Academic journal article Monthly Labor Review

The July Review

Academic journal article Monthly Labor Review

The July Review

Article excerpt

The July issue opens up with two pieces on the measurement of output in the banking industry. In theg lead article, "Measuring real bank output: considerations and comparison," Robert Inklaar and J. Christina Wang compare and contrast different approaches to measuring bank output. Inklaar and Wang suggest that counting the number of loans or transactions is a better measure of output than deflated loan balances because the level of service for each loan or transaction is not closely dependent on the dollar amount of the loan or transaction.

Turning to the second article, "Improved measures of commercial banking output and productivity," Sara E. Royster discusses changes BLS has made to its output measures for the commercial banking industry. These improvements have resulted in more accurate and comprehensive measures that reflect the changes which have occurred in commercial banking. Comparing the new output measure to the previous measure shows that output during the 20012007 expansion grew faster than was measured by the original series; likewise, the output during the 2007-2009 recession declined much more severely than the original series measured. …

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