National Economic Outlook: Hearing Before the Committee on Finance, United States Senate, One Hundred Fifth Congress, First Session, January 30, 1997, Opseg 4U.S. Government Printing Office, 1997 - Broj stranica: 34 |
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actions aggregation formula ALAN GREENSPAN appropriate available evidence Balanced Budget Amendment biased Boskin Commission report capital gains tax central banks Chairman GREENSPAN Congress CONNIE MACK consumer price index cost of living cost-of-living index create economic growth elderly EMEAP employment cost index evaluating false precision Federal funds rate Finance going growth rate important increases inflation interest rates investment Japanese banks major marketbasket ment Michael Boskin microstatistical misestimating monetary policy national economic outlook outlays output overstated percent percentage point political fix political judgment precisely price bias price measures price mismeasurement problem productivity programs quality adjustment quality change question rate of growth real resource recent second track Security Trust Fund Senator BRYAN Senator GRASSLEY Senator MACK Senator MOSELEY-BRAUN Senator MOYNIHAN Social Security Trust statement statistical suggested testimony Thank things tion track would involve two-track U.S. SENATOR upward bias wage
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Stranica 3 - Mr. Chairman and members of the committee, I very much appreciate the opportunity to appear before you today In support of four public works projects in my district, the 13th Congressional District of Ohio.
Stranica 4 - Department estimates the national income and product accounts, this research finds that the measured growth of real output and productivity in the service sector are implausibly weak, given that the return to owners of businesses in that sector apparently has been well-maintained. Taken at face value, the published data indicate that the level of output per hour in a number of service-producing industries has been falling for more than two decades.
Stranica 28 - Australia, Brunei, Canada, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan. Thailand, and the United States are members.
Stranica 3 - Statistics (BLS) research staff, have added importantly to our understanding of the sources of measurement error in the CPI. Any index that endeavors to measure the cost of living should aim to be unbiased. That is, a serious examination of all available evidence should yield the conclusion that there is just as great a chance that the index understates the rate of growth of the target concept as there is that it overstates the truth. The present-day consumer price index does not meet this standard....
Stranica 24 - ... given that the return to owners of businesses in that sector apparently has been well-maintained. Taken at face value, the published data indicate that the level of output per hour in a number of service-producing industries has been falling for more than two decades. In other words, the data imply that firms in these industries have been becoming less and less efficient for more than twenty years. These circumstances simply are not credible. On the reasonable assumption that nominal output and...
Stranica 3 - In fact, the best available evidence suggests that there is almost a 100 percent probability that we are overcompensating the average social security recipient for increases in the cost of living...
Stranica 23 - At present, however, the market basket used in constructing the CPI changes only once every decade or so. Moreover, new goods and services deliver value to consumers even at the relatively elevated prices that often prevail early in their life cycles; currently, that value is not reflected in the CPI. For that and other reasons outlined in the Boskin Commission report and other studies, we know with near certainty that the current CPI is off. We do not know precisely by how much, however. There is,...
Stranica 28 - As I see it, heightened job insecurity explains a significant part of the restraint on compensation and the consequent muted price inflation.... The continued reluctance of workers to leave their jobs to seek other employment as the labor market has tightened provides further evidence of such concern, as does the tendency toward longer labor union contracts. . . . The low level of work stoppages of recent years also attests...
Stranica 26 - ... zero for the remaining bias is the political fix. On this issue we should let evidence, not politics, drive policy. We have an overarching national interest in building a better measure of consumer prices and in implementing more rational indexation procedures. These efforts are essential if we are to ensure that the original intent of the relevant pieces of legislation will be fulfilled in insulating taxpayers and benefit recipients from the effects of ongoing changes in the cost of living....
Stranica 25 - ... to extend well beyond the original intent of the Congress. A considerable professional consensus already exists for at least two actions that would almost surely bring the CPI into closer alignment with a true cost-of-living index. First, we should move away from the concept of a fixed market basket at the upper level of aggregation and move toward an aggregation formula that takes into account the tendency of consumers to alter the composition of their purchases in response to changes in relative...