The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA's national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

Upcoming Meetings

  • May 10, 2024
  • November 8 , 2024

Watch the October 13 BEA Advisory Committee Meeting.

October 13, 2023 Meeting

Time Topics Speakers  
10:00 AM - 10:30 AM

Welcome & Bureau Update

  • Dan SichelBEA Advisory Committee Chair
  • Vipin Arora BEA

 

10:30 AM - 11:15 AM Direct Investment by Ultimate Host Country
  • Jessica Hanson BEA

Presentation

Paper

 

  • Discussants
  • Committee Discussion

 

11:15 AM - 11:25 AM Break

 

 

11:25 AM - 12:10 PM Capitalization of Marketing Expenditures
  • Rachel SoloveichikBEA

Presentation

Background Material

  • Discussants
  • Ellen McGrattan BEA Advisory Committee Member

Discussion

12:10 PM - 1:00 PM Lunch

 

 

1:00 PM  -   2:00 PM 2023 Comprehensive Update
  • Dave WasshausenBEA
  • Mauricio Ortiz BEA

Presentation

  • Discussants
  • Committee Discussion

 

2:00 PM  -   2:30 PM Celebrating Dan Sichel    
2:30 PM Adjournment    

Committee Members

Portrait Photo

Appointed: October 2021

Current Term Ends: October 26, 2024

Louise Sheiner

Brookings Institution

BEA Advisory Committee Chair

Louise Sheiner is the Robert S. Kerr Senior Fellow in Economic Studies and policy director for the Hutchins Center on Fiscal and Monetary Policy at Brookings.

She previously served as a senior economist in the Fiscal Analysis Section for the Research and Statistics Division with the Federal Reserve Board of Governors. In her time at the Fed, she was also appointed deputy assistant secretary for economic policy at the U.S. Treasury Department and served as senior staff economist for the Council of Economic Advisers. Before joining the Fed, Sheiner was an economist at the congressional Joint Committee on Taxation.

Sheiner pursues research on federal, state, and local fiscal policy, productivity measurement, demographic change, health policy, and other fiscal and macroeconomic issues.

She received her Ph.D. in economics from Harvard University, as well as an undergraduate degree in biology from Harvard.

Portrait Photo

Appointed: March 2023

Current Term Ends: March 28, 2026

Marshall Reinsdorf

Economic consultant

BEA Advisory Committee Vice Chair

Marshall Reinsdorf is an economic consultant specializing in prices, national accounts, and productivity and a supporting editor of the 2025 System of National Accounts.

Before becoming a consultant, he served in several U.S. government posts and gained experience around the world. Reinsdorf was chief of BEA's National Economic Accounts research group. He was a senior economist in the International Monetary Fund's Statistics Department, a job he took after many years conducting technical assistance and training missions for IMF as a short-term expert. He served as a research economist at the Bureau of Labor Statistics and the Federal Deposit Insurance Corporation.

Reinsdorf has published extensively on economic measurement issues and is a past president of the International Association for Research in Income and Wealth. He is a recipient of the Julius Shiskin Memorial Award for Economic Statistics.

Reinsdorf received his Ph.D. in economics from the University of Maryland, College Park, and a bachelor's degree from Amherst College.

Portrait Photo

Appointed: October 2003

Current Term Ends: September 30, 2024

Alan J. Auerbach

University of California, Berkeley

Alan J. Auerbach is the Robert D. Burch Professor of Economics and Law, director of the Burch Center for Tax Policy and Public Finance, and former chair of the Economics Department at the University of California, Berkeley. He is also a research associate of the National Bureau of Economic Research and previously taught at Harvard and the University of Pennsylvania.

Auerbach was deputy chief of staff of the U.S. Joint Committee on Taxation in 1992 and has been a consultant to government agencies and institutions in the United States and abroad.

He served as an executive committee member and vice president of the American Economic Association; as editor of that association's Journal of Economic Perspectives and American Economic Journal: Economic Policy; and as president of the National Tax Association and the Western Economic Association International.

He received his Ph.D. in economics from Harvard University and his B.A. in economics and mathematics from Yale University.

Portrait Photo

Appointed: November 2020

Current Term Ends: November 1, 2026

Julia Coronado

MacroPolicy Perspectives

Julia Coronado is president and founder of the economic research firm MacroPolicy Perspectives LLC and a clinical associate professor at the McCombs School of Business at the University of Texas at Austin.

Previously, she was chief economist at Graham Capital Management and the global investment bank BNP Paribas, and a senior economist at Barclays Capital. She served as a staff economist at the Federal Reserve Board.

Coronado has published scholarly articles about pension finances, Social Security, retirement saving, data collection, and monetary policy. She is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York and the Economic Studies Council at the Brookings Institution.

She served on the board of the National Association of Business Economists and as president of the New York Association of Business Economists.

Coronado received her B.A. in economics from the University of Illinois at Urbana-Champaign and her Ph.D. from the University of Texas at Austin.

Portrait Photo

Appointed: October 2022

Current Term Ends: October 24, 2025

Robert Feenstra

University of California, Davis

Robert Feenstra is an international trade economist who has spent most of his career on the faculty of the University of California, Davis.

Feenstra is recognized for his research on price index measurement in the presence of product turnover; advocacy for the use of scanner data for improved economic measurement; and contributions to understanding of living standards worldwide through the creation of the next generation of the Penn World Tables.

He was director of the International Trade and Investment Program at the National Bureau of Economic Research, 1992 to 2016. He received the Bernhard Harms Prize from the Kiel Institute for the World Economy and the Julius Shiskin Memorial Award for Economic Statistics. He is a fellow of the Econometric Society and an elected member of the American Academy of Arts and Sciences.

Feenstra received his Ph.D. in economics from the Massachusetts Institute of Technology and his B.A. in economics from the University of British Columbia.

