The Integrated Macroeconomic Accounts of the United States

Marco Cagetti · Elizabeth Ball Holmquist · Susan Hume McIntosh · David B. Wasshausen

23 citations0/0 files storedFinance and Economics Discussion Series

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Economic Theory and Policy Banking stability, regulation, efficiency Global Financial Crisis and Policies

Abstract

The integrated macroeconomic accounts (IMAs), produced jointly by the Bureau of Economic Analysis (BEA) and the Federal Reserve Board (FRB), present a sequence of accounts that relate income, saving, investment in real and financial assets, and asset revaluations to changes in net worth. In this paper we first provide some background information on the IMAs and on their construction. Next, we discuss the usefulness of the IMAs, focusing for instance on the evolution of household net worth and its components, a set of series that has appeared frequently in discussions of the causes and effects of the recent financial crisis. We also discuss some of the challenges associated with integrating nonfinancial and financial data sources, that is, the current and capital accounts statistics from BEA's national income and product accounts (NIPAs) and the financial account statistics from FRB's flow of funds accounts (FFAs). In the final section, we discuss future plans for improving the IMAs, including a proposed framework and methodology for breaking out the financial business sector into three subsectors: 1) Central bank, 2) Insurance and pension funds, and 3) Other financial business.

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References

2019The System of National Accounts 2008 2010Financial Statistics for the United States and the Crisis: What Did They Get Right, What Did They Miss, and How Should They Change?2013Analysis of Wealth Using Micro and Macro Data: A Comparison of the Survey of Consumer Finances and Flow of Funds Accounts 2009The Integrated Financial and Real System of National Accounts for the United States: Does It Presage the Financial Crisis?2006Integrated Macroeconomic Accounts for the United States

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