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Integrating Expenditure and Income Data: What to do with the Statistical Discrepancy?

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  • J. Joseph Beaulieu

    ()
    (Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington)

  • Eric J. Bartelsman

    ()
    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

Abstract

This discussion paper led to a publication in (D.W. Jorgenson, J.S. Landefeld, W.D. Nordhaus, eds.) 'A New Architecture for the U.S. National Accounts', NBER Studies in Income and Wealth , vol. 66, 309-54, University of Chicago Press, 2006. The purpose of this paper is to build consistent, integrated datasets to investigate whether various disaggregated data can shed light on the possible sources of the statistical discrepancy. Our strategy is first to use disaggregated data to estimate consistent sets of input-output models that sum to either GDP or GDI and compare the two in order to see where the discrepancy resides. We find a few “problem” industries that appear to explain most of the statistical discrepancy. Second, we explore what combination of the expenditure data and the income data seem to produce the most sensible data according to a few economic criteria. A mixture of data that do not aggregate either to GDP or to GDI appears optimal.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 04-078/3.

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Date of creation: 12 Jul 2004
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Handle: RePEc:dgr:uvatin:20040078

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Web page: http://www.tinbergen.nl

Related research

Keywords: industry data; input-output; national accounts; statistical discrepancy;

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  1. Dennis J Fixler & Marshall B Reinsdorf & Shaunda Villones, 2010. "Measuring the services of commercial banks in the NIPA," IFC Bulletins chapters, in: Bank for International Settlements (ed.), The IFC's contribution to the 57th ISI Session, Durban, August 2009, volume 33, pages 346-349 Bank for International Settlements.
  2. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: U.S. Economic Growth in the Information Age," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 125-236.
  3. Horvath, Michael, 2000. "Sectoral shocks and aggregate fluctuations," Journal of Monetary Economics, Elsevier, vol. 45(1), pages 69-106, February.
  4. Eric J. Bartelsman & J. Joseph Beaulieu, 2004. "A consistent accounting of U.S. productivity growth," Finance and Economics Discussion Series 2004-55, Board of Governors of the Federal Reserve System (U.S.).
  5. Mario Forni & Lucrezia Reichlin, 1998. "Let's get real: a factor analytical approach to disaggregated business cycle dynamics," ULB Institutional Repository 2013/10147, ULB -- Universite Libre de Bruxelles.
  6. David E. Lebow, 1990. "The covariability of productivity shocks across industries," Working Paper Series / Economic Activity Section 102, Board of Governors of the Federal Reserve System (U.S.).
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