ECON 5415 Index Number Theory

Reading List

September 19, 2019

Contents

1 General References 1

2 Introduction and Historical Notes 2

3 Review of Mathematical Tools and EconomicTheory 2

4 Axiomatic Approach to Index Number 3

5 Economic Approach to Index Number 4

6 Statistical Approach to Index Number 7

7 Divisia Index 9

8 Elementary Price Index 9

9 Measuring Quality Change 10

10 International Comparison 14

11 Productivity Measurement 16

12 New Goods Problems 20

13 Owner Occupied Accommodation in theCPI 21

14 Capital Measurement 22

15 National Income Accounting 22

16 Dynamic Models 25

17 Official Statistics 25

18 Miscellaneous Practical Issues 28

19 Other Conceptual Issues 29

1 General References

Allen, R.G.D. (1975) Index Numbers in Theory and Prac-tice, Chicago: Aldine Publishing Co.

Balk, Bert M. (2008) Price and Quantity Index Numbers,Cambridge University Press.

Biggeri, Luigi; and Guido Ferrari (Eds.) (2010) PriceIndexes in Time and Space: Methods and Practice,Springer.

Carter, C.F.; W.B. Reddaway; and Richard Stone (1965)The Measurement of Production Movements, Cam-bridge University Press.

Crowe, Walter R. (1965) Index Numbers Theory and Ap-plications, London: MacDonald & Evans Ltd.

Deaton, Angus (2016) “Measuring and Understanding Be-havior, Welfare, and Poverty,” American EconomicReview, 106(6), 1221–1243.

Diewert, W.E. and C. Montmarquette, eds, (1983) PriceLevel Measurement, Ottawa: Statistics Canada.

Diewert, W.E. and A.O. Nakamura, eds, (1993) Essaysin Index Number Theory , Vol. 1, Amsterdam: North-Holland.

Ralph, Jeff, Rob O’Neill, and Joe Winton (2015) A Prac-tical Introduction to Index Numbers, Chichester: JohnWiley & Sons Ltd.

Schultze, Charles L. and Christopher Mackie, eds, (2002)At What Price? Conceptualizing and Measuring Cost-of-Living and Price Indexes, Panel on Conceptual,Measurement, and Other Statistical Issues in Develop-ing Cost-of-Living Indexes, Washington, DC: NationalAcademy Press.

Xu, Guoxiang (2004) Statistical Index Theory and Its Ap-plications, Beijing: China Statistics Press.

Yu, Kam (2010) Essays on the Theory and Practice of In-dex Numbers: The Making of Macroeconomic Data,Saarbrucken: VDM Verlag.

2 Introduction and HistoricalNotes

Bowley, A.L. (1919) ‘The Measurement of Changes in theCost of Living,’ Journal of the Royal Statistical Soci-ety, 82(3), 343-372.

Bowley, A.L. (1923) ‘The Making of Index-Numbers; AStudy of their Varieties, Tests, and Reliability,’ Eco-nomic Journal, 33(129), 90-94.

Chance, W.A. (1966) ‘A Note on the Origins of IndexNumbers,’ Review of Economics and Statistics, 48(1),108-110.

Colwell, Peter F. and Gene Dilmore (1999) ‘Who wasFirst? An Examination of an Early Hedonic Study,’Land Economics, 75(4), 620-626.

Davies, George R. (1932) ‘Index Numbers in Mathemati-cal Economics,’ Journal of the American StatisticalAssociation, 27(177), Supplement: Proceedings of theAmerican Statistical Association, 58-64.

Diewert, W.E. (1993) “Early History of Price Index Re-search,” in Diewert and Nakamura (1993), 33–65.

Diewert, W.E. and K.J. Fox (2016) “Interview of Pro-fessor W. Erwin Diewert,” Discussion Paper 16-02,Vancouver School of Economics, University of BritishColumbia.

Edgeworth, F.Y. (1888) ‘Some New Methods of Measur-ing Variation in General Prices,’ Journal of the RoyalStatistical Society, 51(2), 346-368.

Edgeworth, F.Y. (1896) “A Defence of Index-Numbers,”Economic Journal, 6(21), 132–142.

Edgeworth, F.Y. (1925) ‘The Plurality of Index Numbers,’Economic Journal, 35(139), 379-388.

Ferger, Wirth F. (1946) ‘Historical Note on the PurchasingPower Concept, and Index Numbers,’ Journal of theAmerican Statistical Association, 41(233), 53-57.

Fisher, Willard C. (1913) ‘The Tabular Standard in Mas-sachusetts History,’ Quarterly Journal of Economics,27(3), 417-454.

Frisch, Rangnar (1936) ‘Annual Survey of General Eco-nomic Theory: The Problem of Index Numbers,’Econometrica, 4(1), 1-38.

Goodman, Allen C. (1998) “Andrew Court and the In-vention of Hedonic Price Analysis,” Journal of UrbanEconomics, 44(2), 291–298.

Jastram, Roy W. (1951) “Willard Phillips, A Predeces-sor of Paasche in Index Number Formation,” Journalof the American Statistical Association, 46(253), 124–126.

Keynes, John Maynard (1909) “The Method of IndexNumbers with Special Reference to the Measurementof General Exchange Value,” reprinted in DonaldMoggridge, ed., (1983) The Collected Writings of JohnMaynard Keynes, Volume XI, Economic Articles andCorrespondence, Macmillan Press, 49–173.

Klein, Judy L. and Mary S. Morgan, (2001) eds., The Ageof Economic Measurement, Durham: Duke UniversityPress.

Leontief, Wassily (1936) “Composite Commodities andthe Problem of Index Numbers,” Econometrica, 4(1),39-59.

Lowe, Joseph (1823) The Present State of England in Re-gard to Agriculture, Trade, and Finance; with a Com-parison of the Prospects of England and France, Sec-ond Edition, London: Longman, Hurst, Rees, Orme,and Brown.

Persky, Joseph (1998) “Price Indexes and General Ex-change Values,” Journal of Economic Perspectives,12(1), 197–205.

Rowe, J.W.F. (1927) “An Index of Physical Volume ofProduction,” Economic Journal, 37(146), 173–187.

Velde, Francois (2009) “The Life and Times of NicolasDutot,” Working Paper WP2009–10, Federal ReserveBank of Chicago.

3 Review of Mathematical Toolsand Economic Theory

Aczel, J. (1966) Lectures on Functional Equations andTheir Applications, New York: Academic Press.

Blackorby, Charles and W.E. Diewert (1974) ‘ExpenditureFunctions, Local Duality, and Second Order Approx-imations,’ Econometrica, 47(3), 579-602.

Carlson, B.C. (1972) ‘The Logarithmic Mean,’ AmericanMathematical Monthly, 79(6), 615-618.

Carter, Michael (2001) Foundations of Mathematical Eco-nomics, Cambridge: The MIT Press.

2

Diewert, W.E. (1974) ‘Applications of Duality Theory,’ inM.D. Intrilligator and D.A. Kendrick, (eds), Fron-tier of Quantitative Economics, Volume II, North-Holland, 106-208.

Ferger, Wirth F. (1931) ‘The Nature and Use of HarmonicMean,’ Journal of the American Statistical Associa-tion, 26(173), 36-40.

Giraud, Gael and John K.H. Quah (2003) ‘Homothetic orCobb-Douglas Behavior Through Aggregation,’ Con-tributions to Theoretical Economics, 3(1), Article 8.

Hamilton, James D. (1994) Time Series Analysis, Prince-ton University Press.

Hardy, G.; J.E. Littlewood; and G. Polya (1952) Inequal-ities, Second Edition, Cambridge University Press.

Huntington, Edward V. (1927) “Sets of Independent Pos-tulates for the Arithmetic Mean, the Geometric Mean,the Harmonic Mean, and the Root-Mean-Square,”Transactions of the American Mathematical Society,29(1), 1–22.

Sundaram, Rangarajan K. (1996) A First Course in Op-timization Theory, Cambridge University Press.

Yu, Kam (2015) Principles of Mathematical Economics,Lakehead University.

4 Axiomatic Approach to IndexNumber

Balk, Bert M. (1995) “Axiomatic Price Index Theory: Asurvey,” International Statistical Review, 63(1), 69–93.

Balk, Bert M. (1996) “Consistency-in-Aggregation andStuvel Indices,” Review of Income and Wealth, 42(3),353–363.

Balk, Bert M. and W. Erwin Diewert (2001) “A Charac-terization of the Tornqvist Price Index,” EconomicsLetters, 72, 279–281.

Banerjee, K.S. (1959) “A Generalisation of Stuvel’s IndexNumber Formulae,” Econometrica, 27(4), 676–678.

Bia lek, Jacek (2019) “Remarks on Geo-Logarithmic PriceIndices,” Journal of Official Statistics, 35(2), 287–317.

Davies, George R. (1924) “The Problem of a Standard In-dex Number Formula,” Journal of the American Sta-tistical Association, 19(146), 180–188.

Irving Fisher (1867–1947)

Diewert, W.E. (1992) “Fisher Ideal Output, Input, andProductivity Indexes Revisited,” Journal of Produc-tivity Analysis, 3(3), 211–248, reprinted in Diewertand Nakamura (1993), 317–353.

Ehemann, Christian; Arnold J. Katz; and Brent R. Moul-ton (2002) “The Chain-Additivity Issue and the USNational Economic Accounts,” Journal of Economicand Social Measurement, 28, 37–49.

Eichhorn, W. (1976) ‘Fisher’s Tests Revisited,’ Econo-metrica, 44(2), 247-256.

Eichhorn, W. and J. Voeller (1976) Theory of the PriceIndex, Berlin: Springer-Verlag.

Fisher, Irving (1921) ‘The Best Form of Index Number,’Quarterly Publications of the American Statistical As-sociation, 17(133), 533-537.

Fisher, Irving (1927) The Making of Index Numbers, 3rded., Boston: Houghton Mifflin Co.

Frisch, Ragnar (1930) “Necessary and Sufficient Condi-tions Regarding the Form of an Index Number whichShall Meet Certain of Fisher’s Tests,” Journal of theAmerican Statistical Association, 25(172), 397–406.

Gorman, W.M. (1986) “Compatible Indices,” EconomicJournal, Supplement: Conference Papers, 96, 83–95.

