Bureau of Economic Analysis - Explained
What is the Bureau of Economic Analysis?
Written by Jason Gordon
Updated at June 27th, 2021
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Table of Contents
Bureau of Economic Analysis DefinitionWhat does the Bureau of Economic Analysis (BEA) do?Academics Research on Bureau of Economic Analysis - BEABureau of Economic Analysis Definition
The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official economic data used to confirm and predict trends, changes, and business cycles. These notable reports are used to make informed economic policy or decisions by the government or for investment opportunities by the private sectors.
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What does the Bureau of Economic Analysis (BEA) do?
Among many statistics analyzed by the Bureau, the Gross domestic product and the balance of trade data serve as the most influential. The Bureau stores and collects data ranging from foreign direct and indirect investment to local, state and federal levels. This bureau also collects data on industries and different sectors in order to conduct a holistic economic analysis of a country.
The Bureau of Economic Analysis primary mission is to provide basic knowledge of the U.S economy through its objective time-efficient, relevant and accurate economic data. The bureau produces economic accounts statistics aiding government and businesses understanding of the U.S economy. To achieve this, the Bureau collects data, conducts researches and analysis, develops and enact estimation methodologies, and shares statistics to the public. The Bureau produces some of the most important economic statistics that have influenced government economic decisions, businesses, people, households, among others. Bureau of Economic analysis is one of the foremost statistical agencies in the world. The Bureau's economic statistics provide a detailed, up to date and relevant information on the U.S economy, this had helped in terms of making pertinent decisions such as monetary policy, tax, and budget forecast etc. The basis of BEA's statistics is the national income and product accounts (NIPAs), which characterizes the estimates of gross domestic product (GDP) and other related measures. The GDP reports serve as the most laudable achievement of the Bureau of Economic Analysis. Gross Domestic Product (GDP) is the monetary value of all finished goods and services produced within a country during a specific period or within a time frame. This time frame is usually a yearly basis, GDP can also be carried out quarterly or within a specific number of months. For example, the US releases GDP estimates quarterly and yearly. The Gross Domestic Products reports are most times readjusted following a rise or fall in the price level or price changes.
Academics Research on Bureau of Economic Analysis - BEA
- The Bureau of Economic Analysis and Current Population Survey Size Distributions: Some Comparisons for 1964, Budd, E. C., & Radner, D. B. (1975). The Bureau of Economic Analysis and Current Population Survey Size Distributions: Some Comparisons for 1964. InThe Personal Distribution of Income and Wealth(pp. 449-559). NBER.
- Bureau for Research in Economic Analysis of Development, Pritchett, L., Sumarto, S., & Suryahadi, A. (2003). Bureau for Research in Economic Analysis of Development. The theoretical, conceptual, and practical difficulties with the use of cross national data on schooling are so large it is reasonable to avoid using this type of aggregate data for any purpose for which individual level data would do. There are, however, three questions for which the use of cross national data on schooling is necessary and could potentially help answer interesting questions. First, explaining the cross national differences in the evolution and dynamics of output growth is an important agenda. Do differences in the evolution and dynamics of schooling help explain the big facts about output growth? Largely, no. Second, the existence and magnitude of output externalities to schooling is an important question with at least normative policy implications, and evidence for externalities requires at least some level of spatial aggregation. Does the cross-national data provide support for output externalities? Largely, no. Third, cross national (or more broadly spatially aggregated) data allows the exploration of the impact on returns to schooling (or in the gap between private and social returns) of differences in economic environments. This last question has been and seems a promising line for future research.
- Regional economic research programofthe Division of Economic Analysis, Bureau of Mines, Wang, K. L. (1967). Regional economic research program of the Division of Economic Analysis, Bureau of Mines.The Annals of Regional Science,1(1), 23-32.
- Potential Applications of Census Bureau Economic Series in Microdata Analysis, Kallek, S. (1975). Potential Applications of Census Bureau Economic Series in Microdata Analysis.The American Economic Review,65(2), 257-262.
- Innovation-related data in bureau of economic analysis international economic surveys. Howenstine, N. (2008). Innovation-related data in bureau of economic analysis international economic surveys.The Journal of Technology Transfer,33(2), 141-152. This paper describes innovation-related data available from international economic surveys conducted by the U.S. Bureau of Economic Analysis. These data are collected in conjunction with the international transactions accounts of the United States and in surveys of the operations of multinational companies (MNCs). The paper focuses on five innovation-related series: receipts and payments of royalties and license fees; exports and imports of research, development, and testing services; sales of services by foreign affiliates classified in the research and development services industry; MNC R&D spending; and MNC R&D employment.
- An Overview of US Bureau of Economic AnalysisStatistics on Multinational Companies, Kozlow, R. (2004).An Overview of US Bureau of Economic Analysis Statistics on Multinational Companies(No. 0037). Bureau of Economic Analysis. Statistics on multinational companies may be grouped into two broad categories: (1) those that pertain to cross-border transactions and positions between direct investors and direct investment enterprises (balance of payments and direct investment position data), and (2) those that pertain to MNC operations more broadly, including statistics on their domestic as well as international activities (financial and operating data). In the United States, BEA is the U.S. Government agency responsible for compiling and publishing both types of data. This note provides a brief history of BEAs data on MNCs, and describes some of the advantages associated with a single U.S. Government agency being responsible for compiling both types of data on MNCs. Major U.S. Government providers of data on international trade or finance are identified in an appendix