TABLE B-81.—Maturity distribution and average length <strong>of</strong> marketable interest-bearing public debt securitiesheld by private investors, 1967-82End <strong>of</strong> year or monthAmountoutstanding,privatelyheldWithinlyearIto5yearsMaturity class5 to 10years10 to 20years20 yearsand overAverage lengthMillions <strong>of</strong> dollarsYearsMonthsFiscal year:1967196819691970197119721973197419751976197719781979198019811982150,321159,671156,008157,910161,863165,978167,869164,862210,382279,782326,674356,501380,530463,717549,863682,04356,56166,74669,31176,44374,80379,50984,04187,150115,677151,723161,329163,819181.883220,084256,187314,43653,58452,29550,18257,03558,55757,15754,13950,10365,85289,151113,319132,993127,574156,244182,237221,78321,05721,85018,0788,28614,50316,03316,38514,19715,38524,16933,06733,50032,27938,80948,74375,7496,1536,1106,0977,8766,3576,3588,7419,9308,8578,0878,42811,38318,48925,90132,56933,01712,96812,67012,3378,2727,6456,9224,5643,4814,6116,65210,53114,80520,30422,67930,12737,058543333222233315286311187113790111981:JanFebMarMay"!!"!!!JuneJulyAugSeptOctNovDec502,248515,178532,800528,992529,057531,525533,778540,228549,863558,169569,534580,670247,958256,007263,208254,533258,101252,489251,307251,533256,187263,717266,163275,322156,845160,163167,226167,570167,865172,784171,504180,669182,237177,834189,570188,42243,96943,38246,78649,61643,84247,03250,24245,29748,74352,20147,61550,85127,24128,69028,66228,58730,29630,26830,17232,60232,56932,53634,16434,05526,23526,93626,91828,68528,95328,95230,55330,12730,12731,88132,02232,020433333334491091011110100 101982:JanFebMarMayJuneJulyAugSeptOctNovDec590,139604,671619,030613,576618,699628,997634,556660,583682,043685,969708,769736,148284,171290,697295,476289,000290,476293,266295,118309,446314,436321,081327,565346,321183,843194,457200,544199,278203,612207,106206,380217,258221,783218,673235,443239,26254,37049,12052,61255,32954,36158,42563,02266,34775,74975,94472,64477,57034,06935,81935,82235,56535,70135,65135,58333.09733,01733,06535,75035,67733,68634,57834,57634,40434,54934,54934,45334,43537,05837,20637,36737,31844 4 44 333330100 1001111101110Note.—All issues classified to final maturity.Through fiscal year 1976, <strong>the</strong> fiscal year was on a July 1—June 30 basis; beginning October 1976 (fiscal year 1977), <strong>the</strong> fiscal yearis on an October 1—September 30 basis.Source: Department <strong>of</strong> <strong>the</strong> Treasury.256
CORPORATE PROFITS AND FINANCETABLE B-82.—Corporate pr<strong>of</strong>its with inventory valuation and capital consumption adjustments, 1929-82[Billions <strong>of</strong> dollars; quarterly data at seasonally adjusted annual rates]Year or quarterCorporatepr<strong>of</strong>its withinventoryvaluationand capitalconsumptionadjustmentsCorporatepr<strong>of</strong>its taxliabilityPr<strong>of</strong>its after tax with inventory valuation andcapital consumption adjustmentsTotalDividendsUndistributedpr<strong>of</strong>its withinventoryvaluationand capitalconsumptionadjustments19299.01.47.75.81.91933-1.7.5-2.32.0-4.319395.31.43.93.8.1194019411942194319448.614.119.323.523.62.87.611.414.112.9586.57.99.510.7404.4434.44.6182.1365.06.11945194619471948194919.016 622.329427.110.79111.312.410.28.47511.017.016.94.65 66.37.07.23.8194.710 09.71950195119521953195433.938.736.136.335.217.922.619.420.317.616.016.116.716.017.58.88.58.58.89.17.27.68.27.28.41955195619571958195945 543.743 338.549.622 022.021419.023.623.421.821.819.526.010.311.111.511.312.213110.710.38.213.81960196119621963196447 648.656.662169.222 722.824.026 228.024.925.832.635941.212.913.314.415.517.312.112.518.220.423.91965196619671968196980 085.182 489 185.130 933.732 539 239.549151.449.950.045.619.119.420.222.022.530.032.029.727.923.1197019711972 .1973197471.483.296.6108.394.934.237.541.649.051.637.245.755.059.343.322.522.924.427.029.914.822.830.532.313.419751976197719781979110.5138.1167.3192.4194 850.663.872.783.287.659.974.394.6109.1107.230.837.440.847.052.729.136.953.762.254.5198019811982*181.6190.6161.184.781.258.897.0109.5102.358.165.170.338.944.432.11980:1IIIll(V195 3172.2177.8181.295.373.382.287.8100.098.995.693.356.257.858.759.643.941.036.933.71981:111tilIV200 318511931183.991.579.282.471.6108.9105.9110,7112.361.564.066.868.147.342.043.944.31982:j||t||157 1155.4166.256.755.360.9100.4100.0105.368.869.370.531.630.734.8Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.257
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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-7.—Gross national product
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TABLE B-9.—Gross national product
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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
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TABLE B-20.—Relation of national
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TABLE B-21.—National income by ty
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TABLE B-22.—Sources of personal i
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TABLE B-24.—Total and per capita
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Year or quarterTotalTotalTABLE B-26
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POPULATION, EMPLOYMENT, WAGES, AND
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TABLE B-29.—Noninstitutional popu
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TABLE B-31.—Selected employment a
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TABLE B-33.—Civilian unemployment
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TABLE B-35.—Unemployment by reaso
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