Flexible Annual Revisions Brian C. Moyer Chief, Government Division National Economic Accounts Data Users’ Conference New York, NY March 15, 2007.

Slides:

Advertisements

Similar presentations

KLEMS and the NIPAs J. Steven Landefeld, Director World KLEMS Conference Harvard University August 20 th, 2010.

Advertisements

BEA’s KLEMS Statistics: Measuring Outputs and Intermediate Inputs

BEAs Industry Accounts: Improved Measures of Outputs, Inputs, and Value Added Erich H. Strassner World KLEMS Conference Harvard University.

Relationship and Consistency between BEAs Industry and National Economic Accounts Jiemin Guo OECD-NBS Workshop Beijing, China September 21-24, 2007.

Major Changes in the Presentation of the U.S. National Accounts Brent Moulton, Yvon Pho, and Robert Yuskavage Bureau of Economic Analysis.

Quarterly GDP compilation at NBS

INFO 4470/ILRLE 4470 National Income and Product Accounts: Business Cycles John M. Abowd and Lars Vilhuber February 23, 2011 Thanks to Brent Moulton, BEA.

Annual Industry Accounts Overview George Smith & Nicole Mayerhauser Current Industry Analysis Division Bureau of Economic Analysis Industry Accounts Users’

2006 BEA Government Statistics Users Conference The Government Division’s Research Program: 2004 – 2006 and Beyond Brooks B. Robinson Chief, Government.

Personal Consumption Expenditures New Classification System Clint McCully, Chief Consumption Branch, NIWD National Economic Accounts Data Users’ Conference.

United Nations Statistics Division Scope and Role of Quarterly National Accounts Training Workshop on the Compilation of Quarterly National Accounts for.

Backcasting National Accounts Data Examples from United States Experience Brent Moulton Advisory Expert Group on National Accounts Washington.

Ghana’s Experience in Setting Up a Plan for the Implementation of the 2008 SNA 2 nd Meeting of the Continental Steering Committee Addis Ababa, 2-4 April,

The Importance of, and Challenges to, Incorporating Distributional Information Into Macroeconomic Data J. Steven Landefeld, Director NABE Statistics.

Financial Plan Overview Andrew M. Cuomo, Governor Robert L. Megna, Director of the Budget July 2011 New York State Division of the Budget.

Economic Indicators. Concepts  Variables that provide information about the state of the economy.  Every economic indicator has a story to tell.  Need.

Better Data for Better Decisions: Progress & Prospects J. Steven Landefeld, Director Measuring and Enhancing Services Trade Data & Information.

Integration, KLEMS and the NIPAs J. Steven Landefeld, Director World KLEMS Conference Harvard University August 20 th, 2010.

Service Sector Improvements in the National Economic Accounts J. Steven Landefeld, Director Measuring Up in a Changing Economy: A Look at New.

Issues in Compensation and Profits Kurt Kunze National Economic Accounts Data Users’ Conference October 15, 2007.

1 Report on the Income- and Product-Side Estimates of Output Growth Comments Steve Landefeld Brookings Panel on Economic Activity March 19,

Florida Government Finance Officers Association Webinar GASB’s New Pension Standards December 18, 2014.

Update on NIPA Projects and Plans Brent Moulton BEA Advisory Committee Washington, DC May 6, 2011.

The Role of Statistics in the United States’ Economic Future “Statistics for policymaking: Europe 2020” Eurostat March 10th, 2011 J. Steven.

U.S. Bureau of Economic Analysis Presentation to the National Association for Business Economics December 17, 2003 Overview of the 2003 Comprehensive Revision.

The Importance of Economic Census Data for Federal Policy Katharine G. Abraham Member, Council of Economic Advisers Hi-Beams for the Economic Road Ahead.

Intellectual Property & the Economy J. Steven Landefeld, Director “Intangible Assets in Corporate Reporting and National Accounts” A Policy.

