Economic Report of the President

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TABLE B-64,—Total funds raised in credit markets by nonfinancial sectors, 1974-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Item 1974 1975 1976 1977 1978 1979 1980 1981Total funds raised by nonfinancial sectorsU.S. GovernmentForeignPrivate domestic nonfinancial sectorsCorporate equitiesDebt instrumentsDebt capital instrumentsState and local government obligations.Corporate bondsMortgagesHomeMulti-family residentialCommercialFarmOther debt instrumentsConsumer creditBank loans n.e.cOpen-market paperOtherBy borrowing sector: TotalState and local governmentsHouseholdsNonfinanciai businessFarmNonfarm noncorporateCorporateDebt instrumentsEquitiesTotal funds supplied to nonfinancial sectorsFinanced directly or indirectly by:Private domestic nonfinancial sectorsDeposits and currencyCheckable deposits and currencyTime and savings depositsMoney market fund sharesSecurity repurchase agreementsForeign depositsCredit market instrumentsCorporate equitiesForeign fundsAt banksCredit and equity instruments ,U.S. Government-related loans, net „.,U.S. Government cash balancesPrivate insurance and pension reservesOther sources.. ,193.9 214.411.8 85.414.8 11.5167.4 117.54.1 9.9163.3107.5100.6 100.916.5 16.119.7 27.264.4 57.637.3 42.06.9 -.015.1 11.05.0 4.662.7 6.69.9 9.632.6 -10.56.6 -2.613.5 10.1167.4 117.515.5 13.753.9 52.198.0 51.67.8 8.520.2 12.569.9 30.765.9 20.84.1 9.9193.9 214.4123.5 148.173.7 101.28.5 15.665.3 83.32.4 1.3-2.2 .2-.250.4 50.7-.6 -3.821.8 2.110.1 -=-8.711.7 10.819.1 23.2-4.6 2.833.4 39.7.8 -1.6273.569.019.6184.910.5174.3123.615.722.885.163.93.911.65.750.725.44.44.016.9184.915.289.580.210.215.454.544.010.5273.5173.5133.417.8111.7= .02.31.744,7-4.613.2-4J17.920.43.047.715.7334.356.813.9263.62.7260.9169.821.921.0126.994.37.118.47.191.140.226.72.921.3263.615.4137.3110.912.328.370.467.62.7334.3184.0148.525.5119.3.22.21.339.0-3.543.51.242.317.6.960.727.5401.753.733.2314.83R9198.728.420.1150.2112.19.221.77.2116.248.837.15.225.1314.819.1169.3126.314.632.479.379.4-.1401.7219.7152.325.6110.36.97.52.072.5= 5.146.76.340.527.23.766.637.8402.037.421.0343.6-7.8351.5216.029.822.5163.7120.17.823.911.8135.545.449.211.129.7343.620.2176.5146.921.434.491.299.0-7.8402.0258.9151.927.282.234.46.61.5122.9-15.922.725.6=2.931.8.560.028.1397.179.229.3288.712.9275.8204.135.933.2135.196.78.820.29.371.74.935.46.624.9288.727.3117.5143.914.433.895.782.812.9397.1271.1179.214.5127.829.26.51.189.72.15.6-23.028.629.0-3.680.814.2406.987.427.3292.3-11.5303.7175.032.923.9118.378.64.625.39.8128.825.351.119.233.1292.322.3120.4149.516.440.592.6104.1-11.5406.9291.3221.027.882.9107.52.5101.9-31.613.6-8.822.334.288.5-20.8See next page for continuation of table.236
TABLE B-64.—Total funds raised in credit markets by nonfinancial sectors, 1974-82—Continued[Billions of dollars; quarterly data at seasonally adjusted annual rates]Item1981I II III IVI1982Total funds raised by nonfinancial sectorsU.S. GovernmentForeignPrivate domestic nonfinancial sectorsCorporate equitiesDebt instrumentsDebt capital instrumentsState and local government obligations....Corporate bondsMortgagesHomeMulti-family residentialCommercialFarmOther debt instrumentsConsumer creditBank loans n.e.cOpen-market paperOtherBy borrowing sector: TotalState and local governmentsHouseholdsNonfinancial businessFarmNonfarm noncorporateCorporateDebt instrumentsEquitiesTotal funds supplied to nonfinancial sectorsFinanced directly or indirectly by:Private domestic nonfinancial sectorsDeposits and currencyCheckable deposits and currencyTime and savings depositsMoney market fund sharesSecurity repurchase agreementsForeign depositsCredit market instrumentsCorporate equitiesForeign