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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 money owed brings jointly a wonderful team of participants to begin the advance of a accomplished and entirely built-in set of usa nationwide money owed. the aim of the recent structure isn't just to combine the present structures of money owed, but additionally to spot gaps and inconsistencies and extend and contain structures of nonmarket bills with the middle system.  because the usa financial system debts for nearly thirty percentage of the realm economic system, it's not unbelievable that accounting for this large and numerous set of financial actions calls for a decentralized statistical procedure. This quantity outlines the most important assignments between associations that come with the Bureau of monetary research, the Bureau of work statistics, the dep. of work, the Census Bureau, and the Governors of the Federal Reserve System.  a big a part of the inducement for the hot structure is to combine the several 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)

Sample text

See Denison (1967), Jorgenson (1996b), and Christensen and Jorgenson (1996). S. 6 FRB Flow-of-Funds and Balance Sheet Accounts The NIPAs and the BEA’s wealth estimates contain stock and flow data on reproducible wealth by sector. The BEA’s balance-of-payments accounts contain stock and flow data on international financial assets and liabilities, but neither set of accounts contains data on domestic financial assets and liabilities. The FRB takes these data and adds estimates on domestic financial assets and liabilities and changes in those balances to create the flow-of-funds and balance sheet accounts.

Second, indirect estimates that apply average wages to estimates of hours worked by self-employed persons or capital returns to estimates of capital stocks employed by proprietors result in negative returns to either capital or labor depending upon which imputation is estimated first. The reasons for this are not clear, but may be related to the extent to which proprietors underreport income to tax and statistical authorities, problems in measuring hours worked and capital invested by the self-employed, and the nonpecuniary benefits of self-employment.

Net borrowing from the foreign sector is the balancing item that fills the shortfall between domestic investment and domestic saving. Account 7 is the external, or foreign, sector capital account. S. accounts. S. S. benchmark input-output accounts every five years, the expenditure and income estimates in the quarterly and annual NIPAs are estimated independently from the annual production (value-added) estimates of GDP by industry and input-output estimates, which in turn are benchmarked to each other but also estimated separately.

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