BLUEPRINT FOR AN EXPANDED AND INTEGRATED SET OF ACCOUNTS FOR THE UNITED STATES by Dale W. Jorgenson...
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BLUEPRINT FOR AN EXPANDED AND INTEGRATED SET OF ACCOUNTS FOR THE UNITED STATES by Dale W. Jorgenson and J. Steven Landefeld http://post.economics.harvard.edu/faculty/jorgenso n/ Presentation for 1 st EUKLEMS Consortium Meeting London, England October 27, 2004
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Transcript of BLUEPRINT FOR AN EXPANDED AND INTEGRATED SET OF ACCOUNTS FOR THE UNITED STATES by Dale W. Jorgenson...
BLUEPRINT FOR AN EXPANDED AND INTEGRATED SET OF ACCOUNTS FOR THE UNITED STATES
by
Dale W. Jorgenson and J. Steven Landefeld
http://post.economics.harvard.edu/faculty/jorgenson/
Presentation for 1st EUKLEMS Consortium Meeting
London, England
October 27, 2004
BLUEPRINT FOR AN EXPANDED AND INTEGRATED SET OF ACCOUNTS FOR THE UNITED STATES
1. PRODUCTION
Gross Domestic Product Equals
Gross Domestic Factor Outlay
2. DOMESTIC RECEIPTS
AND EXPENDITURES
Domestic Receipts Equal
Domestic Expenditure
3. FOREIGN TRANSACTION CURRENT ACCOUNT
Receipts from Rest of World Equal
Payments to Rest of World and
Balance on Current Account
4. DOMESTIC CAPITAL ACCOUNT
Gross Domestic Capital Formation Equals
Gross Domestic Savings
5. FOREIGN TRANSACTION CAPITAL ACCOUNT
Balance on Current Account Equals
Payments to Rest of the World and
Net Lending or Borrowing
6. DOMESTIC BALANCE SHEET
Domestic Wealth Equals
Domestic Tangible Assets and
U.S. Net International Position
7. U.S. INTERNATIONAL POSITION
U.S.-Owned Assets Abroad Equal
Foreign-Owned Assets in U.S. and
U.S. Net International Position
1. THE PRODUCTION ACCOUNTOutput, Input, and Productivity
OUTPUT SHARESInvestment and Consumption Outputs
CONTRIBUTIONS TO OUTPUTInvestment versus Consumption
INPUT SHARESCapital and Labor Inputs
CONTRIBUTIONS TO GROWTHCapital, Labor, and Productivity
1. THE PRODUCTION ACCOUNTOutput, Input, and Productivity
Output and Input Shares
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
Investment Consumption Labor Capital
1. THE PRODUCTION ACCOUNTOutput, Input, and Productivity
Contributions to Output
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
1948-1973 1973-1989 1989-1995 1995-2003
Consumption Investment
1. THE PRODUCTION ACCOUNTOutput, Input, and Productivity
Contributions to Growth
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
1948-1973 1973-1989 1989-1995 1995-2003
Labor Capital TFP
2. DOMESTIC RECEIPTS AND EXPENDITURESIncome, Consumption, and Saving
INCOME SHARESProperty and Labor Incomes
CONTRIBUTIONS TO INCOMEProperty versus Labor
EXPENDITURE SHARESPersonal Consumption, Government Consumption,
and Saving
CONTRIBUTIONS TO EXPENDITURESConsumption versus Saving
2. DOMESTIC RECEIPTS AND EXPENDITURESIncome, Consumption, and Saving
Income and Expenditure Shares
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
Labor Net Property Personal Consumption Government Consumption Net Saving
2. DOMESTIC RECEIPTS AND EXPENDITURESIncome, Consumption, and Saving
Contributions to Expenditure
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
1948-1973 1973-1989 1989-1995 1995-2003
Labor Income Net Property Income Level Of Living
2. DOMESTIC RECEIPTS AND EXPENDITURESIncome, Consumption, and Saving
Contributions to Net Expenditures
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
1948-1973 1973-1989 1989-1995 1995-2003
Personal Consumption Government Consumption Net Saving
4. CAPITAL FORMATION ACCOUNTInvestment and Saving
CAPITAL FORMATION SHARESPrivate, Government, and Rest of the World Investment
CONTRIBUTIONS TO CAPITAL FORMATIONPrivate versus Government and Rest of the World
SAVING SHARESGross Saving and Depreciation
CONTRIBUTIONS TO SAVINGSaving versus Depreciation
4. CAPITAL FORMATION ACCOUNTInvestment and Saving
Capital Formation and Saving Shares
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
1.2
Private Government Rest of the World Investment Net Saving Depreciation
4. CAPITAL FORMATION ACCOUNTInvestment and Saving
Contributions to Capital Formation
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
1948-1973 1973-1989 1989-1995 1995-2003
Private Capital Formation Government Capital Formation ROW Investment
4. CAPITAL FORMATION ACCOUNTInvestment and Saving
Contributions to Saving
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
1948-1973 1973-1989 1989-1995 1995-2003
Net Saving Depreciation
6. DOMESTIC BALANCE SHEETChange in Wealth, Tangible Assets, and the U.S.
International Investment Position
SHARE OF CHANGE IN WEALTHNet Saving and Revaluation
CONTRIBUTIONS TO CHANGE IN WEALTHSaving versus Revaluation
WEALTH SHARESPrivate and Government Tangible Assets and U.S. Net
International Position
CONTRIBUTIONS TO WEALTHTangible Assets versus International Position
6. DOMESTIC BALANCE SHEETChange in Wealth, Tangible Assets, and the U.S.
International Investment Position
Wealth Shares
-0.5
-0.3
-0.1
0.1
0.3
0.5
0.7
0.9
Private Tangible Assets Government Tangible Assets U.S. Net International Position
6. DOMESTIC BALANCE SHEETChange in Wealth, Tangible Assets, and the U.S.
International Investment Position
Contributions to Change in Wealth
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
1948-1973 1973-1989 1989-1995 1995-2003
Net Saving Revaluation
6. DOMESTIC BALANCE SHEETChange in Wealth, Tangible Assets, and the U.S.
International Investment Position
Contributions to Wealth
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
1948-1973 1973-1989 1989-1995 1995-2003
Private Tangible Assets Government Tangible Assets International Position
A NEW ARCHITECTURE FOR THE U.S. NATIONAL ACCOUNTS
AN INTEGRATED PRODUCTION ACCOUNT
CONSISTENT NATIONAL PRODUCTION AND INCOME ACCOUNTS
INTEGRATED CAPITAL ACCOUNTS AND BALANCE SHEETS
CONSISTENT ACCOUNTS FOR SAVING AND WEALTH
EXPANDED AND INTEGRATED NONMARKET ACCOUNTS
