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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

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
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

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?