Implementing a Reconciliation and Balancing Model in the U.s. Industry Accounts
As part of the U.S. Bureau of Economic Analysis’ integration initiative (Yuskavage, 2000; Moyer et al., 2004a, 2004b; Lawson et al., 2006), the Industry Accounts Directorate is drawing upon the Stone method (Stone et al., 1942) and Chen (2006) to reconcile the gross operating surplus component of value-added from the 2002 expenditure-based benchmark input-output accounts and the 2002 income-based gross domestic product-by-industry accounts. The objective of the reconciliation is to use information regarding the relative reliabilities of underlying data in both the benchmark input-output use table and the gross domestic product-by-industry accounts in a balanced input-output framework in order to improve intermediate input estimates and gross operating surplus estimates in both accounts. Given a balanced input-output framework, the Stone method also provides a tool for balancing the benchmark use table. This paper presents work by the Industry Accounts Directorate to develop and implement the reconciliation and balancing model. The paper provides overviews of the benchmark use table and gross domestic product-by-industry accounts, including features of external source data and adjustment methodologies that are relevant for the reconciliation. In addition, the paper presents the empirical model that the Industry Accounts Directorate is building and briefly describes the technology used to solve the model. Preliminary work during development of the model shows that reconciling and balancing a large system with disaggregated data is computationally feasible and efficient in pursuit of an economically accurate and reliable benchmark use table and gross domestic product-by-industry accounts.
|Date of creation:||Sep 2007|
|Date of revision:|
|Contact details of provider:|| Phone: 202-482-4883|
Web page: http://www.bea.gov/research/index.htm
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ann M. Lawson & Brian C. Moyer & Sumiye Okubo, 2006. "Integrating Industry and National Economic Accounts: First Steps and Future Improvements," NBER Chapters, in: A New Architecture for the U.S. National Accounts, pages 215-262 National Bureau of Economic Research, Inc.
- Baoline Chen, 2006. "A Balanced System of Industry Accounts for the U.S. and Structural Distribution of Statistical Discrepancy," BEA Papers 0070, Bureau of Economic Analysis.
When requesting a correction, please mention this item's handle: RePEc:bea:papers:0078. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bryn Whitmire)
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.