US Bureau of Labor Statistics
International Price Program
Suite 3955 Postal Square Bdg
2 Massachusetts Ave., NE
Institutional Affiliation: Bureau of Labor Statistics
NBER Working Papers and Publications
|October 2019||Unit Values for Import and Export Price Indexes – A Proof of Concept|
with Don Fast: w26373
The U.S. Bureau of Labor Statistics’ import and export price indexes (MXPI) are published from an ever decreasing sample relative to the size of trade. The Principal Federal Economic Indicator has an opportunity to retain and regain detailed MXPI using unit values calculated from comprehensive administrative trade data. Unit values are known to be biased, although bias is less prevalent among homogeneous products. This research presents a new methodological and statistical approach to blend unit values into official price indexes. First, a proof of concept for identifying homogeneous items is based on an analysis of two export products – dairy and vegetables – for 2015-16. The results provide a prototype and a roadmap for a consistent and testable approach that aligns with the concepts in...
|August 2019||Unit Values for Import and Export Price Indexes: A Proof of Concept|
with Don A. Fast
in Big Data for 21st Century Economic Statistics, Katharine G. Abraham, Ron S. Jarmin, Brian Moyer, and Matthew D. Shapiro
The U.S. Bureau of Labor Statistics’ import and export price indexes (MXPI) are published from an ever decreasing sample relative to the size of trade. The Principal Federal Economic Indicator has an opportunity to retain and regain detailed MXPI using unit values calculated from comprehensive administrative trade data. The unit values from the high-frequency, high-volume source present a dilemma for official price statistics, given that unit value indexes are known to not track price indexes. This BLS research proposes a new methodological and statistical approach to identify detailed homogeneous product categories that show minimal unit value bias to include in the MXPI. The proof of concept for identifying homogeneous items is based on an analysis of two export products—dairy and vegeta...
|September 2014||A Prototype BEA/BLS Industry-Level Production Account for the United States|
with Steven Rosenthal, Matthew Russell, Erich H. Strassner, Lisa Usher
in Measuring Economic Sustainability and Progress, Dale W. Jorgenson, J. Steven Landefeld, and Paul Schreyer, editors
GDP by industry statistics provide detailed information on the industry sources of aggregate value added growth, but do not include estimates of the contributions of capital and labor inputs and multifactor productivity (MFP) to economic growth. MFP measures the output per unit of capital, labor, and intermediate inputs, and is an important component of growth in GDP. The official MFP measures provide information on components of economic growth in the market economy, but they do not report detailed information on the nonmarket economy. Differences in concepts and methods used by each respective agency persist due to the nature of each program, but each statistical program depends on the other to prepare its measures. This paper builds on the GDP by industry statistics produced by the B...