The Dutch Growth Accounts

Erik Veldhuizen

World KLEMS Conference

August 19-20, 2010

Harvard University

Background

• First published in 2007

• Time series from 1995 onwards

• Exogeneous and endogeneous model

• Y-KLEMS and VA-KL

• 36 industries

Differences with EU-KLEMS

• Exogeneous rate of return

• Sectoral output

• No labour characteristics

• More capital inputs

• Laspeyres index

Dutch National Accounts

Consistent set of

• Supply and Use Tables

• Sector Accounts

• Labour Accounts

• Non-Financial Balance Sheets

Use of National Accounts (1)

• Intermediate Consumption & Output: Supply and Use Tables

• Consolidation: Input-Output Tables

• Hours Worked: Labour Accounts

Use of National Accounts (2)

• Compensation of Employees: Labour Accounts & S&U Tables

• User Cost: Based on Non-Financial Balance Sheets

• Taxes & Subsidies: S&U Tables

Problems with National Accounts

• Independent output measures

• Capital services for non-market producers

• Trade & transport margins

• Renting of movables

• Labour volume index

MFP in some industries

95

100

105

110

115

120

125

130

1995 1997 1999 2001 2003 2005 2007 2009

Manufacturing Construction

Trade Transport + telecom

Business activities

MFP for more capital inputs in mining and quarrying

-16

-12

-8

-4

0

4

8

1996 1998 2000 2002 2004 2006 2008

MFP fixed assets only

MFP fixed assets + mineral reserves

%

Future Work

• Including Labour Characteristics

• Extending Time Series

• Including extra Capital inputs

• More Industries