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Chapter
Five:
Macroeconomic
Measurement:
The Current
Approach
An Overview of National Accounting
Table 5.1: The Estimated Size of U.S.
Manufactured Capital Stock, 2011
Type of Capital
Equipment and software (businesses and government)
Structures (businesses and government)
Residences
Inventories
Consumer durable goods
Total Value of Manufactured Capital
Sources: BEA, Fixed Asset Accounts Table 1.1 and NIPA Table 5.9, and authors’ calculations
Value in Trillions of
Dollars at the End of the
Year
7.0
21.5
17.6
2.2
4.7
53.0
Measuring Gross Domestic Product
Table 5.2: Gross Domestic Product, Product
Approach, 2012
Sector and Subsector
Households and institutions production
Private households
Nonprofit institutions
Business production
Government production
Federal government
State and local
governments
Total: Gross domestic product
Source: BEA, NIPA Table 1.3.5, published 1/30/2013.
Note: Totals may not add up exactly due to rounding.
Production by
Production by
Sector (trillions of Subsector (trillions
of dollars)
dollars)
1.93
1.07
0.86
11.87
1.87
0.62
1.26
15.68
Table 5.3: Gross Domestic Product, Spending
Approach, 2012
Sector and Type of Spending
Household and institutions spending
(personal consumption expenditures)
Durable goods
Nondurable goods
Services
Business spending
(gross private domestic investment)
Fixed investment
Change in private inventories
Net foreign sector spending
(net exports of goods and services)
Exports
Less: Imports
Government spending
(government consumption expenditures
and gross investment)
Federal
State and local
Total: Gross domestic product
Source: BEA, NIPA Table 1.1.5, published 1/30/2013
Note: Totals may not add up exactly due to rounding.
Spending by Sector
(trillions of dollars)
Spending by Type
(trillions of dollars)
11.12
1.22
2.56
7.34
2.06
2.00
0.06
-0.57
2.18
2.75
3.07
1.21
1.85
15.68
Table 5.4: Gross Domestic Product, Income
Approach, 2011
Types of Income and Adjustments
National income
Less: Net income receipts from the rest of the world
Plus: Depreciation (consumption of fixed capital)
Plus: Statistical discrepancy
Total: Gross domestic product
Source: BEA, NIPA, Table 1.7.5, published 1/30/2013, and authors’ calculations
Income and Adjustments
(trillions of dollars)
13.36
0.25
1.94
0.03
15.08
Growth, Price Changes, and Real GDP
Table 5.5: Calculation of Nominal GDP in an
“Apples-and-Oranges” Economy
(1)
Description
(2)
Price per
Pound
(3)
Quantity
(Pounds)
(4)
Contribution to Nominal GDP
[column (2) × column (3)]
Year 1
Apples
Oranges
$1.00
$2.00
100
50
$100
$100
$200
Year 2
Apples
Oranges
$1.50
$2.00
100
75
$150
$150
$300
Table 5.6: Calculation of Constant-Dollar Real GDP
(1)
(2)
Price per Pound
in Base Year
(3)
Quantity
(Pounds)
(4)
Contribution to Real GDP
[column (2) × column (3)]
Apples
Oranges
$1.00
$2.00
100
50
$100
$100
$200
Year 2
Apples
Oranges
$1.00
$2.00
100
75
$100
$150
$250
Description
Year 1 (Base)
Figure 5.1 Real versus Nominal GDP,
Chained 2005 Dollars, 1980–2012
18
Real and Nominal GDP
(Trillions of $s)
16
14
12
Real GDP (Chained 2005 dollars)
10
8
Nominal GDP
6
4
2
0
1980
1984
1988
Source: BEA NIPA Tables 1.1.5 and 1.1.6, published 1/30/2013
1992
1996
2000
2004
2008
2012
Table 5.7: Calculation of a Constant-Weight Price
Index
(1)
(2)
(3)
(4)
Description
Price per
Pound
Quantity in
Base Year
Sum of (Prices × Base Quantities)
[column (2) × column (3)]
Year 1
Apples
Oranges
$1.00
$2.00
100
50
$100
$100
$200
Year 2
Apples
Oranges
$1.50
$2.00
100
50
$150
$100
$250
Appendix: Chained Dollar Real GDP
Table 5.8: Deriving GDP in Chained (Year 1) Dollars
Type of Measure
Nominal GDP
Year 1
$200
Year 2
$300
Fisher quantity index
(current to previous year)
———
1.225
Chain-type quantity index
100
Real GDP (chained Year 1 dollars)
= $200
100 ×1.225
= 122.5
(122.5  $200)/100
= $245