Portrait Photo

Appointed: July 2023

Current Term Ends: July 16, 2026

Eli Fenichel

Yale University

Eli Fenichel is the Knobloch Family Professor of Natural Resource Economics at Yale University. His research focuses on measuring and valuing natural resource assets, with a specific interest in the connection to national balance sheets and national accounts.

Fenichel co-led the experts group on national accounting for the ocean and ocean economy, which is part of the High Level Panel for a Sustainable Ocean Economy. He also served as an outside advisor on the development of valuation methods for the United Nations System of Environmental Economic Accounting. Fenichel co-led Yale's environmental data science initiative and serves on Yale's committee for data driven social science.

In 2008, Fenichel began his academic career as an assistant professor of ecological- and bio-economics at Arizona State University. He joined the Yale faculty in 2012 as an assistant professor of bioeconomics and ecosystem management. From 2021-23, he served as the White House Office of Science and Technology Policy's assistant director for natural resource economics and accounting, where he helped organize the National Strategy for Statistics for Environmental-Economic Decisions.

Fenichel has an M.S. in agricultural economics and Ph.D. in fisheries and wildlife, with a focus on natural resource economics, from Michigan State University. He has a B.S. in wildlife ecology from the University of Maine.

Portrait Photo

Appointed: July 2023

Current Term Ends: July 19, 2026

Keith Hall

George Mason University

Keith Hall is a distinguished visiting fellow at the Mercatus Center at George Mason University. Among his notable leadership roles, Hall was director of the Congressional Budget Office from 2015-2019 and commissioner of the Bureau of Labor Statistics from 2008-2012. He also served as chief economist at the U.S. International Trade Commission (USITC) and the White House Council of Economic Advisors.

Earlier in his career, Hall was chief economist at the U.S. Department of Commerce, where he provided technical advice regarding the scope, emphasis, and state of the economic and statistical activities of the U.S. Census Bureau and the Bureau of Economic Analysis. He also worked for 10 years as a senior international economist at USITC.

Before coming to George Mason in 2022, Hall was a professor at Georgetown University's McCort School of Public Policy. He also served in economics faculty positions at the universities of Arkansas and Missouri.

Hall received his M.S. and Ph.D. in economics from Purdue University and his B.A. in economics and psychology from the University of Virginia.

Portrait Photo

Appointed: May 2010

Current Term Ends: April 30, 2024

Ellen R. McGrattan

University of Minnesota

Ellen McGrattan is a professor of economics at the University of Minnesota, director of the Heller-Hurwicz Economics Institute, and a consultant at the Federal Reserve Bank of Minneapolis.

She is a research associate at the National Bureau of Economic Research, a visiting fellow at the Hoover Institution, a fellow of the Econometric Society, a fellow of the Society for the Advancement of Economic Theory, and president of the Society for Economic Dynamics.

McGrattan's research is concerned with the aggregate effects of monetary and fiscal policy, in particular the effects on GDP, investment, the allocation of hours, the stock market, and international capital flows. Her recent work reexamines issues related to business taxation considering the fact that some investments are unmeasured.

She has taught at Duke University, European University Institute, University of Pennsylvania, Stockholm School of Economics, and the International Monetary Fund.

McGrattan received her B.S. in economics and mathematics from Boston College and her Ph.D. from Stanford University.

Portrait Photo

Appointed: October 2021

Current Term Ends: October 26, 2024

Nela Richardson

Automatic Data Processing Inc. (ADP)

Nela Richardson is the chief economist at ADP and co-head of the ADP Research Institute. Previously, she was principal and investment strategist at the financial services firm Edward Jones, where she analyzed and interpreted economic trends and financial market conditions and recommended investment strategies.

Richardson is also the former chief economist at national real estate brokerage and technology company Redfin Corp. She held research positions at the Commodity Futures Trading Commission, Harvard University's Joint Center for Housing Studies, and Freddie Mac. She served as an adjunct finance professor at the Carey Business School at Johns Hopkins University.

Richardson has served on the boards of the U.S. Chamber of Commerce and the National Association of Business Economists.

She received her Ph.D. in economics from the University of Maryland, College Park, a master's degree in economics from the University of Pennsylvania, and a bachelor's degree from Indiana University, Bloomington.

Portrait Photo

Appointed: October 2021

Current Term Ends: October 26, 2024

Heather Stephens

West Virginia University

Heather Stephens is director of the Regional Research Institute at West Virginia University, as well as an associate professor of resource economics and management and an adjunct associate professor of economics there. Her research focuses on regional economic development and the differing impacts of policies across regions.

She serves as the chair of the Technical Advisory Committee for the Northeast Regional Center for Rural Development, on the Advisory Council for the Ohio River Valley Institute, and on the editorial boards of Growth and Change and Regional Science Policy and Practice.

Previously, Stephens was an assistant professor of economics and the director of economic research at California State University, Long Beach. She has experience working for a U.S. congressman, on strategic partnership development for a Fortune 100 company, as a local economic development director, and on regional economic development at a university-based applied research institute.

Stephens has a Ph.D. and an MBA from The Ohio State University and a bachelor's from Duke University.

Portrait Photo

Appointed: April 2023

Current Term Ends: April 17, 2026

Diane Swonk

KPMG

Diane Swonk is chief economist and managing director at KPMG U.S.

Before joining KPMG, Swonk had her own economic consulting firm and worked at Grant Thornton. For more than 10 years she was senior managing director and chief economist at Mesirow Financial. She started her career with First Chicago Bank, which later became part of Bank One, rising to director of research and chief economist.

Swonk has served as a nonpartisan advisor to the Congressional Budget Office and the White House National Economic Council. She regularly briefs the regional Federal Reserve banks and the Board of Governors and has provided congressional testimony on income inequality and economic statistics.

Swonk, a fellow of the National Association for Business Economics, serves on the NABE statistics committee and the Economic Advisory Board of the U.S. Chamber of Commerce.

She has master's and bachelor's degrees in economics from the University of Michigan and an MBA from the University of Chicago.

