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Keeping Economic Statistics Relevant through Updating the System of National Accounts

  • Economics
  • Political Science


PowerPoint Presentation Keeping Economic Statistics Relevant through Updating the System of National Accounts Brent R. Moulton ICES-III, Montreal June 20, 2007 Outline ? Address three questions: ? What is the SNA, and why is it relevant to business surveys? ? Why update the SNA? ? What changes are coming, and how do they relate to establishment surveys? What Is the SNA? An accounting system that: ? Organizes economic data within an analytically useful framework. ? Fills gaps in coverage. ? Creates consistent time series. ? Can serve as mechanism for integrating a nation’s economic statistics. National accounts as an analytical tool ? Data organized to identify key concepts that are important in economic theory: ? Output – Disposable income – Consumption – Saving – Capital formation ? Economic units grouped into relevant sectors: ? Corporations, households, government, nonprofit institutions, etc. ? Double entry system of accounts ? All transactions recorded for both parties. SNA’s sequence of accounts National accounts are comprehensive ? Identify all output, even when not accompanied by a direct payment. ? e.g., banking services. ? Coverage includes units missing from many surveys. ? e.g., small businesses (non-employers), religious institutions, misreported or unreported economic activities. Consistent time series ? National accounts create long, consistent time series to fill needs of macroeconomic analysts. ? Conceptual changes are carried back. U.S. Real GDP growth (1947-2007) -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Integration of economic statistics ? National accounts include many identities that provide checks on data. ? Sum of industry value added = Total expenditures = Income from production. ? Commodity flow: Total supply of each commodity = Sum of total uses. ? Supply-

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