Table 2.--Proposed Actions and Milestones in Implementation

Proposed actionsMilestones in implementation
1995 1996 1997 1998 1999
Need for new and improved output measures
Extension of quality adjustment of price used in real GDPEstablish partnerships to expand work on quality adjustmentContinue partnerships and begin to publish quality-adjusted measures for selected high-tech productsDevelop new estimates for nonresidential construction using model pricing or hedonic methodsContinue work on extension of quality adjustments
Further conceptual work on difficult-to-measure goods and servicesEstablish partnerships to expand conceptual workContinue work on new concepts and methods for measuring banking, insurance, and other financial servicesPublish new estimates for banking, insurance, and other financial servicesIdentify and develop new concepts and methods for measuring other difficult-to-measure services and goodsPublish new estimates for other difficult-to-measure services and goods.
More frequent updating of sample frames for existing surveys, more frequent surveys for services and other sectors, and extension of existing surveys to fill gaps in coverageBegin to utilize results from the services expansion of the Census
Begin work with other agencies to identify cost-effective actions
Continue work, extending consultations to business communityConduct new and revised surveys using new sample frames and methodsIncorporate data from new and revised surveys
Improvements in seasonal adjustmentsBegin work with other agencies on improving seasonal adjustment
Begin work on revised seasonal adjustment as part of reengineering
Incorporate revised seasonal adjustment methods for categories such as inventories and merchandise tradeIncorporate revised seasonal adjustment methods for other key components
Improvements in projections for missing source dataBegin design work for built-in analytics and projections methods as part of reengineeringIncorporate new methods into current quarter projections for categories such as inventories and merchandise tradeIncorporate improved methods into current quarter projections for other key components
Introduction of new weighting schemesIntroduce more current weights for real GDP Update base-year weights for current estimates.
Develop a new industry classification system Present NAICS priority categories, including services, to industry groups and data users for comment and revisionContinue work with industry groups and data users and finalize NAICS in time for 1997 Economic CensusesWork with Census to redesign forms on the basis of NAICS
Update and better integrate BEA's accounts within the context of new international guidelinesComplete the 1992 benchmark input-output accounts 5 years after the reference year
Need for better measures of investment, saving, and wealth
Expand the coverage of investment along the lines of new international guidelinesTreat government spending on structures and equipment as investmentPublish new estimates of computer software
Update and improve estimates of research and development in the satellite account
Extend integrated economic and environmental satellite accounts (IEESA's) to include selected renewable resource estimates and revise nonrenewable resource estimates
Continue long-term improvements in computer software and work on other intangibles
Expand disaggregation of existing NIPA items in the IEESA's
Use of improved depreciation and valuation methodsIntroduce new depreciation and capital estimatesExtend empirical work on used asset prices to other assetsExtend empirical work on used asset prices to other assets
Integration of real and financial accountsBegin work with the Federal Reserve Board to develop multiyear plan for better integration
Need to fill gaps in the coverage of international transactions
Extension and revision of existing surveys and forms to cover new services, products, and financial instrumentsRevise product code and data collection to include a separate category for computer software Develop initial estimates of the full market value of computer software based on revised methods and source dataUpdate and improve estimates of the full market value of computer software.
Work with the business community to develop revised and extended ``selected services'' survey to cover new, growing, and volatile services categoriesConduct extended services surveysProcess and incorporate results from extended surveys into national and international accounts.
Begin work with Treasury and the Federal Reserve on cost-effective means of collecting data on derivatives and new financial instrumentsWork with the business community to develop a revised survey to cover derivatives and new financial instrumentsConduct revised survey to capture derivatives and new financial instrumentsProcess and incorporate results from new derivatives survey into national and international accounts.
Extension of data exchanges with other countries and central banksContinue work on internationally coordinated definitions for data exchangesIncorporate data, as appropriate, from countries adopting new standardized definitionsIncorporate data, as appropriate, from countries adopting new standardized definitionsIncorporate data, as appropriate, from countries adopting new standardized definitionsIncorporate data, as appropriate, from countries adopting new standardized definitions.
Development of new surveysIncorporate results from benchmark financial services survey and conduct annual financial services surveyIncorporate results from annual financial services survey.
Process new benchmark survey of U.S. portfolio investment abroadContinue processing new benchmark survey of U.S. portfolio investment abroadIncorporate results from new benchmark survey of U.S. portfolio investment abroad.
Continue international coordination in development of international benchmark survey of portfolio investmentContinue international coordination in development of international benchmark surveyFinalize design and collection of internationally coordinated benchmark surveyCollect and process data from internationally coordinated benchmark surveyContinue processing results of internationally coordinated benchmark survey.