Portrait Photo

Appointed: November 2020

Current Term Ends: November 1, 2026

Susan Wachter

The Wharton School of the University of Pennsylvania

Susan Wachter is the Albert Sussman Professor of Real Estate and a professor of finance at The Wharton School of the University of Pennsylvania.

She is the author of more than 200 scholarly publications and the recipient of several awards for teaching excellence at The Wharton School. She co-founded and is co-director of the Penn Institute for Urban Research. She also founded and serves as director of Wharton's Geographical Information Systems Lab.

Previously, Wachter was chairperson of the Real Estate Department and professor of real estate and finance. She was the editor of Real Estate Economics from 1997 to 1999 and currently serves on the editorial boards of several real estate journals.

Wachter received the American Real Estate and Urban Economics Lifetime Achievement Award in 2005. She has served on multiple boards, including the Affordable Housing Advisory Committee of Fannie Mae and the Office of Financial Research Advisory Committee of the U.S. Treasury.

Portrait Photo

Appointed: March 2024

Current Term Ends: March 1, 2027

Jeff Werling

Economist

Jeff Werling retired from the U.S. Congressional Budget Office (CBO) in 2022 after serving as director of the macroeconomic analysis division since 2016. His division was in charge of producing CBO’s economic projections, which underlie the agency’s federal budget projections. That included examining labor force participation, productivity growth, and inflation and interest rates, as well as modeling proposed changes in federal tax and spending policies.

Before going to the CBO, Werling was the director of Inforum, a research center that was housed in the Department of Economics at the University of Maryland, College Park. Previously, he held positions as an international and industry economist with the Manufacturers Alliance for Productivity and Innovation and Wharton Econometric Forecasting Associates. He has also contributed several consensus economic forecasts.

Werling received a Ph.D. in economics from the University of Maryland, College Park, and a B.S. in mineral economics from the Pennsylvania State University.

Portrait Photo

Appointed: January 2024

Current Term Ends: January 18, 2027

Teryn Zmuda

National Association of Counties

Teryn Zmuda is the chief research officer and chief economist at the National Association of Counties (NACo), overseeing the Programs and Practices Division and the Research and Data Analytics Division.

Teryn leads efforts to promote NACo as a thought leader, leveraging research and best practices to elevate the county role across the spectrum of local government authorities and policy implementation, within the nation’s intergovernmental system. She also leads NACo's economic analysis, representing the county perspective in federal policy, and guides the development of the issue-focused programmatic work, including peer learning networks and cohorts.

Teryn holds an M.A. in applied economics from George Washington University, a B.A. in sociology from the University of Maryland, and is currently pursuing a PhD in public policy and administration at George Washington University.

Past Meetings

Time Topics Speakers  
10:00 AM - 10:30 AM

Welcome & Bureau Update

  • Dan Sichel, BEA Advisory Committee Chair
  • Vipin Arora, BEA

 

10:30 AM - 11:30 AM Regional R&D Satellite Account
  • Ledia Guci BEA

Presentation

Background Material

 

  • Discussants
  • Carol Robbins, National Science Foundation

Presentation

 
  • Fernando Galindo-Rueda, Organisation for Economic Co-operation and Development

Presentation

11:30 AM - 11:40 AM Break

 

 

11:40 AM - 12:10 PM Distribution of Personal Income by State
  • Dirk Van Duym, BEA

Presentation

Background Material

  • Discussant
  • Heather Stephens, BEA Advisory Committee Member

Presentation

12:10 PM - 1:00 PM Lunch

 

 

1:00 PM  -   2:30 PM Global supply chains
  • Thomas Howells, BEA

Presentation

  • Paul Farello, BEA

Presentation

  • Discussants
  • Julia Coronado, BEA Advisory Committee Member

 

  • Jeff Werling, former Congressional Budget Office

Presentation

2:30 PM Adjournment    
Time Topics Speakers  
10:00 AM - 11:00 AM

Welcome & Bureau Update

  • Dan Sichel
  • Mary Bohman

 

 

Recognition of Dale Jorgenson

  • John Fernald, INSEAD Business School
  • Jon Samuels

 

11:00 AM - 11:10 AM Break

 

 

11:10 AM - 11:45 PM SNA and BOP Manual Update
  • Paul Farello
  • Allison Derrick

Presentation

Background
  • Committee Discussion
11:45 AM - 12:20 PM Lunch

 

 

12:20 PM  -   1:20 PM Data Science
  • Brian Quistorff
  • Amanda Lyndaker
Presentation
   
  • Discussants
  • Julia Coronado
  • Nela Richardson
Presentation
1:20 PM - 1:30 PM Break

 

 

1:30 PM - 3:00 PM Health Care Update
  • Abe Dunn
Presentation

 

 

  • Bob Kornfeld
Presentation
   
  • Discussants
  • David Cutler Harvard University
Presentation
   
  • Louise Sheiner
Presentation
3:00 PM Adjournment    
Time Topics Speakers  
10:00 AM - 10:45 AM Welcome & Bureau Update
  • Dan Sichel
  • Jed Kolko Under Secretary for Economic Affairs
  • Mary Bohman

 

10:45 AM - 11:20 AM

Space Economy

  • Tina Highfill
  • Committee Discussion

Presentation

11:20 AM - 11:30 AM Break

 

 

11:30 AM - 12:30 PM Future Direction for the Regional Accounts
  • Mauricio Ortiz

Presentation

  • Discussant
  • Heather Stephens

Presentation

  • Discussant
  • Susan Wachter
Presentation
12:30 PM - 1:00 PM Lunch

 

 

1:00 PM  -   2:30 PM Data as an Asset
  • Dylan Rassier
   
  • Discussant
  • Nela Richardson
Presentation
   
  • Discussant
  • Carol Robbins National Science Foundation
Presentation Background
2:30 PM Adjournment    
Time Topics Speakers  
10:00 AM - 10:45 AM Welcome & Bureau Update
  • Dan Sichel
  • Mary Bohman

