Why Use This Data Source In Your Models?
The GDP price deflator measures the changes in prices for all of the goods and services produced in an economy. This shows how much a change in GDP relies on changes in the price level, so can help correct for price fluctuations in GDP numbers. This can also indicate supply and demand of goods in the US.
Gross Domestic Product: Implicit Price Deflator
U.S. Bureau of Economic Analysis
Gross Domestic Product
Index 2012=100, Seasonally Adjusted
The data shows auto correlation and a non-normal distribution. The data should be differenced. While the Yeo Johnson transformation, provides the best normality, the Arcsin variable will also perform well.
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Data shows auto correlation indicating a need for differencing
The ACF indicates 1 order differencing is appropriate.
Further differencing is reccommended
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.23 p-value = 0.01 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.96 with a p-value =0.24 indicating the data follows a normal distribution.
A skewness score of 0.24 indicates the data are fairly symmetrical.
Hartigan's dip test score of 0.04 with a p-value of 0.99 inidcates the data is unimodal
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Seasonal and Trend Decompostion
U.S. Bureau of Economic Analysis, Gross Domestic Product: Implicit Price Deflator [GDPDEF], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/GDPDEF, December 19, 2019.
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