Hillinger, Claude (2002) “Consistent Aggregation andChaining of Price and Quantity Measures,” Journalof Economic and Social Measurement, 28, 1–20.

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Jazairi, N.T. (1972) “Fisher Ideal Numbers Formula: ANote,” Applied Statistics, 21(1), 89–92.

Pursiainen, Heikki (2004) “The Algebraic Interpretationof Consistency in Aggregation and Quasilinear In-dex Numbers,” Paper presented at the Interna-tional Working Group On Price Indices (The OttawaGroup).

Pursiainen, Heikki (2008) “Index numbers and decompo-sition spaces,” Working Paper, University of Helsinki.

Reinsdorf, Marshall B.; W. Erwin Diewert; and Chris-tian Ehemann (2002) “Additive Decompositions forFisher, Tornqvist and Geometric Mean Indexes,”Journal of Economic and Social Measurement, 28, 51–61.

Sato, Kazuo (1974) “Ideal Index Numbers that AlmostSatisfy the Factor Reversal Test,” Review of Eco-nomics and Statistics, 56(4), 549–552.

Sato, Kazuo (1976) “The Ideal Log-Change Index Num-ber,” Review of Economics and Statistics, 58(2), 223–228.

Sen, Amartya (1976) “Real National Income,” Review ofEconomic Studies, 43(1), 19–39.

Stuvel, G. (1957) “A New Index Number Formula,”Econometrica, 25(1), 123–131.

Swamy, Subramanian (1965) “Consistency of Fisher’sTest,” Econometrica, 33(3), 619–623.

Theil, Henri (1973) ‘A New Index Number Formula,’ Re-view of Economics and Statistics, 55(4), 498-502.

Theil, Henri (1974) ‘More on Log-Change Index Num-bers,’ Review of Economics and Statistics, 56(4), 552-554.

van Yzeren, J. (1958) “A Note on the Useful Properties ofStuvel’s Index Numbers,” Econometrica, 26(3), 429–439.

Vartia, Yrjo O. (1976) “Ideal Log-Change Index Num-bers,” Scandinavian Journal of Statistics, 3(3), 121–126.

Vogt, Arthur and Janos Barta (1997) The Making of Testsfor Index Numbers, Berlin: Springer.

Walsh, C. M. (1921) “The Best Form of Index Number:Discussion,” Quarterly Publications of the AmericanStatistical Association, 17(133), 537–544.

Walsh, C. M. (1924) “Professor Edgeworth’s View onIndex-Numbers,” Quarterly Journal of Economics,38(3), 500–519.

Zhang, Li-Chun, Ingvild Johansen, and Ragnhild Nygaard(2019) “Tests for Price Indices in a Dynamic Item Uni-verse,” Journal of Official Statistics, 35(3), 683–697.

5 Economic Approach to IndexNumber

Allen, R.G.D. (1949) ‘The Economic Theory of IndexNumbers,’ Economica, New Series, 16(63), 197-203.

Allen, Robert C. and W. Erwin Diewert (1981) “Directversus Implicit Superlative Index Number Formulae,”Review of Economics and Statistics, 63(3), 430–435.

Alterman, William F.; W. Erwin Diewert; and Robert C.Feenstra (1999) International Trade Price Indexes andSeasonal Commodities, Washington, DC: U.S. De-partment of Labor, Bureau of Labor Statistics.

Anglin, Paul M. and Michael R. Baye (1987) ‘Information,Multiprice Search, and Cost-of-Living Index Theory,’Journal of Political Economy, 95(6), 1179-1195.

Balk, Bert M. (1981) “Second Thoughts on Wald’s Cost-of-Living Index and Frisch’s Double ExpenditureMethod,” Econometrica, 49(6), 1553–1558.

Balk, B.M. (1989) “Changing Consumer Preferences andthe Cost-of-Living Index: Theory and NonparametricExpressions,” Journal of Economics, 50(2), 157–169.

Balk, Bert M.; Rolf Fare; and Shawna Grosskopf (2004)“The Theory of Economic Price and Quantity Indica-tors,” Economic Theory, 23, 149–164.

Basmann, R.L., D.J. Molina and D.J. Slottje (1984) “Vari-able Consumer Preferences, Economic Inequality, andthe Cost-of-Living Concept: Part One,” Advances inEconometrics, Vol. 3, 1–65.

Basmann, R.L., C.A. Diamond, J.C. Frentrup and S.N.White (1985) “Variable Consumer Preferences, Eco-nomic Inequality, and the Cost-of-Living Concept:Part Two,” Advances in Econometrics, Vol. 4, 1–85.

Baye, Michael R. (1995) ‘A Note on Price Stability andConsumer’s Welfare,’ Econometrica, 53(1), 213-216.

Baye, Michael R. and Dan A. Black (1986) Consumer Be-havior, Cost of Living Measures, and the Income Tax,Berlin: Springer-Verlag.

4

Bennet, T.L. (1920) ‘The Theory of Measurement ofChange in Cost of Living,’ Journal of the Royal Sta-tistical Society, 83(3), 455-462.

Blackorby, Charles and R. Robert Russel (1978) “Indicesand Subindices of the Cost of Living and the Standardof Living,” International Economic Review, 19(1),229–240.

Blow, Laura and Ian Crawford (1999) Cost-of-Living In-dices and Revealed Preferences, London: Institute forFiscal Studies.

Blundell, Richard and Thomas M. Stoker (2005) ‘Hetero-geneity and Aggregation,’ Journal of Economic Liter-ature, Vol. XLIII (June), 347–391.

Braithwait, Steven D. (1980) ‘The Substitution Bias of theLaspeyres Price Index: An Analysis Using EstimatedCost-of-Living Indexes,’ American Economic Review,70(1), 64-77.

Brynjolfsson, Erik, Felix Eggers, and Avinash Gannama-neni (2018) “Measuring Welfare with Massive OnlineChoice Experiments: A Brief Introduction,” AEA Pa-pers and Proceedings, 108: 473–476.

Colander, David (2007) “Edgeworth’s Hedonimeter andthe Quest to Measure Utility,” Journal of EconomicPerspectives, 21(2), 215–225.

Court, L.M. and H.G. Lewis (1942) ‘Production Cost In-dices,’Review of Economic Studies, 10(1), 28-42.

Deaton, Angus (1979) “The Distance Function in Con-sumer Behaviour with Applications to Index Numbersand Optimal Taxation,” Review of Economic Studies,46(3), 391-405.

Denny, Michael and Melvyn Fuss (1983) ‘The Use of Dis-crete Variables in Superlative Index Number Com-parisons,’ International Economic Review, 24(2), 419-421.

Diewert, W.E. (1981) ‘The Economic theory of IndexNumbers: A Survey’, in Deaton, Angus ed., Essays inthe Theory and Measurement of Consumer Behaviorin honour of Sir Richard Stone, Cambridge UniversityPress, 163-208.

Diewert, W.E. (1976) ‘Harberger’s Welfare Indicator andRevealed Preference Theory,’ American Economic Re-view, 66(1), 143-152.

Diewert, W.E. (1976) ‘Exact and Superlative Index Num-bers,’ Journal of Econometrics, 4(2), 115-145.

Walter Erwin Diewert (b 1941)

Diewert, W.E. (1978) ‘Superlative Index Numbers andConsistency in Aggregation,’ Econometrica, 46(4),883-900.

Diewert, W. Erwin (2002) “The quadratic ApproximationLemma and Decompositions of Superlative Indexes,”Journal of Economic and Social Measurement, 28, 63–88.

Diewert, Erwin and Paul Schreyer (2013) “On the Valua-tion of Leisure, Labour Supply and Household Pro-duction,” Discussion Paper 13-08, School of Eco-nomics, University of British Columbia.

Dixit, Avinash K. and Joseph E. Stiglitz (1977) ‘Monop-olistic Competition and Optimum Product Diversity,’American Economic Review, 67(3), 297-308.

Feenstra, Robert (1995) ‘Exact Hedonic Price Indexes’,The Review of Economics and Statistics, Vol.LXXVII, 634-653.

Fisher, M. Franklin and Karl Shell (1972) The EconomicTheory of Price Indices, Academic Press.

Fisher, Franklin, M. and Karl Shell (1998) EconomicAnalysis of Production Price Indexes, Cambridge Uni-versity Press.

Frisch, Ragnar (1936) “Annual Survey of General Eco-nomic Theory: The Problem of Index Numbers,”Econometrica, 4(1), 1-38.

Frisch, Ragnar (1954) “Some Basic Principles of Price ofLiving Measurements: A Survey Article,” Economet-rica, 22(4), 407-421.

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Geary, R.C. (1950) ‘A Note on “A Constant-Utility Indexof the Cost of Living,” ’ Review of Economic Studies,18(1), 65-66.

Griffith, Rachel; Ephraim Leibtag; Andrew Leicester; andAviv Nevo (2009) “Consumer Shopping Behavior:How Much Do Consumers Save?” Journal of Eco-nomic Perspectives, 23(2), 99–120.

Haan, Jan de; Bert M. Balk; and Carsten Boldsen Hansen(2010) “Retrospective Approximations of SuperlativePrice Indexes for Years Where Expenditure DataIs Unavailable,” in Luigi Biggeri and Guido Ferrari(Eds.) Price Indexes in Time and Space: Methodsand Practice, Springer, 25–42.

Hicks, J.R. (1942) “Consumers’ Surplus and Index Num-bers,” Review of Economics and Statistics, 9(2), 126-137.

Houthakker, H.S. (1952) “Compensated Changes in Quan-tities and Qualities Consumed,” Review of EconomicStudies, 19(3), 155-164.

Jorgenson, Dale W. and Daniel T. Slesnick (1997) ‘Indi-vidual and Social Cost-of-Living Indexes,’ in Dale W.Jorgenson, Welfare Volume 2: Measuring Social Wel-fare, The MIT Press, 39-98.

Kirman, Alan P. (1992) ‘Whom or What Does the Pre-sentative Individual Represent?’ Journal of EconomicPerspectives, 6(2), 117-136.

Klein, L.R. and H. Rubin (1948) ‘A Constant-Utility In-dex of the Cost of Living,’ Review of Economic Stud-ies, 15(2), 84-87.

Kokoski, Mary (2000) ‘Alternative CPI aggregations: Twoapproaches,’ Monthly Labor Review, 123(11), 31-39.

