President William Clinton has signed into law an aggressive plan to cut the federal government budget deficit by nearly $500 billion over a period of five years. The purpose of deficit reduction is to revive U.S. economic growth by stimulating private investment, the most important source of...

<DIV><I>A New Architecture for the U.S. National Accounts</I> brings together a distinguished group of contributors to initiate the development of a comprehensive and fully integrated set of United States national accounts. The purpose of the new architecture is not only to integrate the existing systems of...</i></div>

<DIV>Since the Great Depression, researchers and statisticians have recognized the need for more extensive methods for measuring economic growth and sustainability. The recent recession renewed commitments to closing long-standing gaps in economic measurement, including those related to...</div>

The purpose of this paper is to present a new approach to econometric modeling of substitution and technical change. Substitution is determined by observable variables, such as prices of output and inputs and shares of inputs in the value of output. Our principal innovation is to represent the...

In a system with several stochastically failing parts and economies of scale in their maintenance, it may be advantageous to follow an "opportunistic" policy for maintenance. In opportunistic policies the action to be taken on a given part at a given time depends on the state of the other parts...

This paper identifies emerging trends in the world economy during the next decade. The first is that China will overtake the U.S. in terms of gross domestic product (GDP), ending more than a century of U.S. leadership as the world's largest economy. The second is that Developing Asia, excluding...