Reliability of the NIPA Estimates of U.S. Economic Activity
Reliability of the NIPA Estimates of U.S. Economic Activity
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NIPA 对美国经济活动估计的可靠性
DOI:
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发表时间:
2005
期刊:
影响因子:
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通讯作者:
Bruce T. Grimm
中科院分区:
文献类型:
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作者:
Dennis J. Fixler;Bruce T. Grimm
HE goal of BEA’s national income and product accounts (NIPAs) is to provide timely, comprehensive, and reliable descriptions of the condition of the U.S. economy. Two featured measures—gross domestic product (GDP) and gross domestic income (GDI)—aim to provide snapshots of the economy at specified times. This study analyzes the reliability of BEA’s quarterly and annual estimates of GDP, of GDI, and of their components for 1983–2002. In this article, “reliability” refers to the magnitudes of the revisions to the estimates of these measures. 1 The revisions are defined as the changes from an earlier vintage of estimates to a later vintage (see the box “Vintages and Timing of Revisions”). The latest available estimates are presumed to be the best estimates and are used as the standards for reliability. Confirming previous research, the study concludes that BEA’s estimates are generally reliable and that these estimates thus present a useful picture of the Nation’s output of goods and services. Specifically, successive revisions to these estimates were usually able to indicate whether growth was positive or negative, whether growth was accelerating or decelerating, whether growth was high or low relative to trend, and where the economy was in relation to the business cycle. In order to present timely estimates of GDP, BEA prepares quarterly estimates that are based on preliminary data from Census Bureau surveys, such as those for retail sales and manufacturers’ shipments, and on extrapolated estimates, such as those for international trade and for consumer spending on domestic services. The estimates are revised to incorporate more comprehensive and more up-to-date data from surveys, tax records, and other administrative records when the data become available. The latest available estimates typically reflect not only updated source data but also changes in various definitions and statistical