Douglas M. Patterson, Richard Ashley
Journal name not available for this finding
The quintessential macroeconomic time series is U.S. real GNP; this is the U. S. Department of Commerce’s principal measure of the value of U. S. production of goods and services, corrected for changes in the aggregate price level. The battery of tests analyzed above was applied to the logarithmic growth rate of U.S. real GNP (yt) over a sample of 163 quarters from the first quarter of 1953 through the third quarter of 1993, or 1953:1 to 1993:3. These data are plotted in Figure 9-1 below; they appear to be reasonably stationary over this time period. The test results themselves are given in Table 9-1.