Hard-to-Measure Goods and ServicesEssays in Honor of Zvi Griliches

Hard-to-Measure Goods and ServicesEssays in Honor of Zvi Griliches

Ernst R. Berndt and Charles R. Hulten

Print publication date: 2013

ISBN: 9780226044491

Publisher: University of Chicago Press


The celebrated economist Zvi Griliches's entire career can be viewed as an attempt to advance the cause of accuracy in economic measurement. His interest in the causes and consequences of technical progress led to his pathbreaking work on price hedonics, now the principal analytical technique available to account for changes in product quality. This book, a collection of papers from a National Bureau of Economic Research (NBER) conference held in Griliches's honor, is a tribute to his many contributions to current economic thought. Here, scholars of economic measurement address issues in the areas of productivity, price hedonics, capital measurement, diffusion of new technologies, and output and price measurement in “hard-to-measure” sectors of the economy. The book furthers Griliches's vital work that changed the way economists think about the U.S. National Income and Product Accounts.

Table of Contents

I Context and Prologue


Ernst R. Berndt and Charles R. Hulten

1 Theory and Measurement

Charles R. Hulten

II Classic Input Measurement Issues Revisited

3 Where Does the Time Go?

Harley Frazis and Jay Stewart

5 Why Do Computers Depreciate?

Michael J. Geske, Valerie A. Ramey, and Matthew D. Shapiro

III Quality Adjustment and Price Measurement Issues Recent Developments

7 Pricing at the On-Ramp to the Internet

Greg Stranger and Shane Greenstein

9 Price Indexes for Microsoft's Personal Computer Software Products

Jaison R. Abel, Ernst R. Berndt, and Alan G. White

10 International Comparisons of R&D Expenditure

Sean M. Dougherty, Robert Inklaar, Robert H. McGuckin, and Bart van Ark

IV Information Technology and the Acceleration of Productivity Growth

12 The Role of Semiconductor Inputs in IT Hardware Price Decline

Ana Aizcorbe, Kenneth Flamm, and Anjum Khurshid

V Measuring and Modeling Productivity, Consumption, and Diffusion

15 A Consistent Accounting of U.S. Productivity Growth

Eric J. Bartelsman and J. Joseph Beaulieu

16 Should Exact Index Numbers Have Standard Errors?

Robert C. Feenstra and Marshall B. Reinsdorf

17 What Really Happened to Consumption Inequality in the United States?

Orazio Attanasio, Erich Battistin, and Hidehiko Ichimura

18 Technology Adoption from Hybrid Corn to Beta-Blockers

Jonathan Skinner and Douglas Staiger

VI Epilogue