TITLE

News or Noise? An Analysis of Brazilian GDP Announcements

AUTHOR(S)
de la Rocque Palis, Rebeca; Ramos, Roberto Luis Olinto; Robit, Patrice
PUB. DATE
January 2003
SOURCE
Working Papers -- U.S. Federal Reserve Board's International Fin;2003, p1
SOURCE TYPE
Working Paper
DOC. TYPE
Working Paper
ABSTRACT
Revisions to GDP announcements in many countries are often large, and Faust, Rogers, and Wright (2003) have found that G-7 GDP revisions are predictable to varying degrees. In this paper, we extend FRW to study revisions to Brazilian GDP announcements. We document that revisions to Brazilian GDP are large relative to those of G-7 countries. Brazilian GDP revisions are also somewhat predictable, which is consistent with the view that GDP revisions correct errors in preliminary GDP rather than reflect news. However, GDP revisions are far from being entirely predictable. Although GDP revisions are largest only one year following the initial GDP release, those revisions are nearly unpredictable.
ACCESSION #
23647450

 

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