In this paper I focus on three related and difficult areas of the measurement of national income. I argue that the economic theory underlying measurement of these items is currently controversial and incomplete.

Recent Bureau of Labor Statistics (BLS) data show labor’s share of income at a historic low. This Policy Discussion Paper explores the BLS calculations with an eye to understanding the factors leading to the recent fall in labor’s share. While data limitations prohibit replication of the BLS...

This paper presents integrated macroeconomic accounts for the United States for the period 1985 to 2002 and discusses issues related to their construction and use. Specifically, it focuses on tying together the national income and product accounts (NIPAs) and international transaction accounts...

This paper examines the effect of national income on the total fertility rate (children born per woman). We estimate the effects on fertility of shocks to national per capita income using plausibly exogenous variations in oil price shock as an instrument for income and using instrumental...