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 bills brings jointly a extraordinary crew of members to start up the advance of a entire and entirely built-in set of usa nationwide bills. the aim of the hot structure is not just to combine the prevailing structures of debts, but in addition to spot gaps and inconsistencies and extend and comprise platforms of nonmarket bills with the middle system. because the usa economic climate bills for nearly thirty percentage of the realm economic system, it isn't remarkable that accounting for this massive and numerous set of monetary actions calls for a decentralized statistical approach. This quantity outlines the key assignments between associations that come with the Bureau of monetary research, the Bureau of work statistics, the dept of work, the Census Bureau, and the Governors of the Federal Reserve System. a massive a part of the incentive for the hot structure is to combine different parts and cause them to constant. This quantity is step one towards reaching 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)
Economy. This balance sheet represents an extension and consolidation of the balance sheets for individual sectors given by Teplin et al. (chap. 11 in this volume). Tangible wealth includes equipment, structures, inventories, and land in private business, household, and government sectors. S. S. claims on the rest of the world (ROW) and ROW claims on the United States in addition to tangible assets. S. S. economy can be incorporated into our blueprint without alternation. An important issue, discussed at length by Fraumeni and Okubo (2001) and Moulton (2004), is the appropriate treatment of consumer durables.
Steven Landefeld ous methods can be employed to produce estimates that correctly capture the rough order of magnitude of labor and capital income and changes in these returns. The BLS in their productivity estimates assume that proprietors’ labor and capital returns are distributed in the same proportions as in the corporate sector. In the estimates presented below, wages specific to the characteristics of the self-employed are employed, and the resulting residual for capital is lower than average returns to capital, but still positive.
S. claims on the rest of the world (ROW) and ROW claims on the United States in addition to tangible assets. S. S. economy can be incorporated into our blueprint without alternation. An important issue, discussed at length by Fraumeni and Okubo (2001) and Moulton (2004), is the appropriate treatment of consumer durables. Moulton (2004) endorses the BEA’s current practice of including this investment in the tangible assets accounts but excluding the services of these durables from the GDP. Starting from the premise that the boundaries of production, income and expenditure, accumulation, and wealth accounts should be the same, we treat the services of consumers’ durables as an output as well as an input in the production account.