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Activity Number:
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578
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Type:
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Invited
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Date/Time:
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Thursday, August 6, 2009 : 10:30 AM to 12:20 PM
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Sponsor:
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Business and Economic Statistics Section
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| Abstract - #303100 |
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Title:
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Computing Real Bank Services
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Author(s):
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Dennis Fixler*+ and Marshall B. Reinsdorf
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Companies:
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Bureau of Economic Analysis and Bureau of Economic Analysis
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Address:
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1441 L Street, NW, Washington, DC, 20230,
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Keywords:
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financial services ; user cost ; superlative index numbers ; gross domestic product
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Abstract:
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Real output of banks in the National Income and Product Accounts is currently estimated from the index of total bank output published by the BLS Office of Productivity and Technology. The implicitly priced portion of this output is estimated as the residual that remains after subtraction of deflated explicitly priced output of banks. We focus on direct deflation of implicitly priced depositor and borrower services by Fisher indexes of the user-cost prices of these services. To insure that our price indexes for depositor and borrower services are not excessively volatile, we develop smoothing methods for the user-cost prices. We then construct Fisher indexes. Compared with the method that is currently used, deflation by a Fisher index raises the estimated real growth rate of implicit depositor services by an average of more than 7 percent per year.
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