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From the Editor
Diane K. Schooley and Debra Drecnik Worden, A Behavioral Life-Cycle Approach to Understanding the Wealth Effect
Jerry H. Tempelman, The Depoliticization of Monetary Policy
Donald A. Norman, The Puzzle of Manufacturing Sector Investment
Thomas W. Synnott, 3rd, The Great Inflation: Inflation, Inflationary Expectations, and the Phillips Cycle 1960-2002
Albert E. DePrince, Jr. and Pamela D. Morris, The Effects of Education on the Natural Rate of Unemployment
Roger E. Brinner, Joyce Brinner, Matt Eckhouse, and Megan Leahey, Fiscal Realities for the State and Local Governments
Cynthia A. Glassman and David N. Beede, Regulatory Rules and Estimating Economic Growth: Two Perspectives on Expensing Employee Stock Options
Lance A. Ealey and Andrew C. Gross, The Global Market for Buses, 2000-2010
Book Reviews
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Focus on Statistics
Regulatory Rules and Estimating Economic Growth: Two Perspectives on Expensing Employee Stock Options
By Cynthia A. Glassman and David N. Beede
Cynthia A. Glassman and David N. Beede are, respectively, Under Secretary for Economic Affairs and Economist at the U.S. Department of Commerce.
This paper examines employee stock options from these two very different perspectives. The stage will be set by describing the two perspectives, starting with a short discussion of what the issues regarding stock options were at the SEC and how they were resolved, then switching to the BEA perspective with a brief description of how GDI is estimated. Then the relationship between the two perspectives is described–that is, how changes in accounting and tax rules have caused employee stock options to affect the GDI estimates. The paper concludes by identifying other reporting issues that may also affect, in some way, the National Income and Product Accounts (NIPAs).
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JEL Code: H25, E01
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