A New Architecture for the U.S. National Accounts (National by Dale W. Jorgenson, J. Steven Landefeld, Visit Amazon's

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 individual staff of individuals to begin the improvement of a complete and entirely built-in set of usa nationwide bills. the aim of the recent structure isn't just to combine the prevailing platforms of money owed, but additionally to spot gaps and inconsistencies and extend and comprise platforms of nonmarket debts with the middle system.  because the usa economic climate bills for nearly thirty percentage of the area economic climate, it's not astonishing that accounting for this massive and numerous set of monetary actions calls for a decentralized statistical process. This quantity outlines the foremost assignments between associations that come with the Bureau of monetary research, the Bureau of work records, the dep. of work, the Census Bureau, and the Governors of the Federal Reserve System.  an immense a part of the incentive for the recent structure is to combine the various parts and lead them to constant. This quantity is step one towards attaining that target.

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Extra resources for A New Architecture for the U.S. National Accounts (National Bureau of Economic Research Studies in Income and Wealth)

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S. National Income and Product Accounts: Responses to Changes in the Economy and Policy Needs Prior to the development of the NIPAs, policymakers had to guide the economy using limited and fragmentary information—such as stock prices, freight car loadings, and incomplete indexes of industrial production— about the state of the economy. The Great Depression and the growing role of government in managing the economy during World War II underlined the problems of incomplete data and led to the development of the national accounts.

S. Accounts 27 ing over the years. 9 Remaining Challenges Although over time the accounts have mainly addressed users’ needs, there have been gaps relating to scope, to integration, and to nonmarket goods and services. As economists attempted to chronicle and analyze the sources of economic growth in the post-WWII era, it became clear that important sources of economic growth were omitted from the accounts. The accounts were directed more to issues of Keynesian fiscal policy than to accounting for the sources of growth.

6 Most of the significant differences between the BEA and BLS estimates are the result of decisions made over time by individual analysts regarding 4. See, for example, the Council of Economic Advisers (1997), Office of Management and Budget (1997), and Congressional Budget Office (1997). 5. See Diewert (1978). 6. See Bureau of Labor Statistics (2003). S. Accounts 29 source data, mainly for price deflators rather than any agency views regarding the use of hedonics, or other broad methodological issues.

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