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Price and Volume Measures in the System of National Accounts

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Author Info
W. Erwin Diewert

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Abstract

The paper is an extensive review of chapter 16 in the System of National Accounts, 1993 written by Peter Hill. The basic principles for measuring price and quantity change in the National Accounts are explained. The paper also presents some new material on the consistency of superlative indexes with indexes which are additive in their components. Some new material on the treatment of quality change is also presented which indicates that traditional Statistical Agency treatments of this issue will lead to upward bias in price indexes. The literature on sources of bias in consumer price indexes is also reviewed.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5103.

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Date of creation: May 1995
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Handle: RePEc:nbr:nberwo:5103

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Find related papers by JEL classification:
C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Andrew Baldwin & Pierre Despres & Alice Nakamura & Masao Nakamura, 1996. "New Goods from the Perspective of Price Index Making in Canada and Japan," NBER Chapters, in: The Economics of New Goods, pages 437-476 National Bureau of Economic Research, Inc. [Downloadable!]
  2. William Barnett, 2005. "Monetary Aggregation," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200510, University of Kansas, Department of Economics, revised Mar 2005. [Downloadable!]
    Other versions:
  3. W.E. Diewert & Catherine J. Morrison, 1985. "Adjusting Output and Productivity Indexes for Changes in the Terms of Trade," NBER Working Papers 1564, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Diewert, W.E., 1993. "Duality approaches to microeconomic theory," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 12, pages 535-599 Elsevier. [Downloadable!] (restricted)
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  6. W. Erwin Diewert, 1988. "The Early History of Price Index Research," NBER Working Papers 2713, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Fixler, Dennis & Zieschang, Kimberly D, 1991. "Measuring the Nominal Value of Financial Services in the National Income Accounts," Economic Inquiry, Oxford University Press, vol. 29(1), pages 53-68, January.
  8. Diewert, W.E., 1992. "Symmetric Means and Choice Under Uncertainty," UBC Departmental Archives 92-32, UBC Department of Economics.
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  11. Ulrich Kohli, 1993. "GNP Growth Accounting in the Open Economy: Parametric and Nonparametric Estimates for Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 129(IV), pages 601-615, December. [Downloadable!]
  12. Christensen, Laurits R & Jorgenson, Dale W & Lau, Lawrence J, 1973. "Transcendental Logarithmic Production Frontiers," The Review of Economics and Statistics, MIT Press, vol. 55(1), pages 28-45, February. [Downloadable!] (restricted)
  13. Kravis, Irving B, 1984. "Comparative Studies of National Incomes and Prices," Journal of Economic Literature, American Economic Association, vol. 22(1), pages 1-39, March. [Downloadable!] (restricted)
  14. Zvi Griliches, 1979. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 92-116, Spring. [Downloadable!] (restricted)
    Other versions:
  15. W. Erwin Diewert & Ann Marie Smith, 1994. "Productivity Measurement for a Distribution Firm," NBER Working Papers 4812, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. Diewert, W E, 1974. "Functional Forms for Revenue and Factor Requirements Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(1), pages 119-30, February. [Downloadable!] (restricted)
  17. Bell, William R & Hillmer, Steven C, 1984. "Issues Involved with the Seasonal Adjustment of Economic Time Series," Journal of Business & Economic Statistics, American Statistical Association, vol. 2(4), pages 291-320, October.
  18. Diewert, W E, 1992. "Exact and Superlative Welfare Change Indicators," Economic Inquiry, Oxford University Press, vol. 30(4), pages 562-82, October.
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  19. Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, 1982. "Multilateral Comparisons of Output, Input, and Productivity Using Superlative Index Numbers," Economic Journal, Royal Economic Society, vol. 92(365), pages 73-86, March. [Downloadable!] (restricted)
  20. Gerardi, Dino, 1982. "Selected Problems of the Inter-Country Comparisons on the Basis of the Experience of the EEC," Review of Income and Wealth, Blackwell Publishing, vol. 28(4), pages 381-405, December.
  21. Drechsler, Laszlo, 1973. "Weighting of Index Numbers in Multilateral International Comparisons," Review of Income and Wealth, Blackwell Publishing, vol. 19(1), pages 17-34, March.
  22. Dennis J. Fixler & Kimberly D. Zieschang, 1992. "User Costs, Shadow Prices, and the Real Output of Banks," NBER Chapters, in: Output Measurement in the Service Sectors, pages 219-243 National Bureau of Economic Research, Inc. [Downloadable!]
  23. Kravis, Irving B & Summers, Robert & Heston, Alan, 1982. "Comments on: "Selected Problems of the Intercountry Comparisons on the Basis of the Experience of the EEC."," Review of Income and Wealth, Blackwell Publishing, vol. 28(4), pages 407-10, December.
