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Errors in Output Deflators Revisited: Unit Values and the PPI

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  • Donald Siegel

Abstract

Extending 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 Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3935.

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Date of creation: Dec 1991
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Publication status: published as EI, Vol. 32, no. 1 (1994): 11-32.
Handle: RePEc:nbr:nberwo:3935

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Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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  1. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, January.
  2. Frank R. Lichtenberg & Zvi Griliches, 1986. "Errors of Measurement in Output Deflators," NBER Working Papers 2000, National Bureau of Economic Research, Inc.
  3. Zvi Griliches, 1988. "Hedonic Price Indexes and the Measurement of Capital and Productivity: Some Historical Reflections," NBER Working Papers 2634, National Bureau of Economic Research, Inc.
  4. Frederic Scherer, 1984. "Using Linked Patent and R&D Data to Measure InterindustryTechnology Flows," NBER Chapters, in: R & D, Patents, and Productivity, pages 417-464 National Bureau of Economic Research, Inc.
  5. Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557, March.
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Cited by:
  1. Paola Anitori & Carlo De Gregorio, 2011. "Methodological aspects and empirical evidence in the use of administrative sources to estimate price dynamics in external trade," Rivista di statistica ufficiale, ISTAT - Italian National Institute of Statistics - (Rome, ITALY), vol. 13(1), pages 33-61, December.

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