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A closer look at potential distortions in state real gross domestic product: The case of the Texas energy sector

Author

Listed:
  • Phillips, Keith

    (Federal Reserve Bank of Dallas – San Antonio Branch)

  • Hernandez, Raul

    (Federal Reserve Bank of Dallas – San Antonio Branch)

  • Scheiner, Benjamin

    (Federal Reserve Bank of Dallas – San Antonio Branch)

Abstract

In this paper we take a closer look at a potential flaw in the measurement of Texas Real Gross Domestic Product (RGDP) – value added in the oil and gas industry. BEA estimates of Texas RGDP in oil and gas extraction have a negative correlation with factors of production and units of output. In this paper we use several different approximations of RGDP in oil and gas extraction to see which seems to be a good substitute for the BEA estimates. We find that a measure based on changes in Texas physical production of oil and gas results in an estimate of total state RGDP that is more highly correlated with Texas job growth and closer to the correlation of these measures nationally. This adjusted measure of Texas RGDP should be a better measure of Texas economic performance.

Suggested Citation

  • Phillips, Keith & Hernandez, Raul & Scheiner, Benjamin, 2014. "A closer look at potential distortions in state real gross domestic product: The case of the Texas energy sector," Journal of Economic and Social Measurement, IOS Press, issue 1-2, pages 105-119.
    • Handle: RePEc:ris:iosjes:0015
    as

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    More about this item

    Keywords

    Industry RGDP; value added; oil and gas extraction; regional data;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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