 

New International Statistics:

  • International Investment Position by Currency
  • U.S. Resident Special Purpose Entities

Updates to Balance of Payments Manual and System of National Accounts

  • Paul Farello

Presentation

10:45 AM - 12:00 PM

Trade in Value Added: Update on Work with NSF

  • Tom Howells
  • Ledia Guci National Science Foundation

  • Discussant
  • Bill Powers U.S. International Trade Commission

Presentation

12:00 PM - 1:00 PM Lunch

 

 

1:00 PM  -   2:30 PM Measuring Infrastructure in BEA's National Accounts
  • Dave Wasshausen

  • Discussants
  • Joel Prakken
  • Leah Brooks George Washington University

Presentation

Background

2:30 PM Adjournment    
Time Topics Speakers  
10:00 AM - 10:20 AM Welcome & Bureau Update
  • Dan Sichel
  • Mary Bohman

 

10:20 AM - 10:40 AM American Rescue Plan
  • Erich Strassner
  • Full Committee Discussion

Presentation

Background

10:40 AM - 11:10 AM Housing (Final update ahead of 2021 annual update)
  • Dylan Rassier
  • Bettina Aten
  • Full Committee Discussion

Presentation

11:10 AM - 11:20 AM Break

 

 

11:20 AM - 12:20 PM

Future Direction for the International Accounts

  • Paul Farello
  • Jessica McCloskey

  • Discussant
  • Nadim Ahmad Organisation for Economic Co-operation and Development

Presentation

12:20 PM - 1:00 PM Lunch

 

 

1:00 PM  -   2:30 PM GDP and Beyond: Next Phase
  • Dennis Fixler
  • Dirk van Duym
  • Jon Samuels

  • Discussants:
  • Dale Jorgenson
  • Ellen McGrattan
  • Katharine Abraham

Presentation

Background

2:30 PM Adjournment    
Time Topics Speakers  
10:00 AM - 10:20 AM Welcome & Bureau Update
  • Dan Sichel
  • Mary Bohman

 

10:20 AM - 11:00 AM BEA's response to COVID-19: Enhanced Products and Early Research
  • Erich Strassner
  • Full Committee Discussion

PresentationBEA's Response to COVID-19: Enhanced Products and Early Research by Erich Strassner

BackgroundNew data highlighting the effects of Selected Federal Pandemic Response Programs

Second Quarter Industry, State GDP Stats Come Earlier This Year

COVID Session Discussion Questions

11:00 AM - 11:10 AM Break

 

 

11:10 AM - 12:15 PM

Measuring the Small Business Economy

  • Tina Highfill
  • Discussants:
  • Richard Prisinzano University of Pennsylvania
  • Danny Leung Statistics Canada
  • John Haltiwanger University of Maryland

Presentation Measuring the Small Business Economyby Tina Highfill

Presentation Small Business Identification: How and Whyby Richard Prisinzano

Presentation Measuring the Contribution of Small Businesses to the Canadian Economyby Danny Leung

Presentation BEA Satellite Account on Small Business Activityby John Haltiwanger

BackgroundMeasuring the Small Business Economy

Experimental Estimates of Wages and Gross Output by Business Size and Industry, 2002-2012

Background Information for BEA's Small Business Satellite Account

12:15 PM - 1:00 PM Lunch

 

 

1:00 PM  -   2:00 PM Prototype GDP Statistics for Puerto Rico
  • Aya Hamano
  • Amy Filipek
  • Discussants:
  • Ricardo FuentesFinancial Oversight & Management Board for Puerto Rico
  • Barry P. Bosworth
  • Juan Bauza Economic Development Administration

Presentation Puerto Rico GDP Project: Prototype Estimates For 2012–2018by Aya Hamano and Amy Filipek

Presentation BEA GDP Accounts for Puerto Rico, 2012-2018by Barry Bosworth

BackgroundPrototype Gross Domestic Product for Puerto Rico, 2012-2018

Technical Note

Summary of Methods

2:00 PM Adjournment    
Download/Print Complete Agenda
Time Topics Speakers  
10:00 AM - 10:30 AM Bureau & Committee Update
  • Mary Bohman
  • Ernie Berndt
  • Dan Sichel
 
10:30 AM - 11:00 AM

GDP and Beyond: Reaching a Milestone

  • Steve Landefeld

Presentation GDP and Beyond: Update

 
  • Prototype Distributional Measures of Personal Income
  • Dennis Fixler
  • David Johnson
  • Marina Gindelsky

PresentationA Distribution of Personal Income

BackgroundMeasuring Inequality in the National Accounts

Technical Document: A Methodology for Distributing Personal Income

11:00 AM - 11:15 AM Break

 


 

11:15 AM - 12:15 PM
  • Prototype Distributional Measures of Personal Income, continued
  • Discussion Panel:
  • David Splinter Joint Committee on Taxation
  • Jonathan Rothbaum Census Bureau
  • Bilal Habib Congressional Budget Office
  • Committee Discussion

Presentation Comments on BEA's Personal Income Distributionby David Splinter

Presentation Correcting Underreporting in Survey Incomeby Jonathan Rothbaum

Presentation How CBO Adjusts for Underreporting of Means-Tested Transfersby Bilal Habib

12:15 PM  -   1:00 PM Current issue: Impact of Covid-19 on BEA's Economic Accounts
  • Erich Strassner
  • Ben Mandel
  • Mark Ludwick

PresentationImpact of Covid-19 on BEA's Economic Accounts

BackgroundTechnical Note: Coronavirus (COVID-19) Impact on First-Quarter 2020 GDP

COVID-19 Pandemic: Federal Recovery Legislation and the NIPAs

How did BEA adjust March 2020 wages and salaries?

How does the 2020 CARES Act affect BEA's estimates of personal interest payments?

How does BEA measure public education services during the closings of schools and college campuses?

