Table 1.—Selected Changes in the Economy and Changes in the Economic Accounts

Economic development Issue Action/1/
Structural change:
Constant-dollar gross product originatingEstimates were not capturing changes; needed better picture of growth in services and imports and the role of information processing equipmentRevised the gross product by industry series (1991)
Input-output accountsIncomplete picture of industries; needed more timely detail on industry interactionImproved the benchmark input-output accounts (1994)
Incomplete picture of industries; needed more frequent information on changing industry structurePublished annual input-output tables (1987)
Gross state productIncomplete picture of regional activity; needed detail on State contributions to GDP to understand changes in economy's regional structureIntroduced gross state product by industry (1988)
Other structural developmentsChanging nature of Federal deposit insurance; needed to reflect the exposure due to savings and loan crisisDeveloped a new classification of federal deposit insurance (1991)
Changing nature of health care programs; needed consistent pictureReclassified medicaid outlays (to conform its treatment with medicare) (1985)
Price changeSubstitution bias of fixed-weighted indexPublished new alternative measures of real GDP change that reflect changing relative prices (1992)
Changing relative prices and/or unique productsIntroduced new index for deflation of computers based on hedonic techniques (1985)
Introduced a new price index for deflation of multifamily structures based on hedonic techniques (1991)
Used BLS import price indexes for deflation of imported producers' equipment (1988)
Improved the deflation of Federal defense purchases (1980)
Internationalization:
Trade in servicesGap in coverage; as trade (especially in financial services) increased, gap became largerConducted new surveys of 30 services (1989)
Improved the foreign travel survey (1989)
Developed new benchmark survey of financial services(1994)
Incomplete monthly picture of tradePresented new monthly estimates of international services (1994)
International investmentPosition: Valuation at historical cost and therefore understated and inconsistentRevalued direct investment and used market values for U.S. gold reserves (1991)
Direct investment in the United States: Needed establishment detail for analysis of specific industriesLinked BEA database of foreign-owned companies with Census database of U.S. establishments (1992)
International capital transactionsGap in coverage; needed to capture new channels and new financial instrumentsExpanded use of partner-country data (1994)
Supported improvements in Treasury surveys of portfolio investment
Other international developmentsIncreased interest in multinational firms; needed more detail on ownershipDeveloped supplemental balance-of-payments accounting frameworks and estimates (1994)
OtherImproved end-use classifications and deflation for trade (1988)
Other developmentsIncreased concern about the impact of economic growth on the use of natural resources and environmental qualityDeveloped integrated economic and environmental satellite accounts (1994)
Growth of the underground economyImproved the adjustments for the underground economy (1984)

1. Years in parentheses are the years in which the change was introduced.