IDEAS home Printed from https://ideas.repec.org/a/fip/fednci/y1999ijunnv.5no.9.html
   My bibliography  Save this article

The impact of reduced inflation estimates on real output and productivity growth

Author

Listed:
  • Charles Steindel

Abstract

Despite posting their strongest sustained performance in many years, recent measures of output and productivity growth have still fallen short of their 1960-73 averages. Could data-measurement problems affecting the pricing of some services account for the inability of these widely tracked U.S. growth indexes to match their earlier rates?

Suggested Citation

  • Charles Steindel, 1999. "The impact of reduced inflation estimates on real output and productivity growth," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 5(Jun).
    • Handle: RePEc:fip:fednci:y:1999:i:jun:n:v.5no.9
    as

    Download full text from publisher

    File URL: https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci5-9.html
    Download Restriction: no
    File URL: https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci5-9.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ernst R. Berndt & David M. Cutler & Richard Frank & Zvi Griliches & Joseph P. Newhouse & Jack E. Triplett, 2001. "Price Indexes for Medical Care Goods and Services -- An Overview of Measurement Issues," NBER Chapters, in: Medical Care Output and Productivity, pages 141-200, National Bureau of Economic Research, Inc.
    2. Leonard I. Nakamura, 1999. "The measurement of retail output and the retail revolution," Canadian Journal of Economics, Canadian Economics Association, vol. 32(2), pages 408-425, April.
    3. Daniel E. Sichel, 2000. "The Productivity Slowdown: Is A Growing Unmeasurable Sector The Culprit?," The Review of Economics and Statistics, MIT Press, vol. 79(3), pages 367-370, August.
    4. Lawrence Slifman & Carol Corrado, 1999. "Decomposition of Productivity and Unit Costs," American Economic Review, American Economic Association, vol. 89(2), pages 328-332, May.
    5. Zvi Griliches, 1998. "Productivity, R&D, and the Data Constraint," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 347-374, National Bureau of Economic Research, Inc.
    6. Brian Motley, 1992. "Index numbers and the measurement of real GDP," Economic Review, Federal Reserve Bank of San Francisco, pages 3-13.
    7. Eugene Kroch, 1991. "Tracking inflation in the service sector," Quarterly Review, Federal Reserve Bank of New York, vol. 16(Sum), pages 30-35.
    8. Marshall B. Reinsdorf, 1998. "Formula Bias And Within-Stratum Substitution Bias In The U.S. CPI," The Review of Economics and Statistics, MIT Press, vol. 80(2), pages 175-187, May.
    9. Charles Steindel, 1997. "Are there good alternatives to the CPI?," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 3(Apr).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Charles Steindel & Kevin J. Stiroh, 2001. "Productivity: what is it and why do we care about it?," Staff Reports 122, Federal Reserve Bank of New York.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Clemens Struck & Adnan Velic, 2017. "To Augment Or Not To Augment? A Conjecture On Asymmetric Technical Change," Trinity Economics Papers tep0117, Trinity College Dublin, Department of Economics.
    2. Charles Steindel & Kevin J. Stiroh, 2001. "Productivity: what is it and why do we care about it?," Staff Reports 122, Federal Reserve Bank of New York.
    3. Charles Steindel, 1997. "Measuring economic activity and economic welfare: what are we missing?," Research Paper 9732, Federal Reserve Bank of New York.
    4. McGuckin, Robert H & Stiroh, Kevin J, 2001. "Do Computers Make Output Harder to Measure?," The Journal of Technology Transfer, Springer, vol. 26(4), pages 295-321, October.
    5. Carol Corrado & Charles Hulten & Daniel Sichel, 2005. "Measuring Capital and Technology: An Expanded Framework," NBER Chapters, in: Measuring Capital in the New Economy, pages 11-46, National Bureau of Economic Research, Inc.
    6. Leonard I. Nakamura, 2010. "Intangible Assets And National Income Accounting," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(s1), pages 135-155, June.
    7. Andrés Maroto-Sánchez, 2010. "Productivity in the services sector: conventional and current explanations," The Service Industries Journal, Taylor & Francis Journals, vol. 32(5), pages 719-746, October.
    8. Hoffmann, Johannes, 1998. "Problems of inflation measurement in Germany," Discussion Paper Series 1: Economic Studies 1998,01e, Deutsche Bundesbank.
    9. Struck, Clemens C., 2022. "Wealth, price levels, and product quality," International Economics, Elsevier, vol. 170(C), pages 32-48.
    10. Leonard I. Nakamura, 2009. "Intangible assets and national income accounting: measuring a scientific revolution," Working Papers 09-11, Federal Reserve Bank of Philadelphia.
    11. Roy H. Webb, 1998. "National productivity statistics," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 45-64.
    12. Ceyhun Elgin & Selman Çakır, 2015. "Technological progress and scientific indicators: a panel data analysis," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 24(3), pages 263-281, April.
    13. Jacobson Tor & Lindh Thomas & Warne Anders, 2002. "Growth, Saving, Financial Markets, and Markov Switching Regimes," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 5(4), pages 1-20, January.
    14. Perry Burnett & Harvey Cutler & Stephen Davies, 2012. "Understanding The Unique Impacts Of Economic Growth Variables," Journal of Regional Science, Wiley Blackwell, vol. 52(3), pages 451-468, August.
    15. Petersen, Alexander M. & Rotolo, Daniele & Leydesdorff, Loet, 2016. "A triple helix model of medical innovation: Supply, demand, and technological capabilities in terms of Medical Subject Headings," Research Policy, Elsevier, vol. 45(3), pages 666-681.
    16. Pascal Petit, 2010. "Innovation and Services: On Biases and Beyond," Chapters, in: Faïz Gallouj & Faridah Djellal (ed.), The Handbook of Innovation and Services, chapter 17, Edward Elgar Publishing.
    17. Dale W. Jorgenson & Mun S. Ho & Kevin J. Stiroh, 2008. "A Retrospective Look at the U.S. Productivity Growth Resurgence," Journal of Economic Perspectives, American Economic Association, vol. 22(1), pages 3-24, Winter.
    18. Kovács, Ilona, 2003. "A fogyasztói árindex torzító tényezői [Distorting factors in the consumer price index]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 702-719.
    19. Emek Basker, 2012. "Raising the Barcode Scanner: Technology and Productivity in the Retail Sector," NBER Chapters,in: Standards, Patents and Innovations National Bureau of Economic Research, Inc.
    20. Philippe Aghion, 2002. "Schumpeterian Growth Theory and the Dynamics of Income Inequality," Econometrica, Econometric Society, vol. 70(3), pages 855-882, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fednci:y:1999:i:jun:n:v.5no.9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gabriella Bucciarelli (email available below). General contact details of provider: https://edirc.repec.org/data/frbnyus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.