Konus, A.A. (1939) ‘The Problem of the True Index of theCost of Living,’ Econometrica, 7(1), 10-29.

Lau, Lawrence J. (1979) “On Exact Index Numbers,” Re-view of Economics and Statistics, 61(1), 73–82.

Lerner, A.P. (1935) “A Note on the Theory of Price IndexNumbers,” Review of Economic Studies, 3(1), 50-56.

Lloyd, P.J. (1975) ‘Substitution Effects and Biases inNontrue Price Indices,’ American Economic Review,65(3), 301-313.

Lyssiotou, Panayiota and Panos Pashardes (2004) ‘Com-paring the True Cost of Living Indices of Demograph-ically Different Households,’ Bulletin of Economic Re-search, 56(1), 21-39.

McKenzie, George and Ivor Pearce (1976) ‘Exact Mea-sures of Welfare and the Cost of Living,’ Review ofEconomic Studies, 43(3), 465-468.

Muellbauer, John (1977) “The Cost of Living,” in SocialSecurity Research: Papers Presented at a DHSS Sem-inar on 7–9 April 1976, London: Her Majesty’s Sta-tionery Office, 197–214.

Pencavel, John H. (1977) “Constant-Utility Index Num-bers of Real Wages,” American Economic Review,67(2), 91–100.

Pencavel, John (2011) “Real Wage Index Numbers,”American Economic Review, 101(3), 565–570.

Phlips, Louis and Ricardo Sanz-Ferrer (1975) ‘A Taste-Dependent True Index of the Cost of Living,’ Reviewof Economics and Statistics, 57(4), 495-501.

Pollak, Robert A. (1975) “The Intertemporal Cost of Liv-ing Index,” Annals of Economic and Social Measure-ment, 4(1), 179–195.

Pollak, Robert A. (1975) “Subindexes in the Cost of Liv-ing Index,” International Economic Review, 16(1),135–150.

Pollak, Robert A. (1975) “The Intertemporal Cost of Liv-ing Index,” Annals of Economic and Social Measure-ment, 4(1), 179–195.

Pollak, Robert A. (1978) ‘Welfare Evaluation and theCost-of-Living Index in the Hosehold ProductionModel,’ American Economic Review, 68(3), 285–299.

Pollak, Robert A. (1980) ‘Group Cost-of-Living Indexes,’American Economic Review, 70(2), 273-278.

Pollak, Robert A. and Michael L. Wachter (1975) “TheRelevance of the Household Production Function andIts Implications for the Allocation of Time,” TheJournal of Political Economy, 83(2), 255–278.

Prais, S.J. (1959) ‘Whose Cost of Living?’ Review of Eco-nomic Studies, 26(2), 126-134.

Reinsdorf, Marshall (1994) “The Effect of Price Dispersionon the Cost of Living Indexes,” International Eco-nomic Review, 35(1), 137–149.

Samuelson, Paul A. (1983) Foundations of EconomicAnalysis, Enlarged Edition, Harvard University Press,146-163.

Samuelson, P.A. and S. Swamy (1974) “Invariant Eco-nomic Index Numbers and Canonical Duality: Surveyand Synthesis”, American Economic Review, 64(1),566–593.

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Schreyer, Paul and Erwin Diewert (2013) “HouseholdProduction, Leisure and Living Standards,” Discus-sion Paper 13-06, School of Economics, University ofBritish Columbia.

Schultz, Henry (1939) ‘A Misunderstanding in IndexNumber Theory: The True Konus Condition on Cost-of-Living Index Numbers and Its Limitations,’ Econo-metrica, 7(1), 11-9.

Staehle, H. (1935) “A Development of the Economic The-ory of Price Index Numbers,” Review of EconomicStudies, 2(3), 163–188.

Tornqvist, Leo (1936) “The Bank of Finland’s Consump-tion Price Index,” Bank of Finland Monthly Bulletin,10, 27–34.

Wald, A. (1939) “A New Formula for the Index of Cost ofLiving,” Econometrica, 7(4), 391–331.

6 Statistical Approach to IndexNumber

Andrle, Michal (2002) “Measurement of Inflation: An-other Stochastic Approach,” Working Paper No.4/2002, Department of Economic Policy, Universityof Economics in Prague.

Balk, B.M. (1980) “A Method for Constructing Price In-dices for Seasonal Commodities,” Journal of the RoyalStatistical Society, Series A, 143(1), 68–75.

Banerjee, K.S. (1961) “A Unified Statistical Approach tothe Index Number Problem,” Econometrica, 29(4),591-601.

Bowley, A.L. (1921) “An Index of the Physical Volume ofProduction,” Economic Journal, 31(122), 196–205.

Bowley, A.L. (1928) “Notes on Index Numbers,” Eco-nomic Journal, 38(150), 216–237.

Bryan, Michael F. and Stephen G. Cecchetti (1993) “TheConsumer Price Index as a Measure of Inflation,” Eco-nomic Review – Federal Reserve Bank of Cleveland,29(4), 15–24.

Bryan, Michael F. and Stephen G. Cecchetti (1994) “Mea-suring Core Inflation,” in N. Gregory Mankiw, ed.,Monetary Policy, University of Chicago Press, 195–219.

Cecchetti, Stephen G. (1997) “Measuring Short-Run In-flation for Central Bankers,” Review, Federal ReserveBank of St. Louis, 79(3), 143–167.

Clark, Todd E. (2001) “Comparing Measures of Core In-flation,” Economic Review, Federal Reserve Bank ofKansas City, Second Quarter, 5–31.

Cogley, Timothy and Thomas J. Sargent (2015) “Mea-suring Price-Level Uncertainty and Instability in theUnited States, 1850–2012,” Review of Economics andStatistics, 97(4), 827–838.

Crone, Theodore M., N. Neil K. Khettry, Loretta J.Mester, and Jason A. Novak (2013) “Core Measuresof Inflation as Predictors of Total Inflation,” Journalof Money, Credit and Banking, 45(2–3), 505–519.

Dias, Daniel, and Carlos Robalo Marques (2005) “UsingMean Reversion as a Measure of Persistence,” Work-ing Paper Series No. 450, European Inflation Persis-tence Network.

Diewert, W.E. (2010) “On the Stochastic Approach to In-dex Numbers,” chapter 11, pp. 235–262 in W.E. Diew-ert, B.M. Balk, D. Fixler, K.J. Fox and A.O. Naka-mura (2010), Price And Productivity Measurement:Volume 6 — Index Number Theory. Trafford Press.

Edgeworth, F.Y. (1901) “Mr. Walsh on the Measure-ment of General Exchange Value,” Economic Journal,11(43), 404–416.

Edgeworth, F.Y. (1923) “The Doctrine of Index-NumbersAccording to Mr. Correa Walsh,” Economic Journal,33(131), 343–351.

Eusepi, Stefano, Bart Hobijn, and Andrea Tambalotti(2011) “CONDI: A Cost-of-Nominal-Distortions In-dex,” American Economic Journal: Macroeconomics,3, 53–91.

Feenstra, Robert C. and Marshall B. Reinsdorf (2007)“Should Exact Index Numbers Have Standard Er-rors? Theory and Application to Asian Growth,” inErnst R. Berndt and Charles R. Hulten (eds) Hard-to-Measure Goods and Services, NBER Studies in Incomeand Wealth, Volume 67, The University of ChicagoPress, 483–513.

Fisk, P.R. (1977) “Some Approximations to an “Ideal” In-dex Number,” Journal of the Royal Statistical Society,Series A (General), 140(2), 217–231.

Gavin, William T. and Rachel J. Mandal (2002) “Pre-diction Inflation: Food for Thought,” RegionalEconomist (The Federal Reserve Bank of St. Louis),January.

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Hogan, Seamus; Marianne Johnson; and Therese Lafleche(2001) “Core Inflation,” Technical Report No. 89, Ot-tawa: Bank of Canada.

Jevons, W. Stanley (1865) “On the Variation of Prices andthe Value of the Currency since 1782,” Journal of theStatistical Society of London, 28(2), 294–325.

Kaplan, Greg, Guido Menzio, Leena Rudanko, andNicholas Trachter (2019) “Relative Price Dispersion:Evidence and Theory,” American Economic Journal:Microeconomics 11(3): 68–124.

Keynes, John Maynard (1958) A Treatise on Money, Vol-ume 1, London: MacMillan & Co Ltd, 65–88.

Khan, Mikael, Louis Morel, and Patrick Sabourin (2013)“The Common Component of CPI: An AlternativeMeasure of Underlying Inflation for Canada,” Bankof Canada Working Paper 2013-35.

Khan, Mikael, Louis Morel, and Patrick Sabourin (2015)“A Comprehensive Evaluation of Measures of Core In-flation for Canada,” Bank of Canada Discussion Paper2015-12.

Kiley, Michael T. (2008) “Estimating the common trendrate of inflation for consumer prices and consumerprices excluding food and energy prices,” Finance andEconomics Discussion Series, Divisions of Research& Statistics and Monetary Affairs, Federal ReserveBoard, Washington, D.C., 2008-38.

Kloek, T. and G.M. de Wit (1961) “Best Linear andBest Linear Unbiased Index Numbers,” Econometrica,29(4), 602–616.

Lafleche, Therese (1997) “Statistical Measures of theTrend Rate of Inflation,” Bank of Canada Review, Au-tumn, 29–47.

Lafleche, Therese and Jamie Armour (2006) “EvaluatingMeasures of Core Inflation,” Bank of Canada Review,Summer, 19–29.

Luetkepohl, Helmut and Xu, Fang (2011) “ForecastingAnnual Inflation with Seasonal Monthly Data: UsingLevels versus Logs of the Underlying Price Index,”Journal of Time Series Econometrics, 3(1), Article 7.

Parsley, David C. and Helen A. Popper (2004) “AggregatePrice Changes and Dispersion: A Comparison of theEquity and Goods and Services Markets,” Contribu-tions to Macroeconomics, 4(1), Article 1.

Peach, Richard, Robert Rich, and M. Henry Linder (2013)“The Parts Are More Than the Whole: SeparatingGoods and Services to Predict Core Inflation,” Cur-rent Issues in Economics And Finance, Federal Re-serve Bank of New York, 19(7), 1–8.

Quah, Danny and Shaun P. Vahey (1995) “MeasuringCore Inflation,” Economic Journal, 105(432), 1130–1144.

