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Revision of the Consumption Activity Index to Address the 2008 SNA and Improve Accuracy

Author

Listed:
  • Akihiro Kanafuji

    (Bank of Japan)

  • Rina Mandokoro

    (Bank of Japan)

  • Naoya Kato

    (Bank of Japan)

  • Tomohiro Sugo

    (Bank of Japan)

Abstract

In this paper, we explain revisions made to the Consumption Activity Index (CAI) compilation methodology. The revisions aim to address those made to the System of National Accounts in Japan (SNA) which consists of the introduction of the 2008 SNA, a new international statistical standard for National Accounts, as well as the benchmark year revision. First, we update the weights of goods and services in accordance with the revised National Accounts. In calculating these weights, we adopt a methodology based on the Input-Output Table for Japan, instead of one based on demand-side statistics which had been adopted to date. Second, we change the compilation method for durable goods, automobiles and household electrical appliances, and incorporate new source statistics for non-durable goods such as tobacco and services such as financial services, thus improving the accuracy of the index. Owing to these revisions, the revised CAI is consistent with the current Annual Report of National Accounts (ARNA), while maintaining the merits of the original CAI. In addition, the discrepancy between private consumption in the ARNA and those by type as well as the CAI itself decreased.

Suggested Citation

  • Akihiro Kanafuji & Rina Mandokoro & Naoya Kato & Tomohiro Sugo, 2018. "Revision of the Consumption Activity Index to Address the 2008 SNA and Improve Accuracy," Bank of Japan Research Papers 18-04-20, Bank of Japan.
    • Handle: RePEc:boj:bojron:ron180420a
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    File URL: http://www.boj.or.jp/en/research/brp/ron_2018/data/ron180420a.pdf
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    References listed on IDEAS

    as
    1. Koji Nakamura & Hiroshi Kawata & Masaki Tanaka & Lisa Uemae, 2016. "The Consumption Activity Index," Bank of Japan Research Papers 16-05-02, Bank of Japan.
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    Cited by:

    1. Masato Takahashi & Takuji Kondo & Ko Munakata & Tomohiro Okubo & Yuto Iwasaki, 2021. "Revision of the Consumption Activity Index to Capture Recent Changes in Consumption Patterns," Bank of Japan Research Papers 21-07-07, Bank of Japan.

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    1. Masato Takahashi & Takuji Kondo & Ko Munakata & Tomohiro Okubo & Yuto Iwasaki, 2021. "Revision of the Consumption Activity Index to Capture Recent Changes in Consumption Patterns," Bank of Japan Research Papers 21-07-07, Bank of Japan.
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    More about this item

    Keywords

    private consumption; business cycles;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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