example, the magnitude of property, employment and sales explains less than 22 percent of the variation in profits between … Base in Europe, would apportion a firm's worldwide profits using formulas based on the location of employment, capital or … sales. This paper offers a new method of evaluating the accuracy of these apportionment rules and the ownership distortions …

the economy. In 1919, the Fed began tabulating data by about retail sales, which it viewed as a fundamental measure of … consumption. From 1920 until 1929, the Federal Reserve published data about retail sales each month by Federal Reserve district …, but ceased to do so after 1929. It continued to compile monthly data on retail sales by reserve district, but this data …