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Information And Communication Technology And The Measurement Of Volume Output And Final Demand - A Five-Country Study

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  • Paul Schreyer

Abstract

Information and communication technology (ICT) products have undergone rapid technical change. Where quality improvements occur, they should be reflected in official price and quantity indices, otherwise there is a tendency to over-estimate price movements and under-estimate volume changes of ICT products. Statistical offices deal with this issue but the degree and nature of quality-adjustment of price indices of ICT products varies considerably between OECD countries. The present study simulates measurement effects on key economic variables (real output, private final consumption, government expenditure, investment, exports and imports) and productivity, under the assumption that the price indices of ICT products are fully quality-adjusted. The paper draws on a large selection of empirical studies to identify differences between quality-adjusted and unadjusted price changes and uses detailed information from input-output tables to assess their weights in final demand. Effects on GDP and its components are quantified for five selected OECD countries.

Suggested Citation

  • Paul Schreyer, 2001. "Information And Communication Technology And The Measurement Of Volume Output And Final Demand - A Five-Country Study," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 10(5), pages 339-376.
  • Handle: RePEc:taf:ecinnt:v:10:y:2001:i:5:p:339-376
    DOI: 10.1080/10438590100000014
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    References listed on IDEAS

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    1. repec:ucp:bknber:9780226304557 is not listed on IDEAS
    2. John Norsworthy & Show-Ling Jang, 1993. "Cost Function Estimation of Quality Change in Semiconductors," NBER Chapters, in: Price Measurements and Their Uses, pages 125-156, National Bureau of Economic Research, Inc.
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    4. Jeffrey I. Bernstein, 1999. "Total factor productivity growth in the Canadian life insurance industry: 1979-1989," Canadian Journal of Economics, Canadian Economics Association, vol. 32(2), pages 500-517, April.
    5. Murray Foss & Marylin Manser & Allan Young, 1993. "Price Measurements and Their Uses," NBER Books, National Bureau of Economic Research, Inc, number foss93-1, Juni.
    6. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, Juni.
    7. Ellen Dulberger, 1993. "Sources of Price Decline in Computer Processors : Selected Electronic Components," NBER Chapters, in: Price Measurements and Their Uses, pages 103-124, National Bureau of Economic Research, Inc.
    8. 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.
    9. Paul Schreyer, 1998. "Information and Communication Technology and the Measurement of Real Output, Final Demand and Productivity," OECD Science, Technology and Industry Working Papers 1998/2, OECD Publishing.
    10. Murray Foss & Marilyn Manser & Allan Young, 1993. "Introduction to "Price Measurements and Their Uses"," NBER Chapters, in: Price Measurements and Their Uses, pages 1-16, National Bureau of Economic Research, Inc.
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    Cited by:

    1. García-Muñiz, Ana Salomé & Vicente, María Rosalía, 2014. "ICT technologies in Europe: A study of technological diffusion and economic growth under network theory," Telecommunications Policy, Elsevier, vol. 38(4), pages 360-370.
    2. Jochen Hartwig, 2005. "Messprobleme bei der Ermittlung des Wachstums der Arbeitsproduktivität - dargestellt anhand eines Vergleichs der Schweiz mit den USA," KOF Working papers 05-100, KOF Swiss Economic Institute, ETH Zurich.
    3. Antonelli, Cristiano, 2003. "The digital divide: understanding the economics of new information and communication technology in the global economy," Information Economics and Policy, Elsevier, vol. 15(2), pages 173-199, June.
    4. Francesco Venturini, 2005. "How Much Does IT Consumption Matter for Growth? Evidence from National Accounts," Rivista di Politica Economica, SIPI Spa, vol. 95(1), pages 57-110, January-F.

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    Keywords

    Productivity; National Income;

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