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.
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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.
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Book chapters authored by Upjohn Institute researchers,
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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"Estimating Distributed Lags in Short Panels with an Application to the Specification of Depreciation Patterns and Capital Stock Constructs,"
Review of Economic Studies,
Oxford University Press, vol. 51(2), pages 243-262.
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0408, National Bureau of Economic Research, Inc.
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- Daniel McFadden, 1977. "Modelling the Choice of Residential Location," Cowles Foundation Discussion Papers 477, Cowles Foundation for Research in Economics, Yale University.
- 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.
- 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.
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- Catherine J. Morrison, 1985. "On the Economic Interpretation and Measurement of Optimal Capacity Utilization with Anticipatory Expectations," NBER Working Papers 1536, National Bureau of Economic Research, Inc.
- 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.
- Miller, Edward M, 1983. "Capital Aggregation in the Presence of Obsolescence-Inducing Technical Change," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 29(3), pages 283-96, September.
- 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.
- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
- James A. Kahn, 1986. "Gasoline Prices and the Used Automobile Market: A Rational Expectations Asset Price Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 101(2), pages 323-339.
- D. W. Jorgenson & Z. Griliches, 1967. "The Explanation of Productivity Change," Review of Economic Studies, Oxford University Press, vol. 34(3), pages 249-283.
- Muellbauer, John, 1974. "Household Production Theory, Quality, and the "Hedonic Technique."," American Economic Review, American Economic Association, vol. 64(6), pages 977-94, December.
- 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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