Author Archives: Menzie Chinn

Distributional Data from the National Income and Product Accounts

Using an incredibly powerful device called “the Google”, I have discovered new prototype data releases regarding the distributional aspects of real personal income.  Here are some figures depicting income accruing to select household income percentiles, contributions to income growth therefrom, and Gini coefficients. These figures are from this Working Paper entitled “Measuring Inequality in the National Accounts” (updated 2020).

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Diverging Fortunes: US and Euro Area GDP

Euro area GDP continues to drop in Q1, while the US recovery accelerates.

Figure 1: US real GDP (blue), Euro Area 19 real GDP (red), both in logs, 2019Q4=0. Source: BEA, European Union, and author’s calculations.

The US recovery has benefited from a tremendous amount of fiscal stimulus and — finally — a reasonable pandemic response (including an effective vaccination rollout).