffield. Papers are reviewed for quality and presentation by a departmental editor. However, the contents and opinions expressed remain the responsibility of the authors. All papers may be downloaded free on the understanding that the contents are preliminary and therefore permission from the author(s) should be sought before they are referenced.
Keywords: Chow-Lin procedure, interwar GDP, employment function
Academic Units: The University of Sheffield > Faculty of Social Sciences (Sheffield) > Department of Economics (Sheffield) > Sheffield Economics Research Papers Series
Depositing User: Repository Officer
Date Deposited: 20 Oct 2009 12:22
Last Modified: 08 Feb 2013 16:59
Published Version: http://www.shef.ac.uk/economics/research/serps/yea...
Status: Published
Publisher: Department of Economics, University of Sheffield
Identification Number: Sheffield Economic Research Paper Series 2003003
Related URLs:
URI: http://eprints.whiterose.ac.uk/id/eprint/9884

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