Reinsdorf, Marshall (1994) “New Evidence on the Rela-tion between Inflation and Price Dispersion,” TheAmerican Economic Review, 84(3), 720–731.

Reis, Ricardo and Mark W. Watson (2010) “RelativeGoods’ Prices, Pure Inflation, and The Phillips Cor-relation,” American Economic Journal: Macroeco-nomics, 2(3), 128–157.

Rich, Robert and Charles Steindel (2007) “A Compari-son of Measures of Core Inflation,” FRBNY EconomicPolicy Review, December, 19–38.

Smith, Julie K. (2005) “Inflation targeting and core infla-tion,” Canadian Journal of Economics, 38(3), 1018–1036.

Selvanathan, E.A. and D.S. Prasada Rao (1994) IndexNumbers: A Stochastic Approach, Ann Arbor: TheUniversity of Michigan Press.

Statistics Canada (2016) “Bank of Canada’s PreferredMeasures of Core Inflation,” General InformationDocument, Ottawa, Statistics Canada.

Stock, James, H. and Mark W. Watson (2016) “Core Infla-tion and Trend Inflation,” Review of Economics andStatistics, 98(4), 770–784.

Taillon, Jacques (1997) “Review of the Literature on CoreInflation,” Analytical Series, 4, Statistics Canada.

Taillon, Jacques (1999) “Core Inflation — A WeightedMedian Index,” Analytical Series, 7, StatisticsCanada.

Theil, Henri (1960) “Best Linear Index Numbers of Pricesand Quantities,” Econometrica, 28(2), 464–480.

Theil, Henri (1967) Economics and Information Theory,Chicago: Rand McNally and Co, Chapter 5.

Tritschler, Charles A. (1969) “Statistical Criteria for As-set Valuation by Specific Price Index,” Accounting Re-view, 44(1), 99–123.

8

Valliant, Richard (1992) “Smoothing Variance Estimatesfor Price Indexes over Time,” Journal of OfficialStatistics, 8(4), 433–444.

Webb, Roy H. (2004) “Which Price Index Should a Cen-tral Bank Employ?” Economic Quarterly (FederalReserve Bank of Richmond), 90(2), 63–76.

Wynne, Mark A. (2008) “Core Inflation: A Review ofSome Conceptual Issues,” Federal Reserve Bank of St.Louis Review, May/June, Part 2, 205–228.

7 Divisia Index

Balk, Bert M. (2005) “Divisia Price and Quantity Indices:80 Years After,” Statistica Neerlandica, 59(2), 119–158.

Belongia, T. Michael and Jane Binner, eds (2000) DivisiaMonetary Aggregates Theory and Practice, PalgraveMacmillan.

Bruce, Neil (1977) “A Note on Consumer’s Surplus,the Divisia Index, and the Measurement of WelfareChange,” Econometrica, 4, 1033–1038.

Clements, Kenneth W. and H.Y. Izan (1981) “A Noteon Estimating Divisia Index Numbers,” InternationalEconomic Review, 22(3), 745–747.

Hulten, Charles R. (1973) “Divisia Index Numbers,”Econometrica, 41(6), 1017–1025.

Ireland, Peter N. (2002) “Divisia Monetary AggregatesTheory and Practice, Review,” Journal of EconomicLiterature, 40(2), 532–533.

Lewbel, Arthur (1989) “A Path-Independent Divisia-LikeIndex for PIGLOG Preferences,” Economica, 56(221),121–123.

Sato, Kazuo (1976) “The Meaning and Measurement ofthe Real Value Added Index,” Review of Economicsand Statistics, 58(4), 434–442.

Sims, Christopher A. (1969) “Theoretical Basis for a Dou-ble Deflated Index of Real Value Added,” Review ofEconomics and Statistics, 51(4), 470–471.

Star, Spencer and Robert E. Hall (1976) “An ApproximateDivisia Index of Total Factor Productivity,” Econo-metrica, 44(2), 257–263.

8 Elementary Price Index

Balk, Bert M. (1998) “On the Use of Unit Value Indicesas Consumer Price Subindices,” in Proceedings of theFourth Meeting of the International Working Groupon Price Indices, Bureau of Labor Statistics, 112–120.

Baye, Michael (1985) “Price Dispersion and FunctionalPrice Indices,” Econometrica, 53(1), 217–224.

Bradley, Ralph (2005) “Pitfalls of using unit values as aprice measure or price index,” Journal of Economicand Social Measurement, 30(1), 39–61.

Dalen, Jorgen (1992) “Computing Elementary Aggregatesin the Swedish Consumer Price Index,” Journal of Of-ficial Statistics, 8(2), 129–147.

Diewert, Erwin (1995) “Axiomatic and Economic Ap-proaches to Elementary Price Indexes,” DiscussionPaper No.: 95-01, Department of Economics, Univer-sity of British Columbia.

Diewert, W. Erwin (2004) “Elementary Indices,” in Con-sumer Price Index Manual: Theory and Practice,Geneva: International Labour Office, Chapter 20,355–371.

Feenstra, Robert C., and Matthew D. Shapiro (eds) (2003)Scanner Data and Price Indexes, NBER Studies inIncome and Wealth, Volume 64, Chicago: Universityof Chicago Press.

Jevons, W. Stanley (1865) “On the Variation of Prices andthe Value of the Currency since 1782,” Journal of theStatistical Society of London, 28(2), 294–320+1–4.

Jevons, W. Stanley (1884) Investigations in Currency andFinance, London: MacMillan and Co.

Koskimaki, Timo and Mari Yla-Jarkko (2003) “Seg-mented Markets and CPI Elementary Classifications,”Paper presented at the Seventh Meeting of the Inter-national Working Group on Price Indices, Paris, May27–29.

Krsinich, Frances (2016) “The FEWS Index: Fixed Effectswith a Window Splice,” Journal of Official Statistics,32(2), 375–404.

Levell, Peter (2015) “Is the Carli index flawed?: assessingthe case for the new retail price index RPIJ,” Journalof the Royal Statistical Society, Series A, 178(2), 303–336.

Moulton, Brent R. (1993) “Basic Components of the CPI:Estimation of Price Changes,” Monthly Labor Review,116(12), 13–24.

9

William Stanley Jevons (1835–1882)

Prud’homme, Marc, Dimitri Sanga, and Kam Yu (2005)“A computer software price index using scanner data,”Canadian Journal of Economics, 38(3), 999–1017.

Reinsdorf, Marshall B. (1998) “Formula Bias and Within-Stratum Substitution Bias in the U.S. CPI,” Reviewof Economics and Statistics, LXXX(2), 175–187.

Reinsdorf, Marshall B. (1999) “Using Scanner Data toConstruct CPI Basic Component Indexes,” Journalof Business & Economic Statistics, 17(2), 152–160.

Reinsdorf, Marshall B. and Brent R. Moulton (1997) “TheConstruction of Basic Components of Cost-of-LivingIndexes,” in Timothy F. Bresnahan and Robert J.Gordon, eds, The Economics of New Goods, Univer-sity of Chicago Press, 397–436.

Sauerbeck, A. (1895) “Index Numbers of Prices,” Eco-nomic Journal, 5(18), 161–174.

Silver, Mick and Bruce Webb (2002) “The Measurementof Inflation: Aggregation at the Basic Level,” Journalof Economic and Social Measurement, 28, 21–35.

Triplett, Jack E. (1998) “Elementary Indexes for a Con-sumer Price Index,” in Proceedings of the FourthMeeting of the International Working Group on PriceIndices, Bureau of Labor Statistics, 176–197.

Winton, Joseph, Robert O’Neill and Duncan Elliott(2013) “Elementary aggregate indices and lower levelsubstitution bias,” Statistical Journal of the IAOS, 29,11–19.

9 Measuring Quality Change

Adelman, Irma and Zvi Griliches (1961) “On an Index ofQuality Change,” Journal of the American StatisticalAssociation, 56(295), 535–548.

Aghion , Philippe, Antonin Bergeaud, Timo Boppart, Pe-ter J. Klenow, and Huiyu Li (2019) “Missing Growthfrom Creative Destruction,” American Economic Re-view, 109(8): 2795–2822.

Aizcorbe, Ana, David M. Byrne, and Daniel E. Sichel(2019) “Getting Smart about Phones: New PriceIndexes and the Allocation of Spending BetweenDevices and Services Plans in Personal Consump-tion Expenditures,” NBER Working Paper 25645,nber.org/papers/w25645.

Bajari, Patrick, and C. Lanier Benkard (2005) “DemandEstimation with Heterogeneous Consumers and Un-observed Product Characteristics: A Hedonic Ap-proach,” Journal of Political Economy, 113(6), 1239–76.

Baker, Terry A. (1997) “Quality-Adjusted Price Indexesfor Portable Computers,” Applied Economics, 29,1115–1123.

Berndt, Ernst R. (1991) The Practice of Econometrics:Classic and Contemporary, Addison-Wesley.

Berndt, Ernst R., Zvi Griliches; and Neal J. Rappaport(1995) “Econometric estimates of price indexes forpersonal computers in the 1990’s,” Journal of Econo-metrics 68, 243–268.

Berndt, Ernst R. and Neal J. Rappaport (2001) “Price andQuality of Desktop and Mobile Personal Computers:A Quarter-Century Historical Overview,” AmericanEconomic Review, 91(2), 268–273.

Berry, Steven, James Levinsohn, and Ariel Pakes (1995)“Automobile Prices in Market Equilibrium,” Econo-metrica, 63(4), 841–890.

Bils, Mark and Peter J. Klenow (2001) “QuantifyingQuality Growth,” American Economic Review, 91(4),1006–1030.

Blow, Laura and Ian Crawford (1998) “A Quality Con-stant Price Index for New Cars in the UK, 1986 to1995,” Working Paper Series No. W98/12, Institutefor Fiscal Studies.

Blow, Laura and Ian Crawford (1999) “Valuing quality,”Working Paper Series No. W99/21, Institute for FiscalStudies.

10

BLS (2008) “Proposal for Adjusting the General Hospi-tal Producer Price Index for Quality Change,” Paperavailable online.

BLS (2011) ““Hedonic Models in the Producer Price Index(PPI),” Paper available online.

BLS (2014) “Quality Adjustment in the Producer PriceIndex,” Paper available online.

