A New Architecture for the U.S. National Accounts

A New Architecture for the U.S. National Accounts

Dale W. Jorgenson, J. Landefeld, and William D. Nordhaus

Print publication date: 2013

ISBN: 9780226410845

Publisher: University of Chicago Press

Abstract

This book brings together a group of contributors to initiate the development of a comprehensive and fully integrated set of United States national accounts. The purpose of the new architecture is not only to integrate the existing systems of accounts, but also to identify gaps and inconsistencies and expand and incorporate systems of nonmarket accounts with the core system. Since the United States economy accounts for almost thirty percent of the world economy, it is not surprising that accounting for this huge and diverse set of economic activities requires a decentralized statistical system. This volume outlines the major assignments among institutions that include the Bureau of Economic Analysis, the Bureau of Labor Statistics, the Department of Labor, the Census Bureau, and the Governors of the Federal Reserve System. An important part of the motivation for the new architecture is to integrate the different components and make them consistent. This volume is a first step toward achieving that goal.

Table of Contents

Introduction

Dale W. Jorgenson, J. Steven Landefeld, and William D. Nordhaus

1 Blueprint for Expanded and Integrated U.S. Accounts

Dale W. Jorgenson and J. Steven Landefeld

4 A Framework for Nonmarket Accounting

Katharine G. Abraham and Christopher Mackie

6 Integrating Industry and National Economic Accounts

Ann M. Lawson, Brian C. Moyer, Sumiye Okubo, and Mark A. Planting

7 Aggregation Issues in Integrating and Accelerating the BEA's Accounts

Brian C. Moyer, Marshall B. Reinsdorf, and Robert E. Yuskavage

8 Integrating Expenditure and Income Data

J. Joseph Beaulieu and Eric J. Bartelsman

9 An Integrated BEA/BLS Production Account

Barbara M. Fraumeni, Michael J. Harper, Susan G. Powers, and Robert E. Yuskavage

11 Integrated Macroeconomic Accounts for the United States

Albert M. Teplin, Rochelle Antoniewicz, Susan Hume Mcintosh, Michael G. Palumbo, Genevieve Solomon, Charles Ian Mead, Karin Moses, and Brent Moulton

12 Micro and Macro Data Integration

Randy A. Becker, John Haltiwanger, Ron S. Jarmin, Shawn D. Klimek and Daniel J. Wilson

Panel Remarks

Dale W. Jorgenson, J. Steven Landefeld, and William D. Nordhaus