
Contents
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11.1 A First Look at Prototype Results 11.1 A First Look at Prototype Results
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11.1.1 Sources of US Output Growth, 1998 to 2010 11.1.1 Sources of US Output Growth, 1998 to 2010
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Labor Composition Labor Composition
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MFP Growth Trends at the Industry Level MFP Growth Trends at the Industry Level
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Contributions to Economy-Wide MFP Contributions to Economy-Wide MFP
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Goods-Producing Sector Contributions to Economy-Wide MFP Goods-Producing Sector Contributions to Economy-Wide MFP
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Services-Producing Sector Contributions to Economy-Wide MFP Services-Producing Sector Contributions to Economy-Wide MFP
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11.2 BLS MFP and Industry Contributions to BLS MFP—A Comparison 11.2 BLS MFP and Industry Contributions to BLS MFP—A Comparison
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11.3 Methodology 11.3 Methodology
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11.3.1 Conceptual Overview of Measurement 11.3.1 Conceptual Overview of Measurement
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11.3.2 Estimation Methods—Aggregation 11.3.2 Estimation Methods—Aggregation
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11.3.3 Estimation Methods—Gross Output, Value Added, and Intermediate Inputs 11.3.3 Estimation Methods—Gross Output, Value Added, and Intermediate Inputs
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11.3.4 Estimation Methods—Capital Input 11.3.4 Estimation Methods—Capital Input
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11.3.5 Asset Detail 11.3.5 Asset Detail
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11.3.6 Capital Stocks 11.3.6 Capital Stocks
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11.3.7 Rental Prices 11.3.7 Rental Prices
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11.3.8 Government, Nonprofit, and Owner-Occupied Capital 11.3.8 Government, Nonprofit, and Owner-Occupied Capital
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11.3.9 Estimation Methods—Labor Input 11.3.9 Estimation Methods—Labor Input
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Labor Hours Labor Hours
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Labor Composition Labor Composition
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11.4 Conceptual and Measurement Challenges 11.4 Conceptual and Measurement Challenges
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11.5 Conclusion and Possible Next Steps 11.5 Conclusion and Possible Next Steps
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Appendix Appendix
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References References
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12 Toward the Development of Sectoral Financial Positions and Flows in a From-Whom-to-Whom Framework
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11 A Prototype BEA / BLS Industry-Level Production Account for the United States
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Published:October 2014
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Abstract
GDP by industry statistics provide detailed information on the industry sources of aggregate value added growth, but do not include estimates of the contributions of capital and labor inputs and multifactor productivity (MFP) to economic growth. MFP measures the output per unit of capital, labor, and intermediate inputs, and is an important component of growth in GDP. The official MFP measures provide information on components of economic growth in the market economy, but they do not report detailed information on the nonmarket economy. Differences in concepts and methods used by each respective agency persist due to the nature of each program, but each statistical program depends on the other to prepare its measures. This paper builds on the GDP by industry statistics produced by the BEA and the capital, labor and MFP statistics produced by the BLS to assemble an industry-level production account for the U.S. that is consistent with GDP. The key feature of this internally-consistent prototype account is to provide values, prices, and quantities of outputs and inputs used in the industry production process. This set of accounts allows one to decompose industry contributions of inputs and MFP to the sources of GDP growth at the aggregate level.
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