Byrne, David M., Stephen D. Oliner, and Daniel E. Sichel(2015) “How Fast are Semiconductor Prices Falling?”NBER Working Paper 21074.

Chow, Gregory C. (1967), “Technological Change and theDemand for Computers”, American Economic Re-view, 57(5), 1117–30.

Chwelos, P.D., E.R. Berndt, and I.M. Cockburn (2008)“Faster, smaller, cheaper: an hedonic price analysisof PDAs,” Applied Economics, 40(22), 2839–2856.

Cole, Rosanne, Y.C. Chen, Joan A. Barquin-Stolleman,Ellen Dulberger, Nurhan Helvacian, and James H.Hodge (1986) “Quality-Adjusted Price Indexes forComputer Processors and Selected Peripheral Equip-ment,” Survey of Current Business, 66(1), 41–50.

Copeland, Adam and Adam Hale Shapiro (2016) “PriceSetting and Rapid Technology Adoption: The Caseof the PC Industry,” The Review of Economics andStatistics, 98(3), 601–616.

Court, A.T. (1939) “Hedonic Price Indexes with Automo-tive Examples,” in The Dynamics of Automobile De-mand, New York: General Motor Corporation, 99–117.

Cutler, David M.; Mark McClellan; Joseph P. Newhouse;and Dehlia Remler (1998) “Are Medical Prices Declin-ing? Evidence from Heart Attack Treatment,” Quar-terly Journal of Economics, CXIII(4), 991–1024.

Dai, Wei and Kam Yu (2019) “Contestability in the Digi-tal Music Player Market,” Journal of Industry, Com-petition & Trade, 19(2), 293–311.

Deltas, George and Eleftherios Zacharias (2004) “Sam-pling Frequency and the Comparison BetweenMatched-Model and Hedonic Regression Price In-dexes,” Journal of Business & Economic Statistics,22(1), 94–106.

Denison, Edward F. (1993) “Robert J. Gordon’s Conceptof Capital,” Review of Income and Wealth, 39(1), 89-102.

Diewert, Erwin (2003) “Hedonic Regressions: A Con-sumer Theory Approach,” in Scanner Data and PriceIndexes, Conference on Research in Income andWealth, Volume 64, Robert C. Feenstra and MatthewD. Shapiro (eds.), National Bureau of Economic Re-search, The University of Chicago Press, 317–348.

Ekeland, Ivar; James J. Heckman; and Lars Nesheim(2002) “Identifying Hedonic Models,” American Eco-nomic Review, 92(2), 304–309.

Epple, Dennis (1989) “Hedonic Prices and Implicit Mar-kets: Estimating Demand and Supply Functions forDifferentiated Products,” Journal of Political Econ-omy, 95(1), 59–80.

Erickson, Tim and Ariel Pakes (2011) “An ExperimentalComponent Index for the CPI: From Annual Com-puter Data to Monthly Data on Other Goods,” Amer-ican Economic Review, 101(5), 1707–1738.

Feng, Juhong and Kam Yu “Moore’s law and price trendsof digital products: the case of smartphones,” Eco-nomics of Innovation and New Technology, forthcom-ing.

Fixler, Dennis, Charles Fortuna, John Greenlees, andWalter Lane (1999) “The Use of Hedonic Regres-sions to Handle Quality Change: The Experience inthe U.S. CPI,” Paper Presented at the Fifth Meetingof the International Working Group on Price IndicesReykjavik, Iceland.

Frank, Richard G,; Susan H. Busch; and Ernst R. Berndt(1998) “Measuring Prices and Quantities of Treatmentfor Depression,” American Economic Review, 88(2),1106–111.

German Federal Statistical Office (2003) “Hedo-nic Methods of Price Measurement for UsedCars,” available at www.destatis.de/download/e/preise/hed used cars.pdf.

Goldberg, Pinelopi Koujianou (1996) “Dealer Price Dis-crimination in New Car Purchases: Evidence from theConsumer Expenditure Survey,” Journal of PoliticalEconomy, 104(3), 622–654.

Gordon, Robert J. (1990) The Measurement of DurableGoods Prices, University of Chicago Press.

Gordon, Robert J. (1993) “Reply: The Concept of Capi-tal,” Review of Income and Wealth, 39(1), 103-110.

Gordon, Robert J. and Zvi Griliches (1997) “QualityChange and New Products,” American EconomicsReview, 87(2), 84-88.

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Greenlees, John S. and Robert McClelland (2011) “DoesQuality Adjustment Matter for Technologically Sta-ble Products? An Application to the CPI for Food,”American Economic Review: Papers & Proceedings,101(3), 200–205.

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Griliches, Zvi (1961) “Hedonic Price Indexes for Automo-biles: An Econometric of Quality Change,” in ThePrice Statistics of the Federal Government, NBER.

Griliches, Zvi (1991) “Hedonic Price Indexes and the Mea-surement of Capital and Productivity: Some Histor-ical Reflections,” in Ernst R. Berndt and Jack E.Triplett (eds), Fifty Years of Economic Measurement:The Jubilee of the Conference on Research in Incomeand Wealth, University of Chicago Press, 185–206.

Halvorsen, Robert and Henry O. Pollakowski (1981)“Choice of Functional Form for Hedonic Price,” Jour-nal of Urban Economics, 10, 37–49.

Heravi, Saeed; Alan Heston; and Mick Silver (2003) “Us-ing Scanner Data to Estimate Country Price Parities:A Hedonic Regression Approach,” Review of Incomeand Wealth, 49(1), 1–21.

Hobijn, Bart (2002) “On Both Sides of the Quality Biasin Price Indexes,” Manuscript, Federal Reserve Bandof New York.

Hulten, Charles, R. (1997) “Quality Change in the CPI,”Review, Federal Reserve Bank of St. Louis, 79(3), 87–100.

Hulten, Charles, R. (2003) “Price Hedonics: A CriticalReview,” FRBNY Economic Policy Review, 9(3), 5–15.

Jensen, Gail A. and Michael A. Morrisey (1990) “GroupHealth Insurance: A Hedonic Approach,” Review ofEconomics and Statistics, 72(1), 38–44.

Kim, Mina and Marshall Reinsdorf (2015) “A Test of He-donic Price Indexes for Imports,” in Susan N. House-man and Michael Mandel (eds), Measuring Globaliza-tion: Better Trade Statistics for Better Policy, Kala-mazoo: W.E. Upjohn Institute for Employment Re-search, Chapter 9.

Kokoski, Mary F. (1993) “Quality Adjustment of Price In-dexes,” Monthly Labor Review, 116(12), 34–46.

Kryvtsov, Oleksiy (2016) “Is There a Quality Bias in theCanadian CPI? Evidence from Micro Data,” Cana-dian Journal of Economics, 49(4), 1401–1424.

Lancaster, Kelvin J. (1966) “A New Approach to Con-sumer Theory,” Journal of Political Economy, 74(2),132–57.

Landefeld, J. Steven and Bruce T. Grimm (2000) ‘A Noteon the Impact of Hedonics and Computers on RealGDP,’ Survey of Current Business, December, 17-22.

Liegey, Paul and Nicole Shepler (1999) “Adjusting VCRPrices for Quality Change: A Study Using HedonicMethods,” Monthly Labor Review, 122(9), 22–37.

Linz, Stefan and Gudrun Eckert (2002) ‘Introducing He-donic Methods in Price Statistics,’ Federal StatisticalOffice Germany.

Moulton, Brent R. (1995) ‘Interarea Indexes of the Costof Shelter Using Hedonic Quality Adjustment Tech-niques,’ Journal of Econometrics, 68, 181-204.

Moulton, Brent R. and Karin E. Moses (1997) “Address-ing the Quality Change Issue in the ConsumerPrice Index,” Brookings Papers on Economic Activ-ity, 1997(1), 305–349.

Muellbauer, John (1974) “Household Production Theory,Quality, and the Hedonic Technique,” American Eco-nomic Review, 64(6), 977–994.

Nordhaus, William D. (1998) “Quality Change in Price In-dexes,” Journal of Economic Perspectives, 12(1), 59–68.

Nordhaus, William D. (2002) “The Progress of Comput-ing,” in Hedonic Price Indexes: Too Fast, Too Slow,or Just Right? Brookings Workshop on EconomicMeasurement, February 1, 2002.

Pakes, Ariel (2003) “A Reconsideration of Hedonic PriceIndexes with an Application to PC’s,” American Eco-nomic Review, 93(5), 1578–1596.

Pakes, Ariel (2005) “Hedonics and the Consumer Price In-dex,” Annales d’Economie et de Statistique, 79/80,729–748.

Pakes, Ariel; Steven Berry; and James A. Levinsohn(1993) “Applications and Limitations of Some RecentAdvances in Empirical Industrial Organization: PriceIndexes and the Analysis of Environmental Change,”American Economic Review, 83(2), 240–246.

12

Pollak, Robert (1983) “The Treatment of Quality in theCost of Living Index,” Journal of Public Economics,20, 25–53.

Palmquest, Raymond B. (1980) “Alternative Techniquesfor Developing Real Estate Price Indexes,” Review ofEconomics and Statistics, 62(3), 442–448.

Prahalad, C.K. and M.S. Krishnan (1999) “The NewMeaning of Quality in the Information Age,” HarvardBusiness Review, 77(5), 109–118.

Rosen, Sherwin (1974) “Hedonic Prices and Implicit Mar-kets: Product Differentiation in Pure Competition,”Journal of Political Economy, 82(1), 34-55.

Schwartz, Amy Ellen and Benjamin P. Scafidi (2001)“Quality Adjusted Indices for Four Year Colleges,”BLS Working Paper 337, Bureau of Labor Statistics.

Shapiro, Irving; Matthew D. Shapiro; and David W.Wilcox (1999) “Quality Improvement in Health Care:A Framework for Price and Output Measurement,”American Economic Review, 89(2), 333–337.

Shiratsuka, Shigenori (1995) “Automobile Prices andQuality Changes: A Hedonic Price Analysis of theJapanese Automobile Market,” BOJ Monetary andEconomic Studies, 13(2), 1–44.

Silver, Mick (1999) “An Evaluation of the Use of HedonicRegressions for Basic Components of Consumer PriceIndices,” Review of Income and Wealth, 45(1), 41–65.

Silver, Mick and Saeed Heravi (2001) “Scanner Data andthe Measurement of Inflation,” Economic Journal,111, F383–F404.

