Hedonic Price Indexes and the Measurement of Capital and Productivity: Some Historical Reflections
In: Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth
The paper describes the background for my original "hedonics" paper (Griliches 1961) and discusses some of the issues raised by the subsequent literature on this range of topics. It goes on to consider some of the implications of this work for the measurement of capital services and connects it to the Jorgenson-Griliches (1967) paper on the "explanation of productivity change." It reviews the criticisms made against that paper, especially the use of a utilization adjustment, and fin& itself, perhaps unsurprisingly, still in sympathy with its major thrust. It also cautions against interpreting the recent slowdown in the growth of total factor productivity as implying, necessarily, a parallel slowdown in the technological potential of the economy.
(This abstract was borrowed from another version of this item.)
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- Irving B. Kravis & Robert E. Lipsey, 1971. "Price Competitiveness in World Trade," NBER Books, National Bureau of Economic Research, Inc, number krav71-1, March.
- 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.
- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
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- Zvi Griliches, 1964. "Notes on the Measurement of Price and Quality Changes," NBER Chapters, in: Models of Income Determination, pages 381-418 National Bureau of Economic Research, Inc.
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"Urban Amenities and Public Policy,"
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in: V. Kerry Smith (ed.), Estimating Economic Values for Nature: Methods for Non-Market Valuation, pages 271-318
W.E. Upjohn Institute for Employment Research.
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- Berndt, Ernst R. & Fuss, Melvyn A., 1986. "Productivity measurement with adjustments for variations in capacity utilization and other forms of temporary equilibrium," Journal of Econometrics, Elsevier, vol. 33(1-2), pages 7-29.
- Lucas, Robert E B, 1975. "Hedonic Price Functions," Economic Inquiry, Western Economic Association International, vol. 13(2), pages 157-78, June.
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in: The U.S. National Income and Product Accounts: Selected Topics, pages 205-268
National Bureau of Economic Research, Inc.
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- Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 285-338.
- Catherine J. Morrison, 1985. "On the Economic Interpretation and Measurement of Optimal Capacity Utilization with Anticipatory Expectations," Review of Economic Studies, Oxford University Press, vol. 52(2), pages 295-309.
- Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 59-80, February.
- Daniel McFadden, 1977. "Modelling the Choice of Residential Location," Cowles Foundation Discussion Papers 477, Cowles Foundation for Research in Economics, Yale University.
- Griliches, Zvi, 1977. "Estimating the Returns to Schooling: Some Econometric Problems," Econometrica, Econometric Society, vol. 45(1), pages 1-22, January.
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