SECOND EDITION. Frangois Lequiller, Derek Blades
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1 Understanding National Accounts SECOND EDITION Frangois Lequiller, Derek Blades OECD BETTER POLICES FOR BETTER LIVES
2 Table of contents Acknowledgements 11 Chapter 1. The essential macroeconomic aggregates DefiningGDP The first fundamental equation: Deriving GDP in volume Defining demand: the role of Investment and consumption Second fundamental equation: Reconciling global Output and demand Third fundamental equation: Reconciling global Output and income 30 Key points 36 Going further 37 Exercises 44 Chapter 2. Distinguishing between volume and price increases A word of caution: Compare volumes The volume/price breakdown applied to changes over time The difficulties of aggregation Volume indices and price indices Constant prices "Chained" accounts and the loss of additivity Unpleasant practical consequences of chain linking The special cases And what about the price indices? 66 Key points 69 Going further 70 Exercises 72 Chapter 3. International comparisons Comparison of growth rates Comparison of ratios: The example of the saving ratio, the profit rate and the public debt ratio Comparison oflevels of variables: GDP per head in volume The spatial volume/price breakdown: Purchasing power parities Comparison of variables in absolute terms: Household consumption 96 UNDERSTANDING NATIONAL ACCOUNTS OECD 2014 g
3 Key points 100 Exercises 101 Chapter 4. Production: What it includes and excludes The production frontier The illegal economy and the underground economy Measurement of Output and of value added: The general case The measurement of Output and of value added: Special cases Nomenclatures and classifications 117 Key points 120 Going further 121 Exercises 126 Chapter 5. Defining final uses of GDP Final uses in the national accounts Households' final consumption expenditure Final consumption expenditure by general govemment Final consumption expenditure of the NPISHs Moving from consumption expenditure to actual consumption Gross fixed capital formation Changes in inventories Net acquisitions of valuables Exports and imports of goods and services 151 Key points 158 Going further 160 Exercises 165 Chapter 6. The household account The three key indicators in the household account The household sector accounts An alternative way to measure household disposable income and consumption 186 Key points 189 Going further 190 Exercises 197 Chapter 7. Business accounts The relationship between the firm (enterprise) and the corporation The structure of corporate-sector accounts From corporations to firms 215 Key points 219 Going further 220 Exercises UNDERSTANDING NATIONAL ACCOUNTS O OECD 2014
4 Chapter 8. The financial and balance sheet accounts The importance of household wealth for the analysis of the current economic Situation The principle of quadruple-entry bookkeeping Financial assets and liabilities The link between financial flows and financial stocks The non-financial assets The balance sheet accounts The complete sequence of accounts of an institutional sector Key points 255 Going further 257 Exercises 271 Chapter 9. The general govemment account A simplified diagram for general govemment Detailed structure of the general govemment account What is the scope of the general govemment? The principal public-finance indicators 292 Key points 295 Going further 296 Exercises 300 Chapter 10. The input-output table and integrated economic accounts The supply-and-use tables (SUTs) The aggregate supply and final uses tables Intermediate use table (IUT) The input-output table The use of the input-output table for economic analysis From the sum of the values added to GDP The integrated economic account (IEA) The transition from GDP to national income 327 Key points 330 Going further 331 Exercises 341 Chapter 11. The national accounts machinery: Compilation and reporting The quarterly national accounts The annual national accounts The revisions to the national accounts and their precision Comprehensive revisions Other datasets related to the national accounts 363 UNDERSTANDING NATIONAL ACCOUNTS OECD
5 Key points 365 Going further 366 Exercises 369 Chapter 12. The national income and product accounts of the United States Background NIPA Tables Dissemination of NIPAs Other NIPA-related programmes Compilation of quarterly gross domestic product Methodologies for preparing quarterly GDP 391 Going further 402 Chapter 13. The financial crisis and recession: Reflections in the national accounts The Great Recession Slow economic recovery Prelude to the financial crisis 429 Chapter 14. International systems of national accounts: Past and future From the very beginnings to the first modern accounts The 1953 SNA The 1968 SNA The 1993 SNA The 1995 ESA The 2008 SNA 445 Chapter 15. GDP as a welfare metric: The "beyond GDP" agenda Better welfare measures within the national accounts Welfare measures beyond the national accounts Measuring well-being: the broader agenda on "Beyond GDP" 470 Chapter 16. National accounts in a globalising world Evidence of increasing globalisation A new Statistical tool to measure the impact of globalisation: Trade in Value Added (TiVA) Continuing to compile good national accounts in a globalising world 492 Index 497 Glossary UNDERSTANDING NATIONAL ACCOUNTS OECD 2014
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