Silver, Mick and Saeed Heravi (2005)“A Failure in theMeasurement of Inflation: Results From a Hedonicand Matched Experiment Using Scanner Data,” Jour-nal of Business & Economic Statistics, 23(3), 269–281.

Stanley, Linda R. and John Tschirhart (1991) “HedonicPrices for a Nondurable Good: The Case of BreakfastCereals,” Review of Economics and Statistics, 73(3),537–541.

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Tomat, Gian Maria (2006) “Prices, product differentiationand quality measurement: A comparison between he-donic and matched model methods,” Research in Eco-nomics, 60, 54–68.

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Yu, Kam and Marc Prud’homme (2010) “Econometric is-sues in hedonic price indices: the case of internet ser-vice providers,” Applied Economics, 42, 1973–1994.

10 International Comparison

Almas, Ingvild (2012) “International Income Inequality:Measuring PPP Bias by Estimating Engel Curves forFood,” American Economic Review, 102(1), 1093–1117.

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Baldwin, John and Ryan Macdonald (2009) “PPPs: Pur-chasing Power or Producing Power Parities?” Eco-nomic Analysis (EA) Research Paper Series, Cata-logue no. 11F0027M — No. 058, Statistics Canada.

Balk, Bert M. (1996) “A Comparison of Ten Methods forMultilateral International Price and Volume Compar-ison,” Journal of Official Statistics, 12(2), 199-222.

Balk, Bert M. (2001) “Aggregation Methods in Inter-national Comparisons: What Have We Learned?”ERIM Report Series reference number ERS-2001-41-MKT, Erasmus Research Institute of Management.

Cavallo, Alberto, W. Erwin Diewert, Robert C. Feenstra,Robert Inklaar, and Marcel P. Timmer (2018) “UsingOnline Prices for Measuring Real Consumption acrossCountries,” AEA Papers and Proceedings, 108: 483–487.

Deaton, Angus (2010) “Price Indexes, Inequality, and theMeasurement of World Poverty,” American EconomicReview, 100(1), 5–34.

Deaton, Angus and Bettina Aten (2017) “Trying to Un-derstand the PPPs in ICP 2011: Why Are the ResultsSo Different?” American Economic Journal: Macroe-conomics 9(1), 243–264.

Deaton, Angus and Olivier Dupriez (2011) “PurchasingPower Parity Exchange Rates for the Global Poor,”American Economic Journal: Applied Economics, 3(April), 137–166.

Deaton, Angus and Alan Heston (2010) “UnderstandingPPPs and PPP-based National Accounts,” AmericanEconomic Journal: Macroeconomics, 2(4), 1–35.

Diewert, W. Erwin (1999) “Axiomatic and Economic Ap-proaches to International Comparisons,” in Alan Hes-ton and Robert E. Lipsey (eds.), International and In-terarea Comparisons of Income, Output, and Prices,Chicago: University of Chicago Press, 13–87.

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Hill, Robert J. (1997) “A Taxonomy of Multilateral Meth-ods for International Comparisons of Prices andQuantities,” Review of Income and Wealth, 43(1), 49–69.

Hill, Robert J. (2004) “Constructing Price Indexes acrossSpace and Time: The Case of the European Union,”American Economic Review, 94(5), 1379–1410.

Inklaar, Robert and D.S. Prasada Rao (2017) “Cross-Country Income Levels over Time: Did the Develop-ing World Suddenly Become Much Richer?” Ameri-can Economic Journal: Macroeconomics, 9(1): 265–290.

Islam, Nazrul (1999) “International Comparison of TotalFactor Productivity: A Review,” Review of Incomeand Wealth, 45(4), 493–518.

Jones, Charles I. and Peter J. Klenow (2016) “BeyondGDP? Welfare across Countries and Time,” Ameri-can Economic Review, 106(9), 2426–2457.

Khamis, Salem H. (1972) “A New System of Index Num-bers for National and International Purposes,” Jour-nal of the Royal Statistical Society, Series A (General),135(1), 96–121.

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Papadopoulos, Konstantinos G. (2008) “PurchasingPower Parity with Strategic Markets,” The B.E.Journal of Theoretical Economics, 8(1), Article 16.

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Pilat, Dirk and Paul Schreyer (2001) “Measuring Produc-tivity,” OECD Economic Studies No. 33, 2001/II,Paris: OECD.

Rao, D.S. Prasada and Marcel P. Timmer (2003) “Pur-chasing Power Parities for Industry Comparisons Us-ing Weighted Elteto-Koves-Szulc (EKS) Methods,”Review of Income and Wealth, 49(4), 491–511.

Reich, Utz-Peter (2013) “PPPs for SDRs? Some theoreti-cal observations on how to normalise, capture the dy-namics, and extend the application of, global purchas-ing power parities,” Journal of Economic and SocialMeasurement, 38(2) 171–185.

Ruggles, Richard (1967) “Price Indexes and InternationalPrice Comparisons,” in William Fellner et al, Ten Eco-nomic Studies in the Tradition of Irving Fisher, NewYork: John Wiley & Sons, 171–205.

Sharpe, Andrew (1999) “New Estimates of Manufactur-ing Productivity Growth for Canada and the UnitedStates,” Paper prepared for the meeting on the Re-search Advisory Committee on the CSLS project onthe Canada-U.S. Manufacturing Productivity Gap,March 25, 1999, Chateau Laurier, Ottawa, Ontario.

Shiu, Alice (2003) “Multilateral Comparisons of Produc-tivity, Terms-of-Trade and Factor Accumulation,” Re-view of Income and Wealth, 49(1), 35–52.

Van Ark, Bart and Robert H. McGuckin (1999) “Inter-national Comparisons of Labor Productivity and PerCapita Income,” Monthly Labor Review, July, 33–41.

Webster, Michael and Rory C. Tarnow-Mordi (2019) “De-composing Multilateral Price Indexes into the Contri-butions of Individual Commodities,” Journal of Offi-cial Statistics, 35(2), 461–486.

World Bank (2013) Measuring the Real Size of the WorldEconomy, The World Bank.

World Bank (2015a) Purchasing Power Parities and theReal Size of the World Economies, World BankGroup.

15

World Bank (2015b) Operational Guidelines and Proce-dures for Measuring the Real Size of the World Econ-omy, World Bank Group.

11 Productivity Measurement

Abel, Jaison R., Ishita Dey, and Todd M. Gabe (2010)“Productivity and the Density of Human Capital,”Federal Reserve Bank of New York Staff Reports, No.440.

Abeney, Akua and Kam Yu (2015) “Measuring the Effi-ciency of the Canadian Health Care System,” Cana-dian Public Policy, 41(4), 320–331.

Ahmad, Nadim, Francois Lequiller, Pascal Marianna, DirkPilat, Paul Schreyer, and Anita Wolfl (2003) “Com-paring growth in GDP and labour productivity: mea-surement issues,” OECD Statistics Brief, No. 7.

Althin, Rikard (2001) “Measurement of ProductivityChanges: Two Malmquist Index Approaches,” Jour-nal of Productivity Analysis, 16, 107–128.

Armstrong, Philip; Tarek M. Harchaoui; Chris Jack-son; and Faouzi Tarkhani (2002) “A Comparisonof Canada-U.S. Economic Growth in the Informa-tion Age, 1981–2000: The Importance of Investmentin Information and Communication Technologies,”Research Paper, Micro-Economic Analysis Division,Statistics Canada.

Asmild, Mette; Joseph C. Paradi; Vanita Aggaarwall; andClaire Schaffnit (2004) “Combining DEA WindowAnalysis with the Malmquist Index Approach in aStudy of the Canadian Banking Industry,” Journalof Productivity Analysis, 21, 67–89.

Atkin, David, Amit K. Khandelwal, and Adam Osman(2019) “Measuring Productivity: Lessons from Tai-lored Surveys and Productivity Benchmarking,” AEAPapers and Proceedings, 109: 444–449.

Atkinson, Scott E.; Christopher Cornwell; and Olaf Hon-erkamp (2003) “Measuring and Decomposing Produc-tivity Change: Stochastic Distance Function Estima-tion Versus Data Envelopment Analysis,” Journal ofBusiness & Economic Statistics, 21(2), 284–294.

Aulin-Ahmavaara, Pirkko (2003) “The SNA93 Values as aConsistent Framework for Productivity Measurement:Unsolved Issues,” Review of Income and Wealth,49(1), 117–133.

Baily, Martin Neil and Robert J. Gordon (1988) “TheProductivity Slowdown, Measurement Issues, and theExplosion of Computer Power,” Brookings Papers onEconomic Activity, 1988(2), 347–420.

Baily, Martin Neil and Alan M. Garber (1997) “HealthCare Productivity,” Brookings Papers on EconomicActivity — Microeconomics, 143–215.

Baldwin, John R. and Tarek M. Harchaoui (Eds) (2002)Productivity Growth in Canada — 2002, Catalogueno. 15-204-XIE, Ottawa: Statistics Canada.

Baldwin, John R., Wulong Gu, Ryan Macdonald and Beil-ing Yan (2014) “Productivity: What Is It? How Is ItMeasured? What Has Canada’s Performance BeenOver the Period 1961 to 2012?” The Canadian Pro-ductivity Review, Statistics Canada Catalogue no. 15-206-X, no. 038.

Balk, Bert M. (2001) “Scale Efficiency and ProductivityChange,” Journal of Productivity Analysis, 15, 159–183.

Barro, Robert J. (1999) “Notes on Growth Accounting,”Journal of Economic Growth, 4, 119–137.

Barro, Robert J. and Xavier Sala-I-Martin (1995) Eco-nomic Growth, McGraw-Hill, Inc.

Beckstead, Des; Andree Girard; and Tarek M. Har-chaoui (2001) “Assessing the Data Quality of Statis-tics Canada’s Productivity Program,” ProductivityGrowth in Canada, Catalogue no. 15-204-XIE, Statis-tics Canada.

Berndt, Ernst R. (2002) “Productivity,” NEBR Reporter,Spring, 1–6.

Berndt, Ernst R. and Laurits R. Christensen (1974) “Test-ing for the Existence of a Consistent Aggregate Indexof Labor Inputs,” American Economic Review, 64(3),391–404.

