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Although national accounts data provide the most comprehensive overview of economic activity, preliminary estimates are subject to much revision before they are regarded as reliable indicators. Oddly enough, the market acts on the preliminary estimates as though they were final and complete. Even though there exists a considerable intemational literature on the statistical properties of these revisions, little attention has been devoted to the effects of inflation and the business cycle on thedoi:10.2139/ssrn.880167 fatcat:waysvjczvzf2tjexdu37nhwt4i