Additional Information

   
  • Discussion Panel:
  • Joel Prakken
  • Julia CoronadoMacroPolicy Perspectives
  • Committee Discussion

 

1:00 PM Adjournment    
Download/Print Complete Agenda
Time Topics Speakers  
8:30 AM - 9:00 AM Registration and Coffee    
9:00 AM - 9:45 AM Opening Remarks & Bureau Update
  • Brian Moyer
 
  • Evidence Act Implementation
  • Puerto Rico Prototype Statistics
  • Lucas Hitt
  • Aya Hamano

PresentationEconomic Statistics for Puerto Rico: Consumer Spending, Business Investment, and Trade in Goods

BackgroundSummary of Methodologies: Puerto Rico Personal Consumption Expenditures, Private Fixed Investment, and Net Exports of Goods

9:45 AM - 10:45 AM Improving Measures of Housing Services in BEA's Accounts
  • David Wasshausen
  • Dylan Rassier
  • Bettina Aten

PresentationImproving Measures of Housing Services in BEA's Accounts by Bettina H. Aten and Dylan G. Rassier

BackgroundImproving Measures of National and Regional Housing Services in the U.S. Accounts

BackgroundThe Owner-Premium Adjustment in Housing Imputations

BackgroundValuing Owner-Occupied Housing: an empirical exercise using the American Community Survey (ACS) Housing files

10:45 AM - 11:00 AM Break

 


 

11:00 AM - 12:15 PM Improving Measures of Housing Services in BEA's Accounts, continued
  • Discussion Panel:Dale Jorgenson (moderator)
  • Robert Cage Bureau of Labor Statistics
  • Randal Verbrugge Federal Reserve Bank of Cleveland
  • Susan Wachter Wharton School, University of Pennsylvania
  • Committee Discussion

Presentation Measurement of Owner Occupied Housing in the U.S. Consumer Price Indexby Robert Cage

Presentation Comments on Proposed Methodology for Measuring Flow of Services from Owner-Occupied Housing by Randy Verbrugge

Presentation Improving Measures of Housing Services in BEA's Accountsby Susan M. Wachter

Background Housing Services Discussion Questions

12:15 PM - 1:30 PM Lunch    
1:30 PM  -   2:00 PM Toward Simultaneous Releases of National, State and Industry-level GDP
  • Erich Strassner

  • Committee Remarks: Maurine Haver
    Joel Prakken

PresentationBringing Together National, Industry, and State GDP for the First Timeby Erich H. Strassner

2:00 - 3:30 PM State-level Estimates of Defined Benefit Pension Plans for State & Local Governments
  • David Lenze

  • Discussants:
  • Donald BoydRockefeller College, University at Albany, SUNYAlan Auerbach

PresentationTransactions of State and Local Government Defined Benefit Pension Plans: New experimental data on a state by state basisby David G. Lenze

PresentationState-level Public Pension Estimates by Don Boyd

PresentationState & Local Government DB Plansby Alan Auerbach

BackgroundTransactions of State and Local Government Defined Benefit Pension Plans

3:30 PM Adjournment    
Download/Print Complete Agenda
Time Topics Speakers  
8:30 AM - 9:00 AM Registration and Coffee    
9:00 AM - 9:30 AM Opening Remarks
  • Ernie Berndt
  • Brian Moyer
 
9:30 AM - 10:15 AM Measuring the Digital Economy
  •  
 
  • Plans & Progress
  • Erich Strassner

PresentationMeasuring the Digital Economy: Plans and Progressby Erich Strassner

 
  • Comparing the Digital and Physical Sectors
  • Michael Mandel Progressive Policy Institute

PresentationComparing the Digital and Physical Sectors Using BEA Approach to Digital Economyby Michael Mandel

BackgroundCompetition and Concentration: How the Tech/Telecom/Ecommerce Sector is Outperforming the Rest of the Private Sector

10:15 AM - 10:30 AM Break

 


 

10:30 AM - 12:00 PM Measuring the Digital Economy, continued

 

 

 
  • Disentangling Smartphone Spending
  • Ana Aizcorbe

PresentationDisentangling Cell Phone Spending from Cellular Telephone Servicesby Ana Aizcorbe

BackgroundGetting Smart About Phones: New Price Indexes and the Allocation of Spending Between Devices and Services Plans in Personal Consumption Expenditures
 
  • Measuring Data in the National Accounts
  • Robert Kornfeld

PresentationMeasuring Data in the National Accountsby Robert Kornfeld

BackgroundTreatment of Data in National Accounts

BackgroundValue of Data: There's No Such Thing as a Free Lunch in the Digital Economy

 
  • "Free" Media and Information
  • Rachel Soloveichik

Presentation"Free" Media and Informationby Rachel Soloveichik

BackgroundMeasuring the "Free" Digital Economy Within the GDP and Productivity Accounts

BackgroundValuing "Free" Media in GDP: An Experimental Approach

12:00 PM - 1:00 PM Lunch    
1:00 PM  -   2:00 PM Measuring the Digital Economy, continued
  • Dan Sichel (moderator)

 

 

 
  • Panel & Committee Discussion
  • Shane GreensteinHarvard Business School

 

   
  • David FriedmanBureau of Labor Statistics

 

2:00 - 3:30 PM Update: GDP & Beyond
  • Steve Landefeld

PresentationGDP and Beyond: Next Stepsby Steve Landefeld

 
  • Toward Distributional Measures of Personal Income
  • David Johnson University of Michigan

PresentationImproving the Measure of the Distribution of Personal Incomeby David Johnson

BackgroundImproving the Measure of the Distribution of Personal Income

BackgroundToward National and Regional Distributions of Personal Income

 
  • Distributional Financial Accounts of the U.S.
  • Elizabeth HolmquistFederal Reserve Board

PresentationDistributional Financial Accounts of the United Statesby Elizabeth Holmquist

BackgroundIntroducing the Distributional Financial Accounts of the United States

    
  • Committee discussion

 

