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NBER Conference on Research in Income and Wealth

Measuring Economic Sustainability & Progress

Dale Jorgenson, J. Steven Landefeld, and Paul Schreyer, Organizers

Royal Sonesta Hotel

40 Edwin Land Boulevard

Cambridge, Massachusetts

August 6-8, 2012

Program

Monday, August 6:

	JOINT PLENARY SESSION (Grand Ballroom)
8:30 am	Continental Breakfast
9:00 am	Welcome and Brief Opening Remarks by Organizers Federal Reserve Chairman Ben Bernanke delivers prerecorded remarks
9:15 am	Chair: J. Steven Landefeld, Bureau of Economic Analysis
	Joint Plenary Session (with IARIW) – Expanded Measurement of Economic Activity: Progress and Prospects Keynote Speaker: Katharine Abraham, President’s Council of Economic Advisers Discussant: Nancy Folbre, University of Massachusetts
10:30 am	Break
11:00 am	Joint Plenary Session (with IARIW) continued - Expanded Measures of Economic Sustainability & Welfare: Retrospect and Prospect Measuring Social Welfare in the National Accounts Dale Jorgenson, Harvard University Daniel Slesnick, University of Texas Household Production, Leisure and Living Standards W. Erwin Diewert, University of British Columbia and NBER Paul Schreyer, OECD Discussant: Timothy Smeeding, University of Wisconsin
12:30 pm	Lunch (Grand Ballroom)
	REGULAR CRIW SESSION (Charles Suites)
2:00 pm	Chair: Paul Schreyer, OECD Afternoon Session 1: Reconciling Administrative and Survey Data on the Distribution of Income and Wealth Trends in the Distribution of Household Income Between 1979 and 2007 Edward Harris, Congressional Budget Office Accounting for the Distribution of Income in the U.S. National Accounts Dennis Fixler, Bureau of Economic Analysis David Johnson, Census Bureau Analysis of Wealth Using Micro and Macro Data: A Comparison of the Survey of Consumer Finances and Flow of Funds Accounts Alice Henriques, Federal Reserve Board Joanne Hsu, Federal Reserve Board Discussant: Edward Wolff, New York University and NBER
3:30 pm	Break
4:00 pm	Afternoon Session 2: Integrating Distributional Information on Consumer Spending and Saving into the Accounts Representing Consumption and Saving Without A Representative Consumer Christopher Carroll, Johns Hopkins University Integration of Micro and Macro Data on Consumer Income and Expenditures Clinton McCully, Bureau of Economic Analysis Discussant: Bruce Meyer, University of Chicago and NBER
5:15 pm	Adjourn
7:00 pm	Joint CRIW/IARIW Dinner (Grand Ballroom)
	Remembrance for Robert Summers

Tuesday, August 7:

8:30 am	Continental Breakfast
9:00 am	Chair: Dale Jorgenson, Harvard University Morning Session 1: Macro-Prudential Policy and Investor and Public Data Requirements
	Risk Topography Markus Brunnermeier, Princeton University and NBER Gary Gorton, Yale University and NBER Arvind Krishnamurthy, Northwestern University and NBER Regulatory and Investor Needs Jonathan Sokobin, Department of the Treasury Discussant: Lewis Alexander, Nomura Securities
10:30 am	Break
11:00 am	Morning Session 2: Integrating Real and Financial Accounts
	The Integrated Macroeconomic Accounts of the United States Marco Cagetti, Federal Reserve Board Elizabeth Holmquist, Federal Reserve Board Lisa Lynn, Bureau of Economic Analysis Susan McIntosh, Federal Reserve Board David Wasshausen, Bureau of Economic Analysis An Integrated Framework for Financial Positions and Flows on a From-Whom-to-Whom Basis: Concepts, Status, and Prospects Segismundo Fassler, International Monetary Fund Reimund Mink, International Monetary Fund Manik Shrestha, International Monetary Fund Kimberly Zieschang, International Monetary Fund Discussant: Werner Bier, European Central Bank
12:30 pm 2:00 pm	Lunch (Parkview Room) Chair: J. Steven Landefeld, Bureau of Economic Analysis
	Afternoon Session: Integrating Real and Financial Accounts (continued)
	Adding Actuarial Estimates of Defined Benefit Pension Plans and Social Security to National Accounts Dominique Durant, Banque de France David Lenze, Bureau of Economic Analysis Marshall Reinsdorf, Bureau of Economic Analysis Innovation Accounting Carol Corrado, The Conference Board Charles Hulten, University of Maryland and NBER Discussant: Barry Bosworth, Brookings Institution
3:30 pm	Break
4:00 pm	CRIW Membership Meeting
4:30 pm	Adjourn

Wednesday, August 8:

8:30 am	Continental Breakfast
9:00 am	Chair: Paul Schreyer, OECD Morning Session 1: Measuring Sustainability, Human Capital, and Health
	Measuring Sustainable Development: A Methodological and Empirical Investigation Rutger Hoekstra, Statistics Netherlands Jan-Pieter Smits, Statistics Netherlands Towards the Measurement of Net Economic Welfare: Inter-Temporal Environmental Accounting in the U.S. Economy Nicholas Muller, Middlebury College and NBER Human Capital Accounting in the United States: Context, Measurement, and Application Michael Christian, University of Wisconsin, Madison Discussants: Barbara Fraumeni, University of Southern Maine and NBER Mun Ho, Harvard University
10:30 am	Break
11:00 am	Morning Session 2: Measuring Sustainability, Human Capital, and Health (continued)
	Developing a Framework for Decomposing Medical-Care Expenditure Growth: Exploring Issues of Representativeness Abe Dunn, Bureau of Economic Analysis Eli Liebman, Bureau of Economic Analysis Adam Hale Shapiro, Bureau of Economic Analysis Experimental Measures of Output and Productivity in the Canadian Hospital Sector Wulong Gu, Statistics Canada Stephane Morin, Statistics Canada Discussant: Ernie Berndt, Massachusetts Institute of Technology and NBER
12:30 pm	Lunch (Parkview Room)
2:00 pm	Chair: Ernie Berndt, Massachusetts Institute of Technology and NBER
	Afternoon Session: Wrap Up Panel Shirin Ahmed, Census Bureau (Remarks) Adelheid Burgi-Schmelz, International Monetary Fund Slides J. Steven Landefeld, Bureau of Economic Analysis John Ruser, Bureau of Labor Statistics (Remarks) Jonathan Sokobin, Department of the Treasury
3:00 pm	Adjourn