Gross Domestic Product: Implicit Price Deflator
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
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Automated Data Profiling
Suggested Treatment:
Grain Transformation:
Source:
U.S. Bureau of Economic Analysis
Release:
Gross Domestic Product
Units:
Index 2012=100, Seasonally Adjusted
Frequency:
Quarterly
Available Through:
12/31/2024
Suggested Treatment:
The data shows auto correlation and a non-normal distribution. The data should be differenced. While the Untransformed transformation, provides the best normality, the Yeo Johnson variable will also perform well.
Grain Transformation:
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Auto Correlation Analysis:
Data shows auto correlation indicating a need for differencing
The ACF indicates 2 order differencing is appropriate.
Further differencing is reccommended
Trend Analysis:
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.21 p-value = 0.01 indicates that the data is not stationary.
Distribution Analysis:
The Shapiro-Wilk test returned W = 0.93 with a p-value =0.01 indicating the data does not follow a normal distribution.
A skewness score of 0.91 indicates the data are moderately skewed.
Hartigan's dip test score of 0.03 with a p-value of 0.99 inidcates the data is unimodal
Statistics (Pearson P/ df, lower => more normal)
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Seasonal Impact
Seasonal and Trend Decompostion
Citation:
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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