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...