Berndt, Ernst R. and Mohammed S. Khaled (1979) ‘Para-metric Productivity Measurement and Choice AmongFlexible Functional Forms,’ Journal of Political Econ-omy, 87(6), 1220–1245.

Bernstein, Jeffrey I. (1999) “Total Factor ProductivityGrowth in the Canadian Life Insurance Industry:1979-1989,” Canadian Journal of Economics, 32(2),500–517.

Bernstein, Jeffrey I.; Richard G. Harris; and AndrewSharpe (2002) “The Widening Canada-US Manufac-turing Productivity Gap,” International ProductivityMonitor, 5, 3–22.

16

Bartelsman, Eric J. and Mark Doms (2000) “Understand-ing Productivity: Lessons from Longitudinal Micro-data,” Journal of Economic Literature, Vol. XXXVIII(September), 569–594.

BLS (1997) “Productivity Measures: Business Sector andMajor Subsectors,” in BLS Handbook of Methods,Chapter 10, U.S. Department of Labor, Bureau of La-bor Statistics, 89–98.

BLS (1997) “Industry Productivity Measures,” in BLSHandbook of Methods, Chapter 11, U.S. Departmentof Labor, Bureau of Labor Statistics, 103–109.

Briec, W. and K. Kerstens (2009) “Infeasibility and Di-rectional Distance Functions with Application to theDeterminateness of the Luenberger Productivity Indi-cator,” Journal of Optimization Theory and Applica-tions, 141, 55–73.

Buera, Francisco J. and Joseph P. Kaboski (2012) “TheRise of the Service Economy,” American EconomicReview, 102(6), 2540–2569.

Byrne, David M., John G. Fernald, and Marshall B. Reins-dorf (2016) “Does the United States have a Produc-tivity Slowdown or a Measurement Problem?” Brook-ings Papers on Economic Activity, Conference draft,March 10–11.

Caves, Douglas W.; Laurits R. Christensen; and W. Er-win Diewert (1982) “Multilateral Comparisons of Out-put, Input, and Productivity Using Superlative IndexNumbers,” Economic Journal, 92(365), 73–86.

Caves, Douglas W.; Laurits R. Christensen; and W. Er-win Diewert (1982) “The Economic Theory of IndexNumbers and the Measurement of Input, Output, andProductivity,” Econometrica, 50(6), 1393–1414.

Chambers, Christopher P. and Alan D. Miller (2014) “In-efficiency Measurement,” American Economic Jour-nal: Microeconomics, 6(2): 79–92.

Chambers, Robert G. (2002) “Exact Nonradial Input,Output, and Productivity Measurement,” EconomicTheory, 20(4), 751–765.

Chen, Vivian, Abhay Gupta, Andre Therrien, Gad Lev-anon and Bart van Ark (2010) “Recent Produc-tivity Developments in the World Economy: AnOverview from The Conference Board Total Econ-omy Database,” International Productivity Monitor,Spring, No. 19, 3–19.

Comin, Diego A. (2006) “Using Investment Data to Assessthe Importance of Price Mismeasurement,” Topics inMacroeconomics, 6(1), Article 7.

Corrado, Carol A., and Charles R. Hulten (2010) “How DoYou Measure a ‘Technological Revolution’?” Ameri-can Economic Review, 100(2), 99–104.

Dachraoui, Kaıs and Tarek M. Harchaoui (2003) “A Fron-tier Approach to Canada-U.S. Multifactor Productiv-ity Performance,” Research Paper, Micro-EconomicAnalysis Division, Statistics Canada.

Daffin, Chris and Eunice Lau (2002) “Labour Productiv-ity Measures from the Annual Business Inquiry,” Eco-nomic Trends, 589, 54–63.

Dean, Edwin R. and Michael J. Harper (1998) “The BLSProductivity Measurement Program,” Paper Pre-sented at the Research in Income and Wealth Con-ference on New Directions in Productivity Analysis,March 20–21, 1998.

Dean, Edwin; Michael J. Harper; and Phyllis Flohr Otto(1995) ‘Improvements to the Quarter ProductivityMeasures,’ Monthly Labor Review, October, 27–32.

Diewert, W.E. (1980) “Capital and the Theory of Pro-ductivity Measurement,” American Economic Review,70(2), 260–267.

Diewert, W.E. (1992) “The Measurement of Productiv-ity,” Bulletin of Economic Research, 44(3), 163–198.

Diewert, Erwin (2000) “The Challenge of Total FactorProductivity Measurement,” International Productiv-ity Monitor, Number One, Fall, 45–52.

Diewert, Erwin (2005) “Progress in Service Sector Produc-tivity Measurement: Review Article on Productivityin the U.S. Services Sector: New Sources of EconomicGrowth,” International Productivity Monitor, 11, 57–69.

Diewert, Erwin (2015) “Reconciling Gross Output TFPGrowth with Value Added TFP Growth,” Interna-tional Productivity Monitor, 29, 60–67.

Diewert, W. Erwin and Kevin J. Fox (1999) “Can measure-ment error explain the productivity paradox?” Cana-dian Journal of Economics, 32(2), 251–280.

Diewert, W. Erwin and Catherine J. Morrison (1986) “Ad-justing Output and Productivity Indexes for Changesin the Terms of Trade,” Economic Journal, 96(383),659–679.

17

Diewert, W. Erwin and Alice O. Nakamura (2003) “IndexNumber Concepts, Measures and Decompositions ofProductivity Growth,” Journal of Productivity Anal-ysis, 19, 127–159.

Diewert, W. Erwin and Emily Yu (2012) “New Estimatesof Real Income and Multifactor Productivity Growthfor the Canadian Business Sector, 1961–2011,” Inter-national Productivity Monitor, 24, 27–48.

Eldridge, Lucy P. (1999) “How price indexes affectBLS productivity measures,” Monthly Labor Review,122(2), 35–46.

Eldridge, Lucy P. and Mark K. Sherwood (2001) “A Per-spective on the U.S.-Canada Manufacturing Produc-tivity Gap,” Monthly Labor Review, February, 31–48.

Elnasri, Amani and Kevin J. Fox (2017) “The contributionof research and innovation to productivity,” Journalof Productivity Analysis, 47, 291–308.

Eurostat (2007) Are we measuring productivity correctly?31st CEIES Seminar, European Communities.

Fare, Rolf; Finn R. Førsund; Shawna Grosskopf; KathyHayes; and Almas Heshmati (2001) “A Note onDecomposing the Malmquist Productivity Index byMeans of Subvector Homotheticity,” Economic The-ory, 17(1), 239–245.

Fare, Rolf; Shawna Grosskopf; Mary Norris; andZhongyang Zhang (1994) “Productivity Growth,Technical Progress, and Efficiency Change in In-dustrialized Countries,” The American EconomicReview, 84(1), 66–83.

Feder, Christophe (2017) “A measure of total factor pro-ductivity with biased technological change,” Eco-nomics of Innovation and New Technology, DOI:10.1080/10438599.2017.1329697

Feenstra, Robert C., Benjamin R. Mandel, Marshall B.Reinsdorf, and Matthew J. Slaughter (2013) “Effectsof Terms of Trade Gains and Tariff Changes on theMeasurement of US Productivity Growth,” AmericanEconomic Journal: Economic Policy, 5(1): 59–93.

Fixler, Dennis and Kimberly Zieschang (1999) “The Pro-ductivity of the Banking Sector: Integrating Financialand Production Approaches to Measuring FinancialService Output,” Canadian Journal of Economics,32(2), 547–569.

Gera, Surendra; Wulong Gu; and Frank C. Lee (1999)“Information Technology and Labour Productivity

Growth: An Empirical Analysis for Canada andthe United States,” Canadian Journal of Economics,32(2), 384–407.

Gramlich, Edward M. (1994) “Infrastructure Investment:A Review Essay,” Journal of Economic Literature,32(3), 1176–1196.

Griliches, Zvi (1988) “Productivity Puzzles and R&D: An-other Nonexplanation,” Journal of Economic Perspec-tives, 2(4), 9–21.

Griliches, Zvi (1994) “Productivity, R&D, and the DataConstraint,” American Economic Review, 84(1), 1–23.

Griliches, Zvi (1996) “The Discovery of the Residual: AHistorical Note,” Journal of Economic Literature,34(3), 1324–1330.

Gu, Wulong and Amelie Lafrance (2008) “ProductivityGrowth in Canadian and U.S. Regulated Industries,”The Canadian Productivity Review, Statistics Canada,Catalogue no. 15-206-X, no. 20.

Guellec, Dominique and Bruno van Pottelsberghe de laPotterie (2001) “R&D and Productivity Growth:Panel Data Analysis of 16 OECD Countries,” OECDEconomic Studies, No. 33, 2001/II, Paris: OECD.

Gullickson, William and Michael J. Harper “Possible Mea-surement Bias in Aggregate Productivity Growth,”Monthly Labor Review, 122(2), 47–67.

Hanushek, Eric A. and Elizabeth Ettema (2017) “DefiningProductivity in Education: Issues and Illustrations,”The American Economist, 62(2), 165–183.

Harchaoui, Tarek M.; Mustapha Kaci; and Jean-PierreMaynard (2001) “Appendix 1 – The Statistics CanadaProductivity Program: Concepts and Methods,” Pro-ductivity Growth in Canada, Catalogue no. 15-204-XIE, Statistics Canada.

Haughwout, Andrew F. (1998) “Aggregate ProductionFunctions, Interregional Equilibrium, and the Mea-surement of Infrastructure Productivity,” Journal ofUrban Economics, 44(2), 216–227.

Herman, Shelby W. (2000) “Fixed Assets and ConsumerDurable Goods,” Survey of Current Business, 80(4),17–30.

Hulten, Charles R. (2001) “Total Factor Productivity: AShort Biography,” in Charles R. Hulten, Edwin R.Dean, and Michael J. Harper, eds., New Developmentsin Productivity Analysis, The University of ChicagoPress, 1–47.

18

Hulten, Charles R. (1992) “Growth Accounting WhenTechnical Change is Embodied in Capital,” AmericanEconomic Review, 82(4), 964–980.

Hulten, Charles R. and Frank C. Wykoff (1995) “Issuesin the Measurement of Economic Depreciation: Intro-duction Remarks,” Economic Inquiry, XXXIV, Jan-uary, 10–23.

Hwang, Jang C. (1996) “A Theory of Measuring FixedCapital Flows and Stocks,” Journal of Economic andSocial Measurement, 22, 57–79.