3:30 PM Adjournment    
Download/Print Complete Agenda
Time Topics Speakers  
8:30 AM - 9:00 AM Registration and Coffee    
9:00 AM - 9:45 AM Opening Remarks & BEA Update
  • Brian Moyer
 
9:45 AM - 10:15 AM Update Session: GDP by County
  • Joel Platt

PresentationGross Domestic Product by County Statistics: A Project Update PPTXby Joel Platt

BackgroundGDP Statistics for U.S. Counties Coming Dec. 12

10:15 AM - 10:30 AM Break

 


 

10:30 AM - 12:00 PM GDP and Beyond: Priorities  & Plans
  • Steve Landefeld

PresentationGDP and Beyond: Priorities and Plans PPTXby Steve Landefeld

BackgroundGDP and Beyond: Measuring Economic Progress and Sustainability

   
  • DiscussantsDale Jorgenson

PresentationComments on GDP and Beyond: Priorities and Plans PPTX



 

   
  • Katharine Abraham

BackgroundMeasuring Economic Progress and Sustainability PDF

PresentationGDP and Beyond: Priorities and Plans PDF

12:00 PM - 1:15 PM Lunch    
1:15 PM  -   2:15 PM Current Issue: Offshore Profit Shifting
  • Ray Mataloni
















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PresentationCurrent Issue: Offshore Profit Shifting PPTXby Ray Mataloni

BackgroundStrategic Movement of Intellectual Property within U.S. Multinational Enterprises PDF

Offshore Profit Shifting and Domestic Productivity Measurement

Multinational Profit Shifting and Measures Throughout Economic Accounts PDF

   
  • Alan Auerbach 

PresentationOffshore Profit Shifting and the National Accounts PPTXby Alan Auerbach

2:15 PM - 3:30 PM Machine Learning for National Economic Accounting
  • Jeff Chen
     

PresentationMachine Learning for National Economic Accounting PPTXby Jeff Chen

BackgroundOff to the Races: A Comparison of Machine Learning and Alternative Data for Nowcasting of Economic Indicators PDF

   
  • Discussant: Pat Bajari Amazon.com     

PresentationDiscussion of "Machine Learning National Economic Accounts" PPTXby Pat Bajari

3:30 PM Adjournment    
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Time Topics Speakers  
8:30 AM - 9:00 AM Registration & Coffee    
9:00 AM - 9:10 AM Opening Remarks
  • Brian Moyer
  • Ernie Berndt
 
9:10 AM - 10:00 AM Current Issue: Impact of Tax Reform on BEA's Accounts
  • Ben Mandel

Presentation2017 Tax Cuts and Jobs Act: Impact on the U.S. National Accounts PDFby Ben Mandel

   
  • Joel Prakken

PresentationComments on The Tax Cuts & Jobs Act PDFby Joel Prakken

BackgroundThe Macroeconomic Impact of the Tax Cuts and Jobs Act PDFby Joel Prakken, Chris Varvares

10:00 AM - 10:45 AM Update on the Outdoor Recreation Satellite Account
  • Lucas Hitt

PresentationOutdoor Recreation Satellite Account: Prototype Estimates, 2012–2016 PDFby Lucas Hitt

     

BackgroundSurvey of Current Business: Introducing the Outdoor Recreation Satellite Accountby Tina Highfill, Connor Franks, Patrick S. Georgi, and Thomas F. Howells III

     

News Release: Outdoor Recreation Satellite Account: Prototype Statistics for 2012-2016

     

Blog: Prototype Statistics: Outdoor Recreation Accounted for 2 Percent of GDP in 2016

   
  • DiscussantRob SouthwickSouthwick Associates

PresentationIndustry's Perspectives on ORSA PDFby Rob Southwick

10:45AM - 11:00 AM Break    
11:00 AM - 11:20 AM Bureau Update
  • Brian Moyer
 
  Launching a New bea.gov
  • Lucas Hitt
 
11:20 AM - 12:30 PM Housing Services: Alternative Measures and Data Sources
  • Erich Strassner

PresentationHousing Services and the National Accounts PDFby Erich Strassner

   
  • Bettina Aten

PresentationOwner-occupied Housing: Alternative methods of valuing expenditures PDFby Bettina H. Aten

BackgroundWorking Paper: Valuing Owner-Occupied Housing: an empirical exercise using the American Community Survey (ACS) Housing files PDFby Bettina H. Aten

Working Paper: Rental equivalence estimates of national and regional housing expenditures PDFby Bettina H. Aten

Working Paper: Imputing Rents to Owner-Occupied Housing by Directly Modelling Their Distribution PDFby Arnold J. Katz

   
  • Scott Wentland

PresentationBig Data in Housing: An Overview of Zillow Microdata and its Potential for National Accounts PDFby Scott Wentland and Marina Gindelsky

BackgroundMonetary Policy and Home Prices: Big Data Research Applications at BEA PDFby Scott Wentland (BEA) & Jeremy Moulton (UNC)

12:30 PM - 1:45 PM Lunch    
1:45 PM - 3:00 PM Housing Services: Alternative Measures and Data Sources (continued)
  • Raven MolloyFederal Reserve Board

PresentationThoughts on Measuring Aggregate Housing Services PDFby Raven Molloy

   
  • Discussion Panelists:David JohnsonUniversity of MichiganMarshall ReinsdorfIMF

PresentationDiscussion of Housing Services PDFby David Johnson

   
  • André LorangerStatistics Canada

BackgroundCanadian Housing Statistics Program Overview PDF
CHSP Vancouver PDF
CHSP Toronto PDF

   
  • Susan WachterUniversity of Pennsylvania, Wharton School of Business
 
3:00 PM - 3:30 PM Toward Prototype GDP by County Statistics
  • Joel Platt
 
   
  • Ledia Guci

PresentationResearch and Development of Prototype Gross Domestic Product by County Statistics PDFby Ledia Guci

BackgroundWorking Paper: A Research Agenda for Measuring GDP at the County Level PDFby Ledia Guci, Charles Ian Mead, Sharon D. Panek

