A guide to the use of chain aggregated NIPA data
In 1996, the U.S. Department of Commerce began using a new method to construct all aggregate ``real'' series in the National Income and Product Accounts (NIPA). This method employs the so-called ``ideal chain index'' pioneered by Irving Fisher. The new methodology has some extremely important implications that are unfamiliar to many practicing empirical economists; as a result, mistaken calculations with NIPA data have become very common. This paper explains the motivation for the switch to chain aggregation and then illustrates the usage of chain-aggregated data with three topical examples, each relating to a different aspect of how information technologies are changing the economy.
|Date of creation:||2000|
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- Dale W. Jorgenson & Kevin J. Stiroh, 2000.
"Raising the Speed Limit: U.S. Economic Growth in the Information Age,"
Brookings Papers on Economic Activity,
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- Karl Whelan, 2000.
"Computers, obsolescence, and productivity,"
Finance and Economics Discussion Series
2000-06, Board of Governors of the Federal Reserve System (U.S.).
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" Explaining the Investment Boom of the 1990s,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 35(1), pages 1-22, February.
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- Karl Whelan & Stacey Tevlin, 2000. "Explaining the investment boom of the 1990s," Open Access publications 10197/245, School of Economics, University College Dublin.
- Stacey Tevlin & Karl Whelan, 2000. "Explaining the investment boom of the 1990s," Finance and Economics Discussion Series 2000-11, Board of Governors of the Federal Reserve System (U.S.).
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- W. Erwin Diewert, 1998. "Index Number Issues in the Consumer Price Index," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 47-58, Winter.
- Boyan Jovanovic & Jeremy Greenwood, 1999. "The Information-Technology Revolution and the Stock Market," American Economic Review, American Economic Association, vol. 89(2), pages 116-122, May.
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