Errors in Output Deflators Revisited: Unit Values and the PPI
AbstractExtending a methodology developed by Lichtenberg and Griliches (1989), we examine the extent of measurement error in two independent indicators of price change: the producer price index (PPI) and the U.S. Census Bureau's unit value relative (UVR). Estimation of factor analytic models is improved by the availability of more accurate and comprehensive proxies for price and quality change within industries and a more complete specification of the econometric model. We find that the UVR is a "noisier measure of price change than the PPI and that the PPI adjusts for approximately 57% of product quality change.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3935.
Date of creation: Dec 1991
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Publication status: published as EI, Vol. 32, no. 1 (1994): 11-32.
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NBER Working Papers
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NBER Working Papers
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