  24. Kurabayashi, Yoshimasa, 1971. "The Impact of Changes in Terms of Trade on a System of National Accounts: An Attempted Synthesis," Review of Income and Wealth, Blackwell Publishing, vol. 17(3), pages 285-97, September.
  25. Robert B. Archibald, 1977. "On the Theory of Industrial Price Measurement Output Price Indexes," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 6, number 1, pages 64-81 National Bureau of Economic Research, Inc. [Downloadable!]
  26. William D. Nordhaus, 1994. "Do Real Output and Real Wage Measures Capture Reality? The History of Lighting Suggests Not," Cowles Foundation Discussion Papers 1078, Cowles Foundation, Yale University. [Downloadable!]
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  27. Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, 1982. "The Economic Theory of Index Numbers and the Measurement of Input, Output, and Productivity," Econometrica, Econometric Society, vol. 50(6), pages 1393-1414, November. [Downloadable!] (restricted)
  28. Robert J. Gordon, 1989. "The Postwar Evolution of Computer Prices," NBER Working Papers 2227, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  29. Diewert, Erwin, 2007. "Index Numbers," UBC Departmental Archives diewert-07-01-03-08-17-23, UBC Department of Economics, revised 31 Jan 2007. [Downloadable!]
  30. Jerry A. Hausman, 1994. "Valuation of New Goods under Perfect and Imperfect Competition," NBER Working Papers 4970, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  31. Diewert, W.E., 1989. "Fisher Ideal Output , Input And Productivity Indexes Revisited," UBC Departmental Archives 89-07, UBC Department of Economics.
  32. Ernst R. Berndt & Zvi Griliches, 1993. "Price Indexes for Microcomputers: An Exploratory Study," NBER Chapters, in: Price Measurements and Their Uses, pages 63-100 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  33. Balk, Bert M, 1990. "On Calculating Cost-of-Living Index Numbers for Arbitrary Income Levels," Econometrica, Econometric Society, vol. 58(1), pages 75-92, January. [Downloadable!] (restricted)
  34. Hancock, Diana, 1985. "The Financial Firm: Production with Monetary and Nonmonetary Goods," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 859-80, October. [Downloadable!] (restricted)
  35. W. Erwin Diewert, 1995. "Axiomatic and Economic Approaches to Elementary Price Indexes," NBER Working Papers 5104, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  36. Anglin, Paul M & Baye, Michael R, 1987. "Information, Multiprice Search, and Cost-of-Living Index Theory," Journal of Political Economy, University of Chicago Press, vol. 95(6), pages 1179-95, December. [Downloadable!] (restricted)
  37. Hausman, J.A., 1994. "Valuation of New Goods Under Perfect and Imperfect Competition," Working papers 94-21, Massachusetts Institute of Technology (MIT), Department of Economics.
  38. Allen, Robert C & Diewert, W Erwin, 1981. "Direct versus Implicit Superlative Index Number Formulae," The Review of Economics and Statistics, MIT Press, vol. 63(3), pages 430-35, August. [Downloadable!] (restricted)
  39. Diewert, Walter E & Wales, Terence J, 1987. "Flexible Functional Forms and Global Curvature Conditions," Econometrica, Econometric Society, vol. 55(1), pages 43-68, January. [Downloadable!] (restricted)
    Other versions:
  40. W.E. Diewert, 1985. "Microeconomic Approaches to the Theory of International Comparisons," NBER Technical Working Papers 0053, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  41. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May. [Downloadable!] (restricted)
  42. Eichhorn, W, 1976. "Fisher's Tests Revisited," Econometrica, Econometric Society, vol. 44(2), pages 247-56, March. [Downloadable!] (restricted)
  43. Sidney N. Afriat, 1972. "The Theory of International Comparisons of Real Income and Prices," NBER Chapters, in: International Comparisons of Prices and Output, pages 11-84 National Bureau of Economic Research, Inc. [Downloadable!]
  44. W. Erwin Diewert, 1980. "Aggregation Problems in the Measurement of Capital," NBER Chapters, in: The Measurement of Capital, pages 433-538 National Bureau of Economic Research, Inc. [Downloadable!]
  45. Griliches, Zvi & Cockburn, Iain, 1994. "Generics and New Goods in Pharmaceutical Price Indexes," American Economic Review, American Economic Association, vol. 84(5), pages 1213-32, December. [Downloadable!] (restricted)
    Other versions:
  46. Diewert, W Erwin, 1978. "Superlative Index Numbers and Consistency in Aggregation," Econometrica, Econometric Society, vol. 46(4), pages 883-900, July. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Robert Gordon, 1995. "Problems in the Measurement and Performance of Service-Sector Productivity in the United States," RBA Annual Conference Volume, in: Palle Andersen & Jacqueline Dwyer & David Gruen (ed.), Productivity and Growth Reserve Bank of Australia. [Downloadable!]
    Other versions:
  2. Ariel Coremberg, 2008. "The Measurement of TFP in Argentina, 1990-2004: A Case of the Tyranny of Numbers, Economic Cycles and Methodology," International Productivity Monitor, Centre for the Study of Living Standards, vol. 17, pages 52-74, Fall. [Downloadable!]
  3. Barbara M. Fraumeni & Marshall B. Reinsdorf & Brooks B. Robinson & Matthew P. Williams, 2008. "Price and Real Output Measures for the Education Function of Government: Exploratory Estimates for Primary & Secondary Education," NBER Working Papers 14099, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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