TABLE B-102,—U.S. merchandise exports and imports by principal end-use category, 1965-82[Millions <strong>of</strong> dollars; quarterly data seasonally adjusted]ExportsImportsNonagriculturalNonpetroleurrYear or quarterTotalAgriculturalTotalO<strong>the</strong>rgoodsTotalCapitalgoodsexceptautomotivePetroleumandproductsTotalIndustrialsuppliesandmaterialsO<strong>the</strong>rgoods1965 .. .196619671968196926,46129,31030,66633,62636,4146.3056,9496,4536,2976,09620,15622,36124,21327,32930,3188,0528,9079,93411,11112,36912,10413,45414,27916,21817,94921,51025,49326,86632,99135,8072.0342,0782,0912,3842,64919,47623,41524,77530,60733,1589,12310,2359,95612,02711,79810,35313,18014,81918,58021,3601970197119721973197442,46943,31949,38171,41098,3067,3747,8319,51317.97822,41235,09535,48839,86853,43275,89414,65915,37216,91421,99930,87820,43620,11622,95431,43345,01639,86645,57955,79770,499103,6492,9273,6504,6508,41526,60936,93941,92951,14762,08477,04012,41613,79416,30819,63627.81924,52328,13534,83942,44849,22119751976197719781979107.088114,745120,816142,054184,47322,24223,38124,33129,90235,59484,84691,36496,485112,152148,87936,63939,11239,76746,47058,84248,20752,25256,71865,68290,03798,041124,051151,689175,813211,81927,01734,57344,98342,31260,48271,02489,478106,706133,501151,33724.01329,75935,67042,54249,88047,01159,71971,03690,959101,45719801981224,237236.25442,15644,264182,081191,99074,17881,666107,903110,324249,575264,14379,41477,579170,161186,56455,63260,281114,529126.2831980:1||IllIV54,75255.84355,78657.85610,15910,15910,70611,13244,59345,68445,08046,72417,07018,45818,96519,68527,52327,22626,11527,03964,43162,36359,73563,04621,04920,83417,73519,79643,38241,52942,00043,25015,33113,62413,16713,51028,05127,90528,83329,7401981:|||IIIIV60,68360,28457,69457,59312,57511,1519,94710,59148,10849,13347,74747,00220,12221,10720,23620,20127,98628,02627,51126,80164,99566,83165,53966.77820,53320,79818,15818,09144,46246,03447,38248,68714,47415,20515,49815,10229,98830,82931,88433,5851982:III|[|P55,78055,17452,48010,51010.6738,49645,27044,50143,98419,35419,31018,57125,91625,19125,41361,65360,86964,93815,65213,41616,45346,00147,45348,48514,23013,42213,48531,77134,03135,000Note,- Data are on an international transactions basis and exclude military shipments.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysts.278
TABLE B-103.—U.S. merchandise exports and imports by area, 1973-82[Millions <strong>of</strong> dollars]Item 1973 1974 1975 1976 1977 1978 1979 1980 19811982 first3 quartersat annualrate*Exports71,41098,306 107,088114,745120,816142,054184,473224,237236,254217,912Industrial countries48,52964,48766,49672,33576,97087,948115,930137,152141,134130,069CanadaJapanWestern EuropeAustralia, New Zealand,and South Africa16,7108,35621,2162,24721,84210,72428,1643,75723,5379,56729,8843,50826,33610,19631,8833,92028,53310,56634,0943,77731,22912,96039,5464,21338,69017,62954,1775,43441,62620,80667,6037,11745,25021,79665,0908,99840,09920,83960,9528,180O<strong>the</strong>r countries, exceptEastern Europe20,83432,08237,34338,28740,95150,21362,63082,94290,63683,820OPEC 2 ...O<strong>the</strong>r 3 ..3,41417,4206,21925,8639,95627,38711,56126,72612,87728,074Eastern Europe2,047 1,737 3,249 4,1232,895Imports70,499 103,649 98,041 * 124,051451,689Industrial countries... 48,985 61,092 55,973 67,48879,228Canada17,694 22,392 21,710 26,475 29,645Japan9,665 12,414 11,257 15,531 18,565Western Europe 19,774 24,267 20,764 23,003 28,226Australia, New Zealand,and South Africa 1,852 2,019 2,242 2,479 2,79214,84635,3673,893'175,81399,15133,55224,54136,6184,44014,53748,0935,913'211,819112,60039,02026,26141,8265,49317,36465,5784,1431 249,575 •264,143127,70242,69731,21747,2556,53321,09369,5434,461143,39547,31637,59852,8735,60821,10362,7174,023-•249,947145,68148,86338,77552,9555,089O<strong>the</strong>r countries, exceptEastern Europe...20,91341,58041,33455,37970,68074,40296,137119,142119,196103,102OPEC 2...O<strong>the</strong>r'...5,09715,81617,23424,34618,89722,43727,40927,97035,77834,90233,28641,11645,03951,09855,60263,54049,93469,26232,43370,669Eastern Europe... 601 977 734 875 1,127 1,508 1,896 1,444 1,5521,1321 Preliminary; seasonally adjusted.2 Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.3 Latin American Republics, o<strong>the</strong>r Western Hemisphere, and o<strong>the</strong>r countries in Asia and Africa, less members <strong>of</strong> OPEC.4 Trade with international organizations is included in totals for 1976-82, but not in area detail. This includes imports <strong>of</strong>nonmonetary gold from International Monetary Fund in 1976-80; an export <strong>of</strong> tin to International Tin Council (ITC) in 1981; and animport <strong>of</strong> tin from ITC in 1982.Note.—Data are on an international transactions basis and exclude military.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.279
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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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defined broadly to include individu
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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-41.—Changes in productivi
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TABLE B-43-—Industrial production
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Year or monthAllitemsPRICESTABLE B-
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TABLE B-53.—Consumer price indexe
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TABLE B-55.—Changes in consumer p
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