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Measurement Bias In Price Indexes For Capital Goods

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  • Robert J. Gordon

Abstract

The official U.S. price deflators for investment goods continue to be based on defective methodology, despite frequent criticism in recent years. This paper contributes new price information, which is combined with the empirical results from other studies to yield a revised investment deflator for the 1954–1963 period which (a) rises much more slowly than the official index and (b) declines relative to a revised price index for consumption expenditures.

Suggested Citation

  • Robert J. Gordon, 1971. "Measurement Bias In Price Indexes For Capital Goods," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 17(2), pages 121-174, June.
    • Handle: RePEc:bla:revinw:v:17:y:1971:i:2:p:121-174
    DOI: 10.1111/j.1475-4991.1971.tb00772.x
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    Cited by:

    1. Simeon D. Alder, 2016. "In the Wrong Hands: Complementarities, Resource Allocation, and TFP," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(1), pages 199-241, January.
    2. Wynne, Mark A & Sigalla, Fiona D, 1996. "A Survey of Measurement Biases in Price Indexes," Journal of Economic Surveys, Wiley Blackwell, vol. 10(1), pages 55-89, March.
    3. Simeon Alder, 2009. "In the Wrong Hands: Complementarities, Resource Allocation, and Aggregate TFP," 2009 Meeting Papers 1265, Society for Economic Dynamics.
    4. Dan Usher, 1980. "Introduction to "The Measurement of Capital"," NBER Chapters, in: The Measurement of Capital, pages 1-22, National Bureau of Economic Research, Inc.
    5. Makoto Ohta & Zvi Griliches, 1976. "Automobile Prices Revisited: Extensions of the Hedonic Hypothesis," NBER Chapters, in: Household Production and Consumption, pages 325-398, National Bureau of Economic Research, Inc.

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