fundsAt banksCredit and equity instrumentsU.S. Government-related loans, netU.S. Government cash balancesPrivate insurance and pension reserves. Other sourcesSource: Board of Governors of the Federal Reserve System.431.9111.333.6287.05.2281.8192.736.025.0131.893.44.425.38.589.126.522.811.328.5287.027.1135.0125.019.237.168.763.55.2431.9309.3284.069.739.2148.416.99.740.9-15.521.8-25.447.227.214.179.3-19.7444.552.535.7356.3-3.4359.7200.334.224.5141.696.95.729.49.5159.432.272.610.144.5356.323.1147.1186.120.546.5119.1122.5-3.4444.5278.3153.2-5.2108.359.9-1.6-8.2154.2-29.055.024.031.023.3-2.594.7-4.3380.862.718.9299.2-24.6323.8156.926.319.5111.172.54.123.710.8166.834.266.032.933.8299.214.8128.1156.416.140.1100.2124.8-24.6380.8285.5217.5-6.6103.8137.3-13.8-3.2123.0-55.03.211.9-8.737.4-7.295.0-33.0370.6123.020.9226.7-23.0249.7150.035.026.488.651.64.222.610.299.68.343.222.325.9226.724.371.7130.79.638.582.5105.5-23.0370.6291.9229.253.280.284.38.62.889.5-26.8-25.7-45.619.949.0-3.885.3-26.1361.894.815.5251.5-5.3256.8159.738.320.3101.267.26.220.57.397.16.669.912.28.4251.525.682.1143.85.628.0110.2115.5-5.3361.8242.6205.327.3148.237.6.3-8.148.3-11.0-32.9-46.013.010.023.284.234.7399.5101.416.5281.65.0276.6153.657.516.779.451.83.920.13.6123.025.486.6-5.316.4281.646.997.2137.411.332.893.388.35.0399.5296.5149.7-9.5112.141.21.74.1151.2-4.423.7-16.340.010.1-29.699.1-.4479.7221.21.3257.2.0257.2172.954.342.576.251.47.111.06.684.38.246.6-.930.4257.239.281.6136.512.525.998.098.0.0479.7329.9204.6-5.8123.586.57.6-7.2137.8-12.5-40.8-61.720.953.242.385.49.7237
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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Monetary policy will play a critica
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Interest Rates and the U.S. Trade D
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSPageCHAPTER 1. FROM RECESSI
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PageConclusions 122CHAPTER 6. REVIE
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CHAPTER 1From Recession to Recovery
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slowed somewhat in the 1970s regard
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nal GNP growth is reflected in a sl
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inflation. More specifically, the A
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inflation rate, or with a 12 percen
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1988, an increase of about one-four
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CHAPTER 2The Dual Problems of Struc
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frequently associated with poor hea
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Chart 2-2Distribution of Unemployme
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Chart 2-4Distribution of Unemployme
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These findings suggest several conc
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Wage RigidityA number of studies sh
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that these measures may have caused
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Most young people find jobs or leav
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to employers who hire youths. Tax c
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defined broadly to include individu
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ship between incomplete experience
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CHAPTER 3The United States in the W
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with 2.6 percent in the other Organ
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TABLE 3-1 .—Structure ofthe U.S.
