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Measuring Productivity in the System of National Accounts

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  • Diewert, Erwin

Abstract

The paper reviews some of the measurement problems that are associated with measuring sectoral Total Factor Productivity growth rates. The paper notes that the production accounts in the present System of National Accounts (SNA) need to be extended somewhat in order to be suitable as a data base for measuring sectoral productivity growth rates. In particular, the treatment of exports, imports and indirect taxes is not completely adequate for productivity measurement purposes in the present SNA. Finally, the paper considers some of the problems that are associated with the measurement of banking sector outputs and the System of National Accounts FISIM (Financial Intermediation Services Indirectly Measured) imputations.

Suggested Citation

  • Diewert, Erwin, 2007. "Measuring Productivity in the System of National Accounts," Economics working papers diewert-07-11-16-12-39-23, Vancouver School of Economics, revised 16 Nov 2007.
  • Handle: RePEc:ubc:bricol:diewert-07-11-16-12-39-23
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    File URL: http://microeconomics.ca/erwin_diewert/sna.pdf
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    References listed on IDEAS

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    1. Diewert, W E, 1974. "Intertemporal Consumer Theory and the Demand for Durables," Econometrica, Econometric Society, vol. 42(3), pages 497-516, May.
    2. W. Erwin Diewert & Ann Marie Smith, 1994. "Productivity Measurement for a Distribution Firm," NBER Working Papers 4812, National Bureau of Economic Research, Inc.
    3. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
    4. Edwin Dean & Michael Harper, 2001. "The BLS Productivity Measurement Program," NBER Chapters,in: New Developments in Productivity Analysis, pages 55-84 National Bureau of Economic Research, Inc.
    5. Carol Corrado & John Haltiwanger & Dan Sichel, 2005. "Measuring Capital in the New Economy," NBER Books, National Bureau of Economic Research, Inc, number corr05-1, January.
    6. J. Christina Wang & Susanto Basu & John G. Fernald, 2009. "A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output," NBER Chapters,in: Price Index Concepts and Measurement, pages 273-320 National Bureau of Economic Research, Inc.
    7. Christensen, Laurits R & Jorgenson, Dale W, 1970. "U.S. Real Product and Real Factor Input, 1929-1967," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 16(1), pages 19-50, March.
    8. W. Erwin Diewert, 1980. "Aggregation Problems in the Measurement of Capital," NBER Chapters,in: The Measurement of Capital, pages 433-538 National Bureau of Economic Research, Inc.
    9. Fixler, Dennis & Zieschang, Kimberly D, 1991. "Measuring the Nominal Value of Financial Services in the National Income Accounts," Economic Inquiry, Western Economic Association International, vol. 29(1), pages 53-68, January.
    10. Nancy D. Ruggles & Richard Ruggles, 1970. "The Design of Economic Accounts," NBER Books, National Bureau of Economic Research, Inc, number rugg70-1, January.
    11. Rymes, T K, 1983. "More on the Measurement of Total Factor Productivity," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 29(3), pages 297-316, September.
    12. Nancy D. Ruggles & Richard Ruggles, 1970. "Introduction to "The Design of Economic Accounts"," NBER Chapters,in: The Design of Economic Accounts, pages 1-7 National Bureau of Economic Research, Inc.
    13. Dennis Fixler, 2009. "Incorporating Financial Services in a Consumer Price Index," NBER Chapters,in: Price Index Concepts and Measurement, pages 239-266 National Bureau of Economic Research, Inc.
    14. Jorgenson, Dale W & Fraumeni, Barbara M, 1992. " Investment in Education and U.S. Economic Growth," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(0), pages 51-70, Supplemen.
    15. W. Erwin Diewert & John S. Greenlees & Charles R. Hulten, 2009. "Price Index Concepts and Measurement," NBER Books, National Bureau of Economic Research, Inc, number diew08-1, January.
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    17. Donal J. Donovan, 1978. "Modeling the Demand for Liquid Assets: An Application to Canada (Etablissement d'un modèle de demande d'actifs liquides: application au Canada) (Construcción de un modelo de demanda de activos líqu," IMF Staff Papers, Palgrave Macmillan, vol. 25(4), pages 676-704, December.
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    Cited by:

    1. Burda, Michael C. & Severgnini, Battista, 2014. "Solow residuals without capital stocks," Journal of Development Economics, Elsevier, vol. 109(C), pages 154-171.
    2. K L Krishna & Deb Kusum Das & Abdul Azeez Erumban & Suresh Aggarwal & Pilu Chandra Das, 2016. "Productivity Dynamics in India's Service Sector: An Industry-Level Perspective," Working Papers id:11401, eSocialSciences.
    3. Dai, Yunhao & Kong, Dongmin & Xu, Jin, 2017. "Does fairness breed efficiency? Pay gap and firm productivity in China," International Review of Economics & Finance, Elsevier, vol. 48(C), pages 406-422.
    4. Robert Inklaar & Marcel P. Timmer & Bart van Ark, 2008. "Data for Productivity Measurement in Market Services: An International Comparison," International Productivity Monitor, Centre for the Study of Living Standards, vol. 16, pages 72-81, Spring.
    5. Robert E. Yuskavage & Erich H. Strassner & Gabriel W. Medeiros, 2008. "Domestic Outsourcing and Imported Inputs in the U.s. Economy: Insights from Integrated Economic Accounts," BEA Papers 0090, Bureau of Economic Analysis.
    6. Susan N. Houseman, "undated". "Offshoring and Import Price Measurement," Upjohn Working Papers and Journal Articles snh20111, W.E. Upjohn Institute for Employment Research.

    More about this item

    Keywords

    Total factor productivity growth; production accounts; System of National Accounts; exports and imports in the input output accounts; the measurement;

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade

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