Papers

Taxes and subsidies drive a wedge between prices received and paid by producers and those paid by purchasers. Motivated by the large economic subsidies that were part of the policy response to the COVID-19 pandemic, this paper introduces a new treatment for taxes and subsidies into the BEA-BLS… Read more

We apply the Oaxaca-Blinder decomposition method used in the labor literature to split changes in average prices into inflation and quality components. The inflation measure is a full imputation Törnqvist price index. Using this index to deflate nominal spending properly allocates changes in the… Read more

The U.S. Bureau of Economic Analysis has undertaken a series of studies that present methods for quantifying the value of simple data that can be differentiated from the complex data created by highly skilled workers that was studied in… Read more

The monetary costs of weather and climate disasters in the U.S. grew rapidly from 1980 to 2022, rising more than five percent in real terms annually, and implying a faster depreciation of real assets. We argue that the expected depreciation from these events could be included in consumption of… Read more

Experts in the System of National Accounts (SNA) recently considered whether marketing could be included as a capital asset in the national accounts and later recommended that marketing should be an intangible in the 2025 SNA (IMF, 2022; IMF, 2023). This paper contributes to that discussion by… Read more

While technological innovation is believed to be a key driver of spending growth, measuring this relationship is challenging. We address this challenge using a large database of cost-effectiveness studies, which we use to develop proxy measures of inno- vation for specific conditions. We connect… Read more

Following international guidelines, BEA statistics on bilateral U.S. direct investment abroad are compiled and presented by immediate partner economy. While this approach is well suited for many purposes, it can lead to difficulty in interpreting direct investment statistics, especially in… Read more

The U.S. Bureau of Economic Analysis (BEA) produces economic statistics through its system of satellite accounts that highlight specialized areas of the economy that are not directly apparent in BEA’s official economic statistics published under the North American Industry Classification System… Read more

Early papers on capitalizing data focused on complex digital data that are stored on supercomputers and managed by highly skilled computer scientists (Statistics Canada 2019) (Eurostat 2020) (Coyle 2022) (Calderon and Rassier 2022) (Mitchell et al. 2022). This paper studies two very different… Read more

The U.S. gross domestic product and its foundational National Income and Product Accounts contain some of the most widely used and followed economic statistics in the world yet contain limited information on the labor market and almost no information on demographic groups. We build a new dataset… Read more