Hard-to-Measure Goods and Services

Essays in Honor of Zvi Griliches

Edited by Ernst E. Berndt and Charles R. Hulten

Edited by Ernst E. Berndt and Charles R. Hulten

496 pages | 46 line drawings, 136 tables | 6 x 9 | © 2007
Cloth $115.00 ISBN: 9780226044491 Published November 2007
E-book $7.00 to $45.00 About E-books ISBN: 9780226044507 Published February 2009

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.

Hard-to-Measure Goods and Services, a collection of papers from an NBER conference held in Griliches’s honor, is a tribute to his many contributions to current economic thought. Here, leading 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.  Furthering Griliches’s vital work that changed the way economists think about the U.S. National Income and Product Accounts, this volume is essential for all those interested in the labor market, economic growth, production, and real output.

Contents
     Prefatory Note
     Acknowledgements

I. CONTEXT AND PROLOGUE

     Introduction
     Ernst R. Berndt and Charles R. Hulten

     1. Theory and Measurement: An Essay in Honor of Zvi Griliches
     Charles R. Hulten

II. CLASSIC INPUT MEASUREMENT ISSUES REVISITED

     2. Production Function and Wage Equation Estimation with Heterogeneous Labor: Evidence from a New Matched Employer-Employee Data Set
     Judith K. Hellerstein and David Neumark

     3. Where Does the Time Go? Concepts and Measurement in the American Time Use Survey
     Harley Frazis and Jay Stewart

     4. Technology and the Theory of Vintage Aggregation
     Michael J. Harper

     5. Why Do Computers Depreciate?
     Michael J. Geske, Valerie A. Ramey, and Matthew D. Shapiro

III. QUALITY ADJUSTMENT AND PRICE MEASUREMENT ISSUES: RECENT DEVELOPMENTS

     6. Downward Bias in the Most Important CPI Component: The Case of Rental Shelter, 1914-2003
     Robert J. Gordon and Todd vanGoethem

     7. Pricing at the On-Ramp to the Internet: Price Indexes for ISPs during the 1990s
     Greg Stranger and Shane Greenstein

     8. Different Approaches to Estimating Hedonic Indexes
     Saeed Heravi and Mick Silver

     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: Does an R&D PPP Make a Difference?
     Sean M. Dougherty, Robert Inklaar, Robert H. McGuckin, and Bart van Ark

IV. INFORMATION TECHNOLOGY AND THE ACCELERATION OF PRODUCTIVITY GROWTH

     11. Information Technology and the G7 Economies
     Dale W. Jorgensen

     12. The Role of Semiconductor Inputs in IT Hardware Price Decline: Computers versus Communications
     Ana Aizcorbe, Kenneth Flamm, and Anjum Khurshid

     13. Computer Input, Computer Networks, and Productivity
     B. K. Atrostic and Sang Nguyen

V. MEASURING AND MODELING PRODUCTIVITY, CONSUMPTION, AND DIFFUSION

     14. Services Productivity in the United States: Griliches's Services Volume Revisited
     Barry P. Bosworth and Jack E. Triplett

     15. A Consistent Accounting of U.S. Productivity Growth
     Eric J. Bartlesman and J. Joseph Beaulieu

     16. Should Exact Index Numbers Have Standard Errors? Theory and Application to Asian Growth
     Robert C. Feenstra and Marchall 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

     19. Zvi Griliches's Contributions to Economic Measurement
     Jack E. Triplett

     Contributors
     Author Index
     Subject Index
For more information, or to order this book, please visit http://www.press.uchicago.edu
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