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Price and Volume Measures in the System of National Accounts

  • W. Erwin Diewert

The paper is an extensive review of chapter 16 in the System of National Accounts, 1993 written by Peter Hill. The basic principles for measuring price and quantity change in the National Accounts are explained. The paper also presents some new material on the consistency of superlative indexes with indexes which are additive in their components. Some new material on the treatment of quality change is also presented which indicates that traditional Statistical Agency treatments of this issue will lead to upward bias in price indexes. The literature on sources of bias in consumer price indexes is also reviewed.

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File URL: http://www.nber.org/papers/w5103.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5103.

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Date of creation: May 1995
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Publication status: published as Kendrick, John W. (ed.) The new system of national accounts, Recent Economic Thought Series. Boston; Dordrecht and London: Kluwer Academic, 1996.
Handle: RePEc:nbr:nberwo:5103
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