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Errors in Output Deflators Revisited: Unit Values and the PPI

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Donald Siegel

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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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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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Handle: RePEc:nbr:nberwo:3935

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  1. 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. [Downloadable!] (restricted)
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  2. Lichtenberg, Frank R & Griliches, Zvi, 1989. "Errors of Measurement in Output Deflators," Journal of Business & Economic Statistics, American Statistical Association, vol. 7(1), pages 1-9, January.
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  3. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1.
  4. Ernst R. Berndt & Zvi Griliches, 1990. "Price Indexes for Microcomputers: An Exploratory Study," NBER Working Papers 3378, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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