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New Data and Output Concepts for Understanding Productivity Trends

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Abstract

The present study is the second is a series of three papers devoted to issues in the measurement of productivity and productivity growth. The contributions of the present paper are three. First, it introduces a new approach to measuring industrial productivity based on income-side data that are published by the Bureau of Economic Analysis (BEA). The data are internally consistent in that both inputs and outputs are income-side measures of value added, whereas the usual productivity measures combine expenditure-side output measures with income-side input measures. Second, because of interest in the "new economy," we have also constructed a set of new- economy accounts. For the purpose of this study, we define the new economy as machinery, electric equipment, telephone and telegraph, and software. Finally, because of concerns about poor deflation in the current output measures, this study constructs a new output concept called "well-measured output," which includes only those sectors for which output is relatively well measured. We present a brief summary of the behavior of the alternative measures.

Suggested Citation

  • William D. Nordhaus, 2000. "New Data and Output Concepts for Understanding Productivity Trends," Cowles Foundation Discussion Papers 1286, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1286
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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d12/d1286.pdf
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    Cited by:

    1. Ralph Kozlow, 2000. "International Accounts Data Needs: Plans, Progress, and Priorities," BEA Papers 0009, Bureau of Economic Analysis.
    2. J. Joseph Beaulieu & Eric J. Bartelsman, 2006. "Integrating Expenditure and Income Data: What to Do with the Statistical Discrepancy?," NBER Chapters, in: A New Architecture for the US National Accounts, pages 309-354, National Bureau of Economic Research, Inc.
    3. Hélène Baudchon & Olivier Brossard, 2003. "Definitions and Measures of ICT Impact on Growth: What is Really at Stake?," Documents de Travail de l'OFCE 2003-01, Observatoire Francais des Conjonctures Economiques (OFCE).
    4. de Grauwe, Paul & Grimaldi, Marianna, 2001. "Exchange Rates, Prices and Money: A Long-Run Perspective," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 6(4), pages 289-313, October.

    More about this item

    Keywords

    Productivity; new economy; price measurement; well-measured output;
    All these keywords.

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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