3:30 PM Adjournment    
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Time Topics Speakers Presentations & Background Materials
8:30 AM - 9:00 AM Registration and Coffee    
9:00 AM - 9:30 AM Opening Remarks & Bureau Update
  • Ernie Berndt
  • Brian Moyer
 
9:30 AM - 10:00 AM Current Issue:
Treatment of Disasters in BEA's Economic Accounts
  • Robert Kornfeld

PresentationThe Treatment of Disasters in the National Income and Product Accounts PDF  

10:00AM - 11:00 AM Quality-Adjusted Prices for Medical Care
  • Abe Dunn

PresentationAre Medical Care Prices Still Declining? A Systematic Examination of Quality-Adjusted Price Index Alternatives for Medical Care PDF  

BackgroundAre Medical Care Prices Still Declining? A Systematic Examination of Quality-Adjusted Price Index Alternatives for Medical Care PDF by Seidu Dauda, Abe Dunn, and Anne Hall

   
  • DiscussantLouise SheinerThe Brookings Institution

PresentationDiscussion of "Are Medical Care Prices Still Declining?"  PDF

   
  • Committee Discussion led byErnie Berndt
 
11:00 AM - 11:15 AM Break    
11:15 AM - 12:00 PM Toward a Satellite Account for Outdoor Recreation
  • Erich Strassner
  • Committee Discussion

PresentationOutdoor Recreation Satellite Account PDF

12:00 PM - 1:15 PM Lunch    
1:15 PM - 2:00 PM Update on Seasonal Adjustment Plans
  • Sally Thompson

PresentationUpdating BEA's National Accounts: Update on Seasonal Adjustment Plans PDF

   
  • Claudia SahmFederal Reserve Board

PresentationResidual Seasonality in GDP … Again? PDF

BackgroundFEDS Notes: Residual Seasonality in GDP (2015) by Charles E. Gilbert, Norman J. Morin, Andrew D. Paciorek, and Claudia R. Sahm

FEDS Notes: Another Look at Residual Seasonality in GDP (2017) by Paul Lengermann, Norman Morin, Andrew Paciorek, Eugenio Pinto, and Claudia Sahm

   
  • Committee Discussion
 
2:00 PM - 3:30 PM Quality-Adjusted Prices for High Tech Goods/Services – Current Work and Future Plans
  • David Wasshausen

PresentationQuality-Adjusted Prices for High Tech Goods/Services: Current Work and Future Plans PDF

   
  • DiscussantMarshall ReinsdorfIMF
 
   
  • Committee Discussion led byAna Aizcorbe

Questions for Committee Discussion PDF

3:30 PM Adjournment    
Time Topics Speakers Presentations & Background Materials
9:15 AM - 9:30 AM Registration    
9:30 AM - 9:45 AM Welcome & Opening Remarks
  • Ernie Berndt
  • Brad BurkeDeputy Under Secretary for Economic Affairs
 
9:45 AM - 11:15 AM Measuring Quality Adjusted Prices in the 21st Century
  • Erica GroshenFormer Commissioner, BLS
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  • Dave Wasshausen
   
  • David ByrneFederal Reserve Board
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  • Michael HarperFormer Associate Commissioner for Productivity and Technology, BLS
  • Committee Discussion
 
11:15 AM - 12:30 PM Launching a New Bea.gov
  • Lucas Hitt
  • Alec Minor
 
12:30 PM - 1:30 PM Lunch    
1:30 PM - 1:45 PM BEA Update
  • Brian Moyer
 
1:45 PM - 2:30 PM Updating BEA's National Accounts    
  Overview of Plans Including Seasonal Adjustment
  • Sally Thompson
  • Committee Discussion
2:30 PM - 2:45 PM Break    
2:45 PM - 3:30 PM Updating BEA's National Accounts, continued    
  Consumer Spending & Use of Big Data
  • Kyle Brown
  The Government Sector & Harmonized Treatment of Pensions
  • Pamela Kelly
  Investment & Capital Services
  • Bob Kornfeld
  • Committee Discussion
3:30 PM Adjournment    
Time Topics Speakers Presentations Background Materials
8:30 AM - 9:00 AM Registration and Coffee      
9:00 AM - 9:15 AM Opening Remarks Justin Antonipillai, ESA    
9:15 AM - 10:45 AM Update on GDP Initiatives:
Source Data Acceleration & Impacts on GDP
Ron Jarmin, Census Bureau Source Data Acceleration & Impacts on GDP  PDF by Ron Jarmin  
    David Wasshausen Source Data Acceleration PDF by Thomas Howells and David Wasshausen  
  Seasonal Adjustment Improvements Brent Moulton Residual Seasonality in GDP and GDI  PDF by Brent Moulton Residual Seasonality in GDP and GDI: Findings and Next Steps PDFby Brent Moulton and Benjamin Cowan BEA Moves Ahead on Second Phase to Combat Potential for Residual Seasonality in GDP
    Discussant: Joel Prakken    
10:45 AM - 11:00 AM Break      
11:00 AM - 12:00 PM Trade in Services Initiative Paul Farello
Kristy Howell
Trade in Services Initiative  PDF by Paul Farello and Kristy Howell New Separately Published Countries Handout  PDF
Services Detail by Type Handout  PDF
 
    Discussant:
William Shpiece, USTR
   
12:00 PM - 1:30 PM Working Lunch:
Update on the Commission on Evidence-Based Policymaking
Katharine Abraham Commission on Evidence-Based Policymaking PDF by Katharine G. Abraham About CEP PDF
1:30 PM - 1:50 PM Update on BEA Activities Brian Moyer    
1:50 PM - 2:00 PM Break      
2:00 PM - 3:30 PM Measuring the Digital Economy Erich Strassner Measuring the Digital Economy PDF by Erich Strassner  
  Quality Adjustment of High-Tech Goods and Services Prices Ana Aizcorbe Improving ICT Deflators in the National Accounts PDF by Ana Aizcorbe  
    Daniel Sichel A New Look at Prices of Personal Computers, Tablets, and Cell Phones: A Progress Report PDF by Daniel Sichel
    Discussants:    
    Giulia McHenry, NTIA Measuring the Digital Economy: Motivations and Initiatives PDF by Giulia McHenry  
    Carol Corrado, The Conference Board Discussion of Improving ICT Deflators in the National Accounts PDF by Carol Corrado  
3:30 PM Adjournment      
     
