The U.S. prewar output series exhibit smaller shock-persistence than postwar-series. Some studies suggest this may be … nonstationary process. We find that interpolation indeed reduces shock-persistence, but the interpolated series can still exhibit … greater shock-persistence than a pure random walk. Moreover, linear interpolation makes the series periodically nonstationary …

The U.S. prewar output series exhibit smaller shock-persistence than postwar-series. Some studies suggest this may be … nonstationary process. We find that interpolation indeed reduces shock-persistence, but the interpolated series can still exhibit … greater shock-persistence than a pure random walk. Moreover, linear interpolation makes the series periodically nonstationary …

The U.S. prewar output series exhibit smaller shock-persistence than postwar-series. Some studies suggest that this may … nonstationary process. We find that interpolation indeed reduces shock-persistence, but the interpolated series can still exhibit … greater shock-persistence than a pure random walk. Moreover, linear interpolation makes the series periodically nonstationary …