Seasonal Adjustment and BEA’s Estimates of GDP and GDI Bob Kornfeld BEA Advisory Committee Meeting May 11 th, 2012.

Measurement of the Output of Non-Life Insurance Brent R. Moulton Working Party on National Accounts, OECD Paris October 25–28, 2011.

Official Statistics and the Age of Turbulence J. Steven Landefeld May 12 th, World Congress on National Accounts.

1 © 2009 The Conference Board, Inc. Job information is entered here! Trusted Insights for Business Worldwide

Using BEA`s Gross State Product (GSP) Estimates George K. Downey Understanding Regional Economic Data for Policy and Planning—Dallas, Texas September 8,

Overview of the Bureau of Economic Analysis Regional Accounts at the BEA Robert L. Brown Calibrating the Nevada Economy: Data Tools for Assessing Our State.

Territorial Adjustments in Government Transactions BEA Government Statistics Users Conference, Sep. 14, 2006 Benyam Tsehaye Economist, Federal Branch.

Looking Ahead: 2013 NIPA Comprehensive Revision Brent Moulton BEA Advisory Committee Washington, DC May 11, 2012.

The U.S.R&D Satellite Account: Measurement Issues and R&D Satellite Account Methodology Sumiye Okubo R&D Conference December 13, 2006.

NIPA – Flow of Funds Accounts Integration BEA Government Statistics Users Conference Charlotte Anne Bond Special Studies Branch September 14, 2006.

Revised Treatment of Disasters in the NIPAs and FAAs Preview of the 2008 NIPA Comprehensive Revision Nicole Mayerhauser National Economic Accounts Data.

Personal Consumption Expenditures New Classification System Clint McCully, Chief Consumption Branch, NIWD National Economic Accounts Data Users’ Conference.

GDP, the National Accounts, and Census Economic Data Brent Moulton March 15, 2007.

BEA’s Government Accounts: Facing New Challenges Brian C. Moyer Chief, Government Division National Economic Accounts Data Users’ Conference April 13,

Annual I-O Update of RIMS II The Effects of Changes in National and Local Economic Conditions on the Model’s Output Zoë O. Ambargis 65.

An Overview of BEA’s Other Data Programs Charles Ian Mead PNREAP Regional Workshop Reno, NV September 29, 2009.

BEA’s Regional Economic Accounts: Past Improvements and What Lies Ahead for the Regional Program Robert L. Brown Calibrating the Nevada Economy: Data and.

2008 and Beyond Carol Moylan Chief, National Income and Wealth Division National Economic Accounts Data Users’ Conference Washington, DC April 13, 2007.

Quarterly GDP by Industry Progress and Prospects Robert E. Yuskavage IAD Data Users’ Conference October 26, 2007.

Digging into Construction Data Jeff Crawford NABE Teleconference April 8, 2010.

State and Metropolitan Area Gross Domestic Product: What, Why, and When? Clifford H. Woodruff III PNREAP Workshop Reno, NV September 29, 2009.

Benchmark Input-Output Accounts Mary L. Streitwieser, Stas Rzeznik, and Nicholas Empey Industry Benchmark Division Industry Accounts Users’ Conference.

GDP Using the Income Approach: the U.S. Experience Brian C. Moyer International Workshop on Household Income, Consumption, and Full Accounting.

BEA Government Statistics Users Conference Government Insurance Programs Benjamin A. Mandel Bureau of Economic Analysis September 14, 2006.

U.S. Quarterly GDP by Industry Accounts: Methods and Research Results Brian C. Moyer 13th OECD-NBS Workshop on National Accounts Haikou, China.

Experimental Industry Estimates in BEA’s R&D Satellite Account Carol A. Robbins Industry Accounts Data Users Meeting October 26, 2007.

Cyclical Indicators for the United States Carol Moylan Third International Seminar on Early Warning and Business Cycle Indicators Moscow, Russian.

National Economic Accounts: What’s New and What’s Coming Carol E. Moylan National Economic Accounts Data Users’ Conference October 15, 2007.

