A Guide To U.S. Chain Aggregated Nipa Data

Karl Whelan ()

Review of Income and Wealth, 2002, vol. 48, issue 2, 217-233

Abstract: In 1996, the U.S. Department of Commerce began using a new method to construct all aggregate “real” series in the National Income and Product Accounts (NIPA). This method is based on the so‐called “ideal chain index” pioneered by Irving Fisher. The new methodology has some extremely important implications that are unfamiliar to many practicing empirical economists; as a result, mistaken calculations with NIPA data have become very common. This paper explains the motivation for the switch to chain aggregation, and then illustrates the usage of chain–aggregated data with three topical examples, each relating to a different aspect of how information technologies are changing the U.S. economy.

Date: 2002
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