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Integrated macroeconomic accounts for the United States: draft SNA-USA

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Author Info

  • Rochelle Antoniewicz
  • Susan Hume McIntosh
  • Charles Ian Mead
  • Karin Moses
  • Brent Moulton
  • Michael Palumbo
  • Genevieve Solomon
  • Albert M. Teplin

Abstract

This paper presents integrated macroeconomic accounts for the United States for the period 1985 to 2002 and discusses issues related to their construction and use. Specifically, it focuses on tying together the national income and product accounts (NIPAs) and international transaction accounts (ITA) published by the Bureau of Economic Analysis and the flow of funds accounts (FFA) published by the Federal Reserve Board. The paper provides integrated accounts for seven sectors: households and nonprofit organizations serving households, nonfinancial noncorporate businesses, nonfinancial corporate businesses, financial businesses, federal government, state and local governments, and the rest of the world. Each sector table has a full complement of accounts: current accounts (production and income accounts), accumulation accounts (capital account, financial account, and other changes in volume account), revaluation account, and balance sheet account. As a result, the sector statements trace the factors leading to changes in sector net worth. Relative to current publications of the two agencies, the tables go quite a bit further toward providing for the United States the sequence of accounts suggested in the System of National Accounts 1993 (SNA93), the recognized international standard. The tables use official data as of June 10, 2004; however, a few series have been created by the authors, and they are unofficial preliminary estimates at this time.

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File URL: http://www.federalreserve.gov/pubs/feds/2004/200454/200454abs.html
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File URL: http://www.federalreserve.gov/pubs/feds/2004/200454/200454pap.pdf
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Bibliographic Info

Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 2004-54.

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Date of creation: 2004
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Handle: RePEc:fip:fedgfe:2004-54

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Related research

Keywords: National income ; Economic conditions - United States ; Flow of funds;

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References

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  1. J. Steven Landefeld & Bruce T. Grimm, 2001. "Revisions to GDP," BEA Papers 0013, Bureau of Economic Analysis.
  2. Kishori Lal, 2003. "Measurement of Output, Value Added, GDP in Canada and the United States: Similarities and Differences," OECD Statistics Working Papers 2003/4, OECD Publishing.
  3. John F. Wilson & James L. Freund & Frederick O. Yohn, Jr. & Walther Lederer, 1988. "Measuring household saving: recent experience from the flow of funds perspective," Working Paper Series / Economic Activity Section 85, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Michael G. Palumbo & Jonathan A. Parker, 2009. "The Integrated Financial and Real System of National Accounts for the United States: Does It Presage the Financial Crisis?," American Economic Review, American Economic Association, vol. 99(2), pages 80-86, May.
  2. Matthew J. Eichner & Donald L. Kohn & Michael G. Palumbo, 2010. "Financial statistics for the United States and the crisis: what did they get right, what did they miss, and how should they change?," Finance and Economics Discussion Series 2010-20, Board of Governors of the Federal Reserve System (U.S.).
  3. Dale W. Jorgenson & J. Steven Landefeld, 2009. "Implementation of a New Architecture for the US National Accounts," American Economic Review, American Economic Association, vol. 99(2), pages 64-68, May.

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