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As part of the recent comprehensive revision of the 's,  introduced an improved methodology for calculating depreciation. The improved methodology uses empirical evidence on the prices of used equipment and structures in resale markets , which has shown that depreciation for most types of assets approximates a geometric pattern. Previously, the(More)
useful conversations. We thank the Searle Foundation and the Kaufman Foundation for funding. All errors are our responsibility. Abstract How much economic value did the diffusion of broadband create? We provide benchmark estimates for 1999 to 2006. We observe $39 billion of total revenue in Internet access in 2006, with broadband accounting for $28 billion(More)
HE " new economy " and the favorable economic conditions accompanying it have been the subject of considerable attention in the media, on Wall Street, among economists, at central banks, and in government agencies. Although some seem to take it on faith that there is a permanent change in the economy powering the strong performance of the U.S. economy over(More)
McCulla with assistance from Michael D. Glenn. The estimates of fixed assets and consumer durables were prepared by the National Income and Wealth Division and the Government Division of BEA. Specifically, the estimates for the private sector and the chain-type estimates for the private and government sectors were prepared This publication presents(More)
The U.S. economy has expanded rapidly in recent years with total factor productivity – the source of growth most closely identified with technological gains – rising sharply since the mid-1990s. 1 This strong aggregate performance and the well-documented explosion of investment in computers and other high-tech equipment have led many to believe that the(More)
N ational income and product accounts— best known by one of their principle aggregates, gross domestic product (GDP)—are produced by virtually every nation in the world. Simon Kuznets and Richard Stone, both later to become Nobel Prize winners, led the creation of the national accounts for the United States and the United Kingdom, respectively. So, what(More)
for helpful comments on an earlier draft of the paper. We also thank Chuck Hulten, Dale Jorgenson, and Nick Oulton for useful discussions concerning the measurement of capital. Michael Hurlbut, Robert Little, and Brian Rowe provided excellent research assistance. The views expressed in the paper are those of the authors and should not be attributed to the(More)
1 This paper represents views of the authors and is not an official position of the Bureau of Economic Analysis or the Department of Commerce. The authors would like to thank Brian Sliker for his work on updating the investment and capital stocks and his help in the writing of the technical appendix. David Kass, Mark Planting, and Robert Yuskavage also(More)
HE mix of materials and services purchased as inputs to produce the U.S. economy's total output has shifted in recent years, reflecting a broad move toward a more services-oriented economy. A good part of this shift reflects the higher demand for purchased services inputs and the increased outsourcing of professional and business services by U.S. firms. In(More)
Brief Summary < The size of the digital economy is unknown, although some estimates do exist, they vary widely. < The digital economy and E-commerce are embedded in the national accounts, not distinguishable from other economic activities, yet the level of activities is reflected in GDP. < BEA methodology is designed to quickly incorporate information from(More)