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NIPA – Flow of Funds Accounts Integration. BEA Government Statistics Users Conference. Charlotte Anne Bond Special Studies Branch September 14, 2006. Introduction. International standards call for these integrated accounts

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NIPA – Flow of Funds Accounts Integration

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NIPA – Flow of Funds Accounts Integration

BEA Government Statistics Users Conference

Charlotte Anne Bond

Special Studies Branch

September 14, 2006


Introduction

  • International standards call for these integrated accounts

  • In the U.S., the Bureau of Economic Analysis (BEA) produces income and capital accounts: National Income and Product Accounts (NIPAs)

  • The Federal Reserve Board (FRB) produces financial accounts: Flow of Funds Accounts (FFAs)

  • BEA and FRB are currently working to integrate the accounts to create a balance sheet that meets international guidelines


Background

  • The NIPAs show nonfinancial accounts and the FFAs feature financial accounts; together they provide a comprehensive picture of the government sector.

  • While the concepts in both accounts are the same, differing data sources and estimation methods employed cause the results to differ


Usefulness of Integration(illustration)


Thrust of this Project

  • Improve the quality and usefulness

  • Ensure consistent boundaries

  • Identify more data sources

  • Increase communication while preparing estimates


Flow of Funds Tables

  • Efforts to improve statistical consistency in the government accounts

  • FFA Tables F.105 (State and Local Government) and F.106 (Federal Government)

  • The focus of my example is on the Federal accounts; however, similar concerns exist for the State and Local accounts


F.106 Federal Government Lines 1-21Billions of dollars

Federal Reserve Flow of Funds Accounts Z.1 Release June 8, 2006


F.106 Federal Government Lines 22-52Billions of dollars

Federal Reserve Flow of Funds Accounts Z.1 Release June 8, 2006


Statistical Discrepancy


What has been Accomplished

  • Teplin et al., “Integrated Macroeconomic Accounts for the United States: Draft SNA-USA”(2005) documents the past efforts in this project and lays out the future direction

  • Estimates are prepared for the draft SNA-USA structure for the period 1985 – 2002

  • Prospects are clear for improving the integration of the FFAs with the NIPAs and for bringing them closer into alignment with international standards

  • Progress on this project is described in a forthcoming article in the Survey of Current Business

  • Starting in late September, the two agencies will begin a regular, annual publication of the integrated estimates


FCC Spectrum Auctions

  • Efforts are underway to develop estimates for the electromagnetic spectrum

  • Estimates are needed for the Federal non-produced non-financial assets and for corporate sector balance sheets

  • A priority is to measure correctly receipts from spectrum auctions


Where We Go from Here

  • Improve estimates of changes in balance sheets that arise from sources other than transactions

  • Continue to investigate data sources and methods or concepts for real estate values in some sectors

  • Reconcile remaining differences between the current and accumulation accounts and the international transactions accounts

  • Improve alignment of U.S estimates with international standards


Questions

  • How important a problem is the quarterly volatility in the NIPA - FFA discrepancy?

  • Is it more important, in this project, to address statistical problems first, and then methods and concepts or vice versa?


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