bea's Chain Indexes, Time Series, and Measures of Long-Term Economic Growth

Abstract

Last year, as part of a comprehensive revision of the national income and product accounts (NIPA's), the Bureau of Economic Analysis (BEA) introduced chain-type annual-weighted indexes, also known as Fisher indexes, as its featured measures of real output and prices. These new measures allow for the effects of changes in relative prices and in the composition of output over time, thereby eliminating a major source of bias in the previously featured fixed-weighted, or Laspeyres, measures of real output and prices. The advantages of the new indexes are particularly important for long-term time series, such as those presented in this issue of the SURVEY OF CURRENT BUSINESS, and for analyses of current economic conditions as the base period becomes out of date.

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