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The Impact of Revisions of National Accounts on the Estimation of Derived Indicator
[Dopad revizí v národních účtech na odhady odvozeného indikátoru]

Author

Listed:
  • Jakub Fischer
  • Kristýna Vltavská
  • Igor Krejčí
Abstract
The paper is devoted to an analysis of the impact of historical revisions of national accounts by the Czech Statistical Office (CZSO) between 2010 and 2011. The theoretical part of the paper points out the importance of revisions of national accounts, describes the different types of revisions and summarises existing results of the revisions. The empirical part is devoted to an evaluation of the impact of the revisions on individual indicators entering the estimation of total factor productivity. While the level of hours worked was revised downwards, the level of fixed capital was revised upwards. Although the extent of revisions in the different years was not the same and there were also revisions of estimates of annual changes in the estimates of parameters entering TFP, the revisions of estimates of annual changes in overall productivity were not very significant, approximately a tenth of a percentage point. A significant change occurred only in the estimate for 2009. This happened not due to revisions, but using newer estimates of annual accounts for that year.

Suggested Citation

  • Jakub Fischer & Kristýna Vltavská & Igor Krejčí, 2013. "The Impact of Revisions of National Accounts on the Estimation of Derived Indicator [Dopad revizí v národních účtech na odhady odvozeného indikátoru]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2013(4), pages 20-33.
    • Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:4:id:408:p:20-33
    DOI: 10.18267/j.aop.408
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    References listed on IDEAS

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    1. Carol Corrado & John Haltiwanger & Daniel Sichel, 2005. "Measuring Capital in the New Economy," NBER Books, National Bureau of Economic Research, Inc, number corr05-1.
    2. Hulten, Charles R & Wykoff, Frank C, 1996. "Issues in the Measurement of Economic Depreciation: Introductory Remarks," Economic Inquiry, Western Economic Association International, vol. 34(1), pages 10-23, January.
    3. Jakub Fischer & Jaroslav Sixta, 2009. "K propočtu souhrnné produktivity faktorů [Towards the measurement of total factor productivity index]," Politická ekonomie, Prague University of Economics and Business, vol. 2009(4), pages 544-554.
    4. W. Erwin Diewert, 2005. "Issues in the Measurement of Capital Services, Depreciation, Asset Price Changes, and Interest Rates," NBER Chapters, in: Measuring Capital in the New Economy, pages 479-556, National Bureau of Economic Research, Inc.
    5. Mrs. Carol S Carson & Mr. Sarmad Khawaja & Mr. Thomas K. Morrison, 2004. "Revisions Policy for Official Statistics: A Matter of Governance," IMF Working Papers 2004/087, International Monetary Fund.
    6. Jakub Fischer, 2004. "Stabilita čtvrtletních odhadů užití hrubého domácího produktu [Quarterly estimates of expenditures on gross domestic product and their stability]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(3), pages 344-355.
    7. Jaroslav Sixta & Kristýna Vltavská & Jaroslav Zbranek, 2011. "Souhrnná produktivita faktorů založená na službách práce a kapitálu [Total Factor Productivity Measurement Based on Labour and Capital Services]," Politická ekonomie, Prague University of Economics and Business, vol. 2011(5), pages 599-617.
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    Cited by:

    1. Jaroslav Sixta & Kristýna Vltavská, 2016. "Změny v měření ekonomiky a dopady do odhadu produktivity [Changes in the Measuring of Economy and Its Impact on Productivity Estimation]," Politická ekonomie, Prague University of Economics and Business, vol. 2016(3), pages 351-368.

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    More about this item

    Keywords

    capital stock; hours worked; national accounts; revision;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production

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