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Article: Chain-type measures of real output and prices in the U.S. national income and product accounts: an update.
- Article from:
- Business Economics
- Article date:
- October 1, 1996
- Author:
CopyrightCOPYRIGHT 1996 The National Association for Business Economists. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The most important improvement in the 1996 comprehensive national income and product account (NIPA) revision was the introduction of a new methodology for calculating changes in real output and prices. In BEA's previous method, the change in real GDP was calculated using weights of a single year (fixed weights) for all years of the GDP time series. The new method makes two changes. First, any single quarterly or annual change in GDP is calculated using weights from the two adjacent years.(1) Second, the time series of changes in real GDP is constructed by multiplying together ("chaining") these separately calculated changes. For simplicity, BEA refers to the present ...
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