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

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NIPA – Flow of Funds Accounts Integration

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Nipa flow of funds accounts integration

NIPA – Flow of Funds Accounts Integration

BEA Government Statistics Users Conference

Charlotte Anne Bond

Special Studies Branch

September 14, 2006


Introduction

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

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

Usefulness of Integration(illustration)


Thrust of this project

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

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 21 billions of dollars

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 52 billions of dollars

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

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


Statistical discrepancy

Statistical Discrepancy


What has been accomplished

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

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

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

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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