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Measuring Wealth and Financial Intermediation and Their Links to the Real Economy
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Measuring Wealth and Financial Intermediation and Their Links to the Real Economy

Charles R. Hulten and Marshall B. Reinsdorf

Abstract

This book examines economic measurement in light of lessons learned in the financial crisis. One set of papers investigates how gaps in the data contributed to our failure to spot emerging risks to financial stability before and during the crisis. These papers describe strategies for filling these gaps and for coping with the inherent dynamism of the financial marketplace. Another set of papers discusses recent changes in measuring financial activity in the areas of defined benefit pension plans and cross border investment income. These change the picture of saving by sectors, particularly hou ... More

Keywords: financial crisis, national accounts, integrated macro accounts, measurement, saving and wealth

Bibliographic Information

Print publication date: 2015 Print ISBN-13: 9780226204260
Published to University Press Scholarship Online: September 2015 DOI:10.7208/chicago/9780226204437.001.0001

Authors

Affiliations are at time of print publication.

Charles R. Hulten, editor
University of Maryland

Marshall B. Reinsdorf, editor

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Contents

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Introduction

Charles R. Hulten and Marshall B. Reinsdorf

I Advancing Economic and Financial Measurement Practice: Lessons from the Financial Crisis

2 Financial Statistics for the United States and the Crisis

Matthew J. Eichner, Donald L. Kohn, and Michael G. Palumbo

5 Financial Intermediation in the National Accounts

Carol A. Corrado and Charles R. Hulten

II Advances in Measuring Wealth and Financial Flows

6 Adding Actuarial Estimates of Defined-Benefit Pension Plans to National Accounts

Dominique Durant, David Lenze, and Marshall B. Reinsdorf

7 The Return on US Direct Investment at Home and Abroad

Stephanie E. Curcuru and Charles P. Thomas

8 US International Financial Flows and the US Net Investment Position

Christopher A. Gohrband and Kristy L. Howell

III How Did the Financial Crisis Affect Households and Businesses?

9 Household Debt and Saving during the 2007 Recession

Rajashri Chakrabarti, Donghoon Lee, Wilbert van der Klaauw, and Basit Zafar

10 Drowning or Weathering the Storm?

Jesse Bricker, Brian Bucks, Arthur Kennickell, Traci Mach, and Kevin Moore