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TABLE 3-2.—Trade balances by comm
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concentrate on doing what it does r
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the United States will depress pric
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Chart 3-3Real Exchange Rates Of Maj
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AN UNDERVALUED YEN?The explanations
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arily reduced the international com
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nancial markets. These transactions
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TABLE 3-6.—Economic performance b
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were undoubtedly a highly favorable
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of lenders that some debtors will n
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CHAPTER 4Increasing Capital Formati
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ate of net investment was required,
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able share in Japan and 56 percent
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During the 1970s, productivity grow
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MEASURING NATIONAL SAVINGDomestic s
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TAX RULES AND PERSONAL SAVINGMany e
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on consumption taxation might also
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Nevertheless, a number of economic
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tion permitted businesses to deprec
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A final problem under current tax l
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fleeted efforts to deal with proble
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egulation was probably not applicab
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Aeronautics Board, for example, the
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system resulted. Price controls, wh
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NGPA, both controlled and decontrol
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Price and allocation controls only
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nications industries through the re
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Several major pieces of legislation
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tempt to set cartel rates would be
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computer information and advertisin
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of computer technology to the payme
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trend by widening the sources and u
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changes. That is, members can arbit
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ceived to be a consequence of exces
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lowest point in the post-World War
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ing. Partly in response to the drop
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Chart 6-3Ratio of Consumer Installm
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Chart 6-4RATIO1.85Real Inventory/Sa
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percent increase in real defense pu
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8.8 percent in 1981. These declines
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housing. Borrowing by the nonfinanc
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orous competitor for credit as usur
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1982 their share had risen to over
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TABLE 6-9.—Economic outlook for 1
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A critical element in achieving hea
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Report to the President on the Acti
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ety of interagency and internationa
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ence J. Kotlikoff (Yale University)
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CONTENTSNATIONAL INCOME OR EXPENDIT
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B-70. Mortgage debt outstanding by
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross national product
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19291933193919401941194219431944194
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TABLE B-5.—Changes in GNP and GNP
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TABLE B-ll.—Gross national produc
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TABLE B-13.—Output, costs, and pr
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TABLE B-14.—Personal consumption
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TABLE B-16.—Gross and net private
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TABLE B-18.—Inventories and final
Page 191 and 192: TABLE B-20.—Relation of national
Page 193 and 194: TABLE B-21.—National income by ty
Page 195 and 196: TABLE B-22.—Sources of personal i
Page 197 and 198: TABLE B-24.—Total and per capita
Page 199 and 200: Year or quarterTotalTotalTABLE B-26
Page 201 and 202: POPULATION, EMPLOYMENT, WAGES, AND
Page 203 and 204: TABLE B-29.—Noninstitutional popu
Page 205 and 206: TABLE B-31.—Selected employment a
Page 207 and 208: TABLE B-33.—Civilian unemployment
Page 209 and 210: TABLE B-35.—Unemployment by reaso
Page 211 and 212: TABLE B-37.— Wage and salary work
Page 213 and 214: TABLE B-39.—Average weekly earnin
Page 215 and 216: TABLE B-41.—Changes in productivi
Page 217 and 218: TABLE B-43-—Industrial production
Page 219 and 220: TABLE B-45.—Capacity utilization
Page 221 and 222: TABLE B-46.—New construction acti
Page 223 and 224: TABLE B-48.—Nonfarm business expe
Page 225 and 226: TABLE B-50.—Manufacturers' shipme
Page 227 and 228: Year or monthAllitemsPRICESTABLE B-
Page 229 and 230: TABLE B-53.—Consumer price indexe
Page 231 and 232: TABLE B-55.—Changes in consumer p
Page 233 and 234: TABLE B-57.—Producer price indexe
Page 239 and 240: MONEY STOCK, CREDIT, AND FINANCETAB
Page 241: TABLE B-63.—Commercial bank loans
Page 245 and 246: TABLE B-66.—Aggregate reserves of
Page 247 and 248: TABLE B-67 .—Bond yields and inte
Page 249 and 250: TABLE B-69.—Consumer installment
Page 251 and 252: TABLE B-71-—Mortgage debt outstan
Page 253 and 254: TABLE B-72.—Federal budget receip
Page 255 and 256: TABLE B-74.—Relation of Federal G
Page 257 and 258: TABLE B-76.—Federal Government re
Page 259 and 260: TABLE B-78.—State and local gover
Page 261 and 262: TABLE B-80.—Estimated ownership o
Page 263 and 264: CORPORATE PROFITS AND FINANCETABLE
Page 265 and 266: Year or quarterTABLE B-84.—Corpor
Page 267 and 268: TABLE B-86.—Relation of profits a
Page 269 and 270: TABLE B-88.—Determinants of busin
Page 271 and 272: TABLE B-9Q.~Current assets and liab
Page 273 and 274: TABLE B-92.—Common stock prices a
Page 275 and 276: AGRICULTURETABLE B-94.—Farm incom
Page 277 and 278: TABLE B-96.—Farm input use, selec
Page 279 and 280: TABLE B-98.—U.S. exports and impo
Page 281 and 282: INTERNATIONAL STATISTICSTABLE B-100
Page 283 and 284: TABLE B-101.—U.S. international t
Page 285 and 286: TABLE B-103.—U.S. merchandise exp
Page 287 and 288: TABLE B-105.—International invest
Page 289 and 290: TABLE B-107.— World trade balance
Page 291 and 292: TABLE B-109.—Growth rates in real
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TABLE B-lll.—Unemployment rate, a
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