IDEAS home Printed from https://ideas.repec.org/a/fip/fednci/y1995idecnv.1no.9.html
   My bibliography  Save this article

Chain-weighting: the new approach to measuring GDP

Author

Listed:
  • Charles Steindel

Abstract

Recent dramatic changes in the U.S. economy's structure have compelled BEA to revise the way in which it measures real GDP levels and growth. By switching to a chain-weighted method of computing aggregate growth--which relies heavily on current price information--BEA will be able to measure GDP growth more accurately by eliminating upward biases in the incoming data.

Suggested Citation

  • Charles Steindel, 1995. "Chain-weighting: the new approach to measuring GDP," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 1(Dec).
    • Handle: RePEc:fip:fednci:y:1995:i:dec:n:v.1no.9
    as

    Download full text from publisher

    File URL: https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci1-9.html
    Download Restriction: no
    File URL: https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci1-9.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ethan S. Harris & Charles Steindel, 1990. "The decline in U.S. saving and its implications for economic growth," Quarterly Review, Federal Reserve Bank of New York, vol. 15(Win), pages 1-19.
    2. Stephen D. Oliner & Daniel E. Sichel, 1994. "Computers and Output Growth Revisited: How Big Is the Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 273-334.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Charles Steindel, 1997. "Measuring economic activity and economic welfare: what are we missing?," Research Paper 9732, Federal Reserve Bank of New York.
    2. Cobb, Marcus, 2014. "Identifying the Sources of Seasonal Effects in an indirectly adjusted Chain-Linked Aggregate: A Framework for the Annual Overlap Method," MPRA Paper 58033, University Library of Munich, Germany.
    3. Jonathan McCarthy, 2004. "What investment patterns across equipment and industries tell us about the recent investment boom and bust," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 10(May).
    4. Joseph H. Haimowitz, 1998. "Has the surge in computer spending fundamentally changed the economy?," Economic Review, Federal Reserve Bank of Kansas City, vol. 83(Q II), pages 27-42.
    5. Fix, Blair, 2014. "Rethinking Profit: How Redistribution Drives Growth," Working Papers on Capital as Power 2014/02, Capital As Power - Toward a New Cosmology of Capitalism.
    6. Mr. Robert Dippelsman & Venkat Josyula & Eric Métreau, 2016. "Fixed Base Year vs. Chain Linking in National Accounts: Experience of Sub-Saharan African Countries," IMF Working Papers 2016/133, International Monetary Fund.
    7. Blair Fix, 2019. "The Aggregation Problem: Implications for Ecological and Biophysical Economics," Biophysical Economics and Resource Quality, Springer, vol. 4(1), pages 1-15, March.
    8. Cobb, Marcus, 2014. "Explaining GDP Quarterly Growth from its Components in the Context of the Annual Overlap Method: A Comparison of Approaches," MPRA Paper 58022, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Karl Whelan, 2002. "Computers, Obsolescence, And Productivity," The Review of Economics and Statistics, MIT Press, vol. 84(3), pages 445-461, August.
    2. Ahn, Sanghoon, 2003. "Technology Upgrading with Learning Cost," CEI Working Paper Series 2003-21, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    3. Jonathan Temple, 2002. "The Assessment: The New Economy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 18(3), pages 241-264.
    4. Kiley, Michael T., 2001. "Computers and growth with frictions: aggregate and disaggregate evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 55(1), pages 171-215, December.
    5. Dale W. Jorgenson & Mun S. Ho & Kevin J. Stiroh, 2008. "A Retrospective Look at the U.S. Productivity Growth Resurgence," Journal of Economic Perspectives, American Economic Association, vol. 22(1), pages 3-24, Winter.
    6. Robert E. Hall, 2001. "The Stock Market and Capital Accumulation," American Economic Review, American Economic Association, vol. 91(5), pages 1185-1202, December.
    7. Jung, Hyun-Joon & Na, Kyoung-Youn & Yoon, Chang-Ho, 2013. "The role of ICT in Korea’s economic growth: Productivity changes across industries since the 1990s," Telecommunications Policy, Elsevier, vol. 37(4), pages 292-310.
    8. Thangavelu, Shandre M. & Chongvilaivan, Aekapol, 2013. "Financial Health and Firm Productivity: Firm-level Evidence from Viet Nam," ADBI Working Papers 434, Asian Development Bank Institute.
    9. J. Bradford DeLong, 2002. "Do We Have a "New" Macroeconomy?," NBER Chapters, in: Innovation Policy and the Economy, Volume 2, pages 163-184, National Bureau of Economic Research, Inc.
    10. Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 3-22, Fall.
    11. Juan Jung & Enrique López-Bazo & Matteo Grazzi, 2017. "“Internet and enterprise productivity:evidence from Latin America”," AQR Working Papers 201705, University of Barcelona, Regional Quantitative Analysis Group, revised May 2017.
    12. Daron Acemoglu, 2002. "Technical Change, Inequality, and the Labor Market," Journal of Economic Literature, American Economic Association, vol. 40(1), pages 7-72, March.
    13. René Böheim & Nicole Schneeweis & Ines Mende, 2007. "Renditen betrieblicher Weiterbildung in Österreich," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 103, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    14. Huang, Jiashun & Li, Weiping & Guo, Lijia & Hall, Jim W., 2022. "Information and communications technology infrastructure and firm growth: An empirical study of China's cities," Telecommunications Policy, Elsevier, vol. 46(3).
    15. Georgios Vousinas, 2012. "it & Economic Performance a Critical Review of the Empirical Data," International Journal of Business Research and Management (IJBRM), Computer Science Journals (CSC Journals), vol. 3(2), pages 48-59, April.
    16. Nathalie Greenana & Jacques Mairesse, 2000. "Computers And Productivity In France: Some Evidence," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 9(3), pages 275-315.
    17. Sandra E. Black & Lisa M. Lynch, 2001. "How To Compete: The Impact Of Workplace Practices And Information Technology On Productivity," The Review of Economics and Statistics, MIT Press, vol. 83(3), pages 434-445, August.
    18. Aboal D. & Tacsir E., 2015. "Innovation and productivity in services and manufacturing : The role of ICT investment," MERIT Working Papers 2015-012, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    19. Nathalie Greenan & Yannick L’Horty, 2002. "Le paradoxe de la productivité," Documents de recherche 02-02, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    20. Del Gaudio, Belinda L. & Porzio, Claudio & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2021. "How do mobile, internet and ICT diffusion affect the banking industry? An empirical analysis," European Management Journal, Elsevier, vol. 39(3), pages 327-332.

    More about this item

    Keywords

    Gross domestic product;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fednci:y:1995:i:dec:n:v.1no.9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gabriella Bucciarelli (email available below). General contact details of provider: https://edirc.repec.org/data/frbnyus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.