Output of the U.S. Financial Sector: Measuring the services of banks andinsurance companies Brian C. Moyer Deputy Chief National Income and Wealth Division.

Gross Domestic Product. National Income Accounting is a system used to measure the aggregate income and expenditures for a nation Gross Domestic Product.

1 The United States Experience in Collecting FATS Anne Flatness U.S. Bureau of Economic Analysis 2008 APEC Capacity Building Seminar-Workshop on the Measurement.

Why Economic Census is Important? - The case of National Income in Korea Why Economic Census is Important? - The case of National Income in Korea Kang,

Priorities for the Industry Accounts FY2008 and Beyond Erich H. Strassner Industry Accounts Users’ Conference October 26, 2007.

Karen Wilson Assistant Chief Statistician National Accounts & Analytic Studies Statistics Canada Productivity Measurement in the CSNA.

Outsourcing and Imported Inputs in the U.S. Economy Insights from Integrated Economic Accounts R. Yuskavage, E. Strassner, and G. Medeiros World Congress.

Flexible Annual Revisions Overview and Status Robert E. Yuskavage National Economic Accounts Data Users’ Conference April 13, 2007.

1 U.S. Health Care Expenditures in the NHEA and in GDP Robert Kornfeld U.S. Bureau of Economic Analysis Pan American Health Organization Washington,

Introducing the New BEA Health Care Satellite Account Abe Dunn, Lindsey Rittmueller, and Bryn Whitmire SEM Conference, Paris 24 July 2015.

On the Next Revisions of the JIP Database -Toward Harmonization with the JSNA- Presented at the 2 nd Asia KLEMS Database Management Workshop on October.

13th OECD-NBS Workshop on National Accounts

Agenda item 7b Implementation of the Action Plan for Improvement of National Accounts Statistics in Azerbaijan N. Suleymanov State Statistical Committee.

Chapter 5 Macroeconomic Measurement: The Current Approach.

Rebasing and Linking of National Accounts

Presentation transcript:

Flexible Annual Revisions Brian C. Moyer Chief, Government Division National Economic Accounts Data Users’ Conference New York, NY March 15, 2007

2 What are Flexible Annual Revisions?  Major definitional and statistical changes are incorporated into the national and industry accounts on a flow basis, rather than every five years  Annual revisions are not limited to the three most recent years—revisions can be incorporated for all periods

3 Advantages of Flexible Annual Revisions  For data users  More timely delivery of revision results  Fewer changes to digest at one time  More up-to-date sets of accounts  For BEA  Better planning and spreading of workloads  Reduced pressures on staff  More flexibility for introducing changes

4 Timing of Flexible Annual Revisions  Scheduled to begin in 2010, after the next comprehensive revision to the NIPAs and the Annual Industry Accounts.  New procedures being put into place prior to 2010 to ensure a smooth transition  Industry-National Steering Committee  Off-line testing

5 Examples of possible proposals  Potentially implement before 2013  Integrated BEA-BLS production account  Improved real insurance estimates: Separately deflated premiums and expected losses  Improved measures of motor vehicle output  Implement with the 2007 Benchmark I-O Table  Capitalization of R&D expenditures  Classification of government enterprises by sector

6 Background on Integration  Industry-National Integration Team established in early 2005  Two major objectives  Improve the process for incorporating revisions into the national and industry accounts  Share information by establishing a “feedback” mechanism between the industry and national accounts

7 Gains from feedback look promising …  PCE for Shoes  Nominal growth for would be revised down from 4.2 percent to 3.0 percent  Due to changes in the sales-mix by kind of store  PCE for Televisions  Nominal level for 2002 would be increased by $3 billion (about 20 percent)  Due to strong import growth

8 Issues for Flexible Annual Revisions  Trade-off between more years subject to revision vs. receiving revisions on a flow basis  Revisions to the reference year for chained- dollars and indexes could trigger revisions to real estimates for long periods.  Synchronizing revisions between the annual industry accounts and the NIPAs for long periods.