System of national accounts and business cycle

Current economic crisis poses a challenge on professional economists, analysts and academic researchers to re-consider the macroeconomic management as regards economic-policy tools and quality of information on which the macroeconomic management is based. Why official statistics did not indicate coming financial crisis? Why did GDP grow even after the beginning of the crisis? An ambition of this book is to provide a modest contribution to the important discussion on the ability of widely used macroeconomic aggregates to be a true reflection of reality. The book provides a detailed discussion of two key indicators in business cycle analysis, GDP and savings rate.