By Dale W. Jorgenson, J. Steven Landefeld, Visit Amazon's William D. Nordhaus Page, search results, Learn about Author Central, William D. Nordhaus,
A brand new structure for the U.S. nationwide debts brings jointly a extraordinary workforce of participants to start up the advance of a finished and completely built-in set of usa nationwide debts. the aim of the hot structure isn't just to combine the prevailing structures of debts, but additionally to spot gaps and inconsistencies and extend and comprise structures of nonmarket bills with the middle system. because the usa financial system bills for nearly thirty percentage of the realm financial system, it isn't incredible that accounting for this large and numerous set of monetary actions calls for a decentralized statistical process. This quantity outlines the main assignments between associations that come with the Bureau of monetary research, the Bureau of work facts, the dep. of work, the Census Bureau, and the Governors of the Federal Reserve System. an incredible a part of the inducement for the recent structure is to combine the several parts and lead them to constant. This quantity is step one towards attaining that objective.
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Extra info for A New Architecture for the U.S. National Accounts (National Bureau of Economic Research Studies in Income and Wealth)
30 Dale W. Jorgenson and J. Steven Landefeld These and other statistical and methodological diﬀerences between the two agencies’ data have led economists to generate their own series. In the early 1980s, Ruggles and Ruggles (1982) developed an integrated version of the NIPAs and flow-of-funds accounts. S. saving over the last decade. These adjusted measures showed that saving had fallen less than the oﬃcial measures and the sectoral composition of the decline was diﬀerent. Their analysis also underlined the importance of an integrated presentation of saving, capital gains, and other changes in household wealth.
Satellite accounts are also useful in expanding the level of detail of certain sectors or broadening the definition of an industry. For example, transportation appears much smaller in the national accounts than that actual industry since many companies own their own trucking fleet or other delivery system and transportation is often times not a final product. 9. See Meadows et al. (1972), which summarizes the running out of resources. In addition, Nordhaus and Tobin (1973) discuss the broader issue of the measurement of economic growth.
Chap. 9 in this volume). Following the BEA, our measure of output represents the GDP, while our measure of input corresponds to GDI. The GDP is given in current and constant prices, as in the NIPAs, while GDI is given in current and constant prices, as in the BLS productivity accounts. Multifactor productivity is defined as the ratio of GDP to GDI in constant prices. This reformulation of the production account has been advocated, historically, by Denison (1967) and Christensen and Jorgenson (1996).