Time Topics Speakers Presentations Background Materials
8:30 AM - 9:00 AM Registration and Coffee    
9:00 AM - 9:30 AM Opening Remarks & Bureau Update Brian Moyer    
    Ellen McGratten    
9:30 AM - 10:45 AM Exploring the Boundaries of Production: Cultivated Assets and Valuing "Free" Media Brent Moulton, Rachel Soloveichik
The Future of the SNA's Asset Boundary PDFBy Brent R. Moulton and Nicole Mayerhauser
Long-Lived Farm Animals As Capital Assets PDFBy Eldon Ball, Roberto Mosheim (ERS) and Rachel Soloveichik (BEA)
Valuing "Free" Media Across Countries in GDP PDFBy Leonard Nakamura and Rachel Soloveichik
    Discussant: Chuck Hulten    
10:45 AM - 11:00 AM Break    
11:00 AM - 12:15 PM Update Session:      
  Latest Results from the Health Care Satellite Account Abe Dunn
Introducing the New BEA Health Care Satellite Account PDFBy Abe Dunn, Lindsey Rittmueller, and Bryn Whitmire
  New Measurements of the Impacts of Globalization Jim Fetzer, Tom Howells
Update on New Measurements of the Impacts of Globalization PDFby James J. Fetzer and Thomas F. Howells III
Supply-Use Tables for the United States PDFby Jeffrey A. Young, Thomas F. Howells III, Erich H. Strassner, and David B. Wasshausen
  New FDI Data on Greenfield and Acquisitions Patricia Abaroa  
    Committee Discussion    
12:15 PM - 1:45 PM Lunch    
1:45 PM - 2:45 PM Big Data: Tackling New Projects and Exploring New Sources Dennis Fixler
    Discussant:
Roberto RigobonMassachusetts Institute of Technology
   
2:45 PM - 3:30 PM Prototyping BEA's Next Generation Website: A Better Way to Connect with Customers Lucas Hitt
    P.J. Urquilla    
    Committee Discussion    
3:30 PM Adjournment    
         
Time Topics Speakers Presentations Background Materials
8:30 AM - 9:00 AM Registration and Coffee    
9:00 AM - 9:15 AM Welcome and Opening Remarks
Brian Moyer
Ernst Berndt
   
9:15 AM - 10:45 AM BEA's Regional Program:
Recent Improvements and Future Work
Joel Platt & Ledia Guci
Ray Rasker, Headwaters Economics
Discussant: Andrew Reamer
BEA's Regional Program PDFby Ledia Guci
Prototype Personal Consumption Expenditures by State for 1997–2012 PDFby Christian Awuku-Budu, Ledia Guci, Christopher A. Lucas, and Charles Ian Mead
Prototype Quarterly Gross Domestic Product by State Statistics for 2005–2013 PDFby Lam Cao, Charles Ian Mead, Todd Siebeneck, and Catherine (Zheng) Wang
10:45 AM - 11:00 AM Break    
11:00 AM - 12:00 PM Update Session:
Harmonizing BEA's Measures of GDP, GDI, and Value Added
Brent Moulton
Committee Discussion
 
12:00 PM - 1:30 PM Lunch:
Plans for BEA's Web Site Redesign
Lucas Hitt & P.J. Urquilla
 
1:30 PM - 1:45 PM International Trade and Investment Facts Web Application
Ryan Howley
1:45 PM - 2:15 PM Update on BEA Activities 
Under Secretary Mark Doms
Brian Moyer
   
2:15 PM - 3:30 PM Better Measuring the Financial Sector Output:
BEA/FRB Integrated Macro Accounts and Shadow Banking
Bob Kornfeld & Kyle Hood
Discussants: Susan Hume McIntosh, Federal Reserve Board, & Daniel Sichel
Financial Subsectors in the Integrated Macroeconomic Accounts PDFby Robert Kornfeld, Lisa Lynn, and Takashi Yamashita
Financial Subsectors in the Integrated Macroeconomic Accounts PDFby Robert Kornfeld, Lisa Lynn, and Takashi Yamashita
3:30 PM Adjournment    
         
Time Topics Presentation Background Materials
8:30 AM - 9:00 AM Registration and Coffee
9:00 AM - 9:30 AM Welcome and Opening Remarks  
9:30 AM - 11:00 AM Health Care Satellite Account
Household Consumption Expenditures for Medical Care: An Alternate Presentation PDFby Ana Aizcorbe, Eli B. Liebman, David M. Cutler, and Allison B. Rosen
11:00 AM - 11:15 AM Break  
11:15 AM - 12:15 PM Update Session:
Factoryless Goods Manufacturing, Global Value Added Chains
12:15 PM - 1:30 PM Lunch  
1:30 PM - 2:15 PM Update on BEA Activities   
2:15 PM - 3:30 PM Revisions to GDP/GDI
Revisions to GDP/GDI PDFby Dennis J. Fixler
Discussant's Remarks:
Comments on Dennis J. Fixler's, "Revisions to GDP and GDI" PDFby Ellen R. McGrattan
The Revisions to GDP, GDI, and Their Major Components PDFby Dennis J. Fixler, Ryan Greenaway-McGrevy, and Bruce T. Grimm
3:30 PM Adjournment  
       
 

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Contact Us

The BEA Advisory Committee meets twice yearly. To attend, or to request additional information, please contact Gianna Marrone at gianna.marrone@bea.gov.