A New Monthly Index of Industrial Production, 1884-1940

43 Pages Posted: 28 Dec 2006 Last revised: 7 Sep 2010

See all articles by Jeffrey A. Miron

Jeffrey A. Miron

Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

Christina D. Romer

University of California, Berkeley - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: November 1989

Abstract

The paper derives a new monthly index of industrial production for the United States for 1884-1940. This index improves upon existing measures of industrial production by excluding indirect proxies of industrial activity, by only using component series that are consistent over time, and by not making ad hoc adjustments to the data. Analysis of the new index shows that it has more within-year volatility than conventional indexes, has relatively unimportant seasonal fluctuations, and has cyclical turning points that are grossly similar to but subtly different from existing series.

Suggested Citation

Miron, Jeffrey A. and Romer, Christina D., A New Monthly Index of Industrial Production, 1884-1940 (November 1989). NBER Working Paper No. w3172. Available at SSRN: https://ssrn.com/abstract=467625

Jeffrey A. Miron (Contact Author)

Harvard University - Department of Economics ( email )

Littauer Center
Cambridge, MA 02138
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National Bureau of Economic Research (NBER)

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Christina D. Romer

University of California, Berkeley - Department of Economics ( email )

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Berkeley, CA 94720-3880
United States
510-642-4317 (Phone)
510-642-6615 (Fax)

National Bureau of Economic Research (NBER)

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United States

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