Iorwerth, Aled ab (2006) “How to Measure GovernmentProductivity: A Review Article on ‘Measurement ofGovernment Output and Productivity for the Na-tional Accounts’ (The Atkinson Report),” Interna-tional Productivity Monitor, 13, 57–74.

Jorgenson, Dale W. (1990) “Productivity and EconomicGrowth,” in Ernst R. Berndt and Jack E. Triplett,(eds.), Fifty Years of Economic Measurement, TheUniversity of Chicago Press, 19–118.

Jorgenson, Dale W. (2003) “Information Technology andthe G7 Economies,” Manuscript, Department of Eco-nomics, Harvard University.

Jorgenson, Dale W. (2017) “World KLEMS: Productivityand Economic Growth in the World Economy: An In-troduction,” International Productivity Monitor, 32,1–7.

Jorgenson, Dale W. and Z. Griliches (1967) “The Expla-nation of Productivity Change,” Review of EconomicStudies, 34(3), 249–283.

Jorgenson, Dale W. and Kevin J. Stiroh (2000) “Raisingthe Speed Limit: U.S. Economic Growth in the Infor-mation Age,” Brookings Papers on Economic Activity,1, 125–235.

Jorgenson, Dale W. and Charles W. Wessner, eds., (2002)Measuring and Sustaining the New Economy, Wash-ington DC: National Academy Press.

Jorgenson, Dale W. and Eric Yip (2001) “Whatever Hap-pened to Productivity Growth?” in Charles R. Hul-ten, Edwin R. Dean, and Michael J. Harper, eds., NewDevelopments in Productivity Analysis, The Univer-sity of Chicago Press, 509–540.

Landefeld, J. Steven and Barbara M. Fraumeni (2001)“Measuring the New Economy,” Survey of CurrentBusiness, March, 23–40.

Lipsey, Richard G. and Kenneth I. Carlaw (2004) “TotalFactor Productivity and the Measurement of Tech-nological Change,” Canadian Journal of Economics,37(4), 1118–1150.

Lovell, C.A. Knox (2003) “The Decomposition ofMalmquist Productivity Indexes,” Journal of Pro-ductivity Analysis, 20, 437–458.

Mairesse, Jacques and Pierre Mohnen (2002) “Accountingfor Innovation and Measuring Innovativeness: An Il-lustrative Framework and an Application,” AmericanEconomic Review, 92(2), 226–230.

McLellan, Nathan (2004) “Measuring Productivity usingthe Index Number Approach: An Introduction,” NewZealand Treasury Working Paper 04/05.

MGI (2018) “Solving the United Kingdoms ProductivityPuzzle in a Digital Age,” Discussion Paper, McKinseyGlobal Institute.

MGI (2018b) Solving the Productivity Puzzle: The Role ofDemand and the Promise of Digitization, McKinseyGlobal Institute.

Morrison Paul, Catherine J. (2003) “Productivity and Ef-ficiency Measurement in Our “New Economy”: Deter-minants, Interactions, and Policy Relevance,” Journalof Productivity Analysis, 19, 161–177.

Nomura, Koji; Eunice Y.M. Lau; and Hideyuki Mizobuchi(2008) “A Survey of National Accounts in Asia forCross-country Productivity Comparisons,” Keio Eco-nomic Observatory Discussion Paper No. 114, KeioUniversity.

Nordhaus, William D. (1997) “Traditional ProductivityEstimates are Asleep at the (Technological) Switch,”Economic Journal, 107(444), 1548–1559.

Nordhaus, William D. (2002) “Productivity Growth andthe New Economy,” Brookings Papers on EconomicActivity, 2, 211–265.

Oliner, Stephen and Daniel E. Sichel (2002) “Informationtechnology and productivity: Where are we now andwhere are we going?” Economic Review – Federal Re-serve Bank of Atlanta, 87(3), 15-44.

Patry, Andre (2007) “Economic Depreciation and Retire-ment of Canadian Assets: A Comprehensive Em-pirical Study,” Catalogue no. 15-549-XIE, StatisticsCanada.

Pritchard, Alwyn (2001) “Measuring Productivity in theProvision of Public Services,” Economic Trends, 570,67-68.

19

Pritchard, Alwyn (2003) “Understanding GovernmentOutput and Productivity,” Economic Trends, 596, 27-40.

Reinsdorf, Marshall (2015) “Measuring Industry Contri-butions to Labour Productivity Change: A New For-mula in a Chained Fisher Index Framework,” Inter-national Productivity Monitor, 28, Spring, 3–26.

Restuccia, Diego (2019) “Misallocation and aggregate pro-ductivity across time and space,” Canadian Journal ofEconomics, 52(1), 5–32.

Richter, Marcel K. (1966) “Invariance Axioms and Eco-nomics Indexes,” Econometrica, 34(4), 739-755.

Sharpe, Andrew (2002) “What Have We Learned AboutProductivity in the Last Two Decades?” Interna-tional Productivity Monitor, 4, 53-63.

Simpson, Helen (2008) “Productivity in Public Services,”Journal of Economic Surveys, 23(2), 250–276.

Solow, Robert M. (1956) “A Contribution to the Theory ofEconomic Growth,” Quarterly Journal of Economics,70(1), 65–94.

Syverson, Chad (2011) “What Determines Productivity?”Journal of Economic Literature, 49(2), 326–365.

Triplett, Jack E. (1999) “The Solow Productivity Para-dox: What do Computers do to Productivity?” Cana-dian Journal of Economics, 32(2), 309–334.

Triplett, Jack E. and Barry P. Bosworth (2003) “Pro-ductivity Measurement Issues in Services Industries:“Baumol’s Disease” Has Been Cured,” FRBNY Eco-nomic Policy Review, 9(3), 23-33.

Uguccioni, James (2016) “Estimating Total Factor Pro-ductivity Growth: Canadian Freight Railways, 1986to 2009,” International Productivity Monitor, 30,Spring, 77–97.

Van Ark, Bart; Erik Monnikhof; and Nanno Mulder(1999) “Productivity in Services: An InternationalComparative Perspective,” Canadian Journal of Eco-nomics, 32(2), 471–499.

Varian, Hal (2004) “Information Technology May HaveCured Low Service-Sector Productivity,” The NewYork Times, February 12.

Weitzman, Martin L. (1976) “On the Welfare Significanceof National Product in a Dynamic Economy,” Quar-terly Journal of Economics, 90(1), 156–162.

Wolff, Edward N. (1996) “The Productivity Slowdown:The Culprit as Last? Follow-up on Hulten and Wolff,”American Economic Review, 86(5), 1239–1252.

Wolff, Edward N. (1999) “The Productivity Paradox: Ev-idence from Indirect Indicators of Service Sector Pro-ductivity Growth,” Canadian Journal of Economics,32(2), 281–308.

12 New Goods Problems

Balk, Bert M. (1999) “On Curing the CPI’s Substitutionand New Goods Bias,” Manuscript, Department ofStatistical Methods, Statistics Netherlands.

Bils, Mark (2009) “Do Higher Prices for New Goods Re-flect Quality Growth or Inflation?” Quarterly Journalof Economics, 124(2), 637–75.

Blow, Laura and Ian Crawford (1996) “A Revealed Prefer-ence Method for Valuing New Goods,” Working PaperSeries No. W96/10, Institute for Fiscal Studies.

Bresnahan, Timothy F. and Robert J. Gordon, eds, (1997)The Economics of New Goods, University of ChicagoPress.

Broda, Christian and David Weinstein (2004) “Global-ization and the Gains from Variety,” Staff ReportNo. 180, Federal Reserve Bank of New York.

Erickson, Timothy (2000) “The ambiguous effect of newand improved goods on the cost of living,” EconomicsLetters, 68(2), 143–147.

Feenstra, Roberta C.; James R. Markusen; and WilliamZeile (1992) “Accounting for Growth with New In-puts: Theory and Evidence,” American Economic Re-view, 82(2), 415-421.

Fisher, Franklin M. and Zvi Griliches (1995) “AggregatePrice Indices, New Goods, and Generics,” QuarterlyJournal of Economics, 110(1), 229–244.

Gordon, Robert J. and Zvi Griliches (1997) “QualityChange and New Products,” American EconomicsReview, 87(2), 84–88.

Gowrisankaran, Gautam and Marc Rysman (2012) “Dy-namics of Consumer Demand for New DurableGoods,” Journal of Political Economy, 120(6), 1173–1219.

Griliches, Zvi and Iain Cockburn (1994) “Generics andNew Goods in Pharmaceutical Price Indexes,” Amer-ican Economic Review, 84(5), 1213-1232.

20

Hausman, Jerry A. (1979) “Individual Discount Ratesand the Purchase and Utilization of Energy-UsingDurables,” Bell Journal of Economics, 10(1), 33–54.

Hausman, Jerry A. (1981) “Exact Consumer’s Surplusand Deadweight Loss,” American Economic Review,71(4), 662–676.

Hausman, Jerry A. (1999) “Cellular Telephone, NewProducts, and the CPI,” Journal of Business & Eco-nomic Statistics, 17(2), 188–194.

Hausman, Jerry A. and Gregory K. Leonard (2002) “TheCompetitive Effects of a New Product Introduction: ACase Study,” Journal of Industrial Economics, 50(3),237–263.

Hausman, Jerry A. and Whitney K. Newey (1995) “Non-parametric Estimation of Exact Consumers Surplusand Deadweight Loss,” Econometrica, 63(6), 1445–1476.

Hausman, Jerry A.; Ariel Pakes; and Gregory Rosston(1997) “Valuing the Effect of Regulation on New Ser-vices in Telecommunications,” Brookings Papers onEconomic Activity – Microeconomics, 1–54.

Hicks, J.R. (1940) “The Valuation of the Social Income,”Economica, 7(26), 105–124.

Hill, Peter (1999) “Tangibles, Intangibles and Services: ANew Taxonomy for the Classification of Output,”Canadian Journal of Economics, 32(2), 426-446.

Lane, Walter (2000) “Addressing the New Goods Problemin the Consumer Price Index,” Paper Presented at theIssue in Measuring Price Change and ConsumptionConference, June 6, 2000.

Nakamura, Emi and Jon Steinsson (2012) “Lost in Transit:Product Replacement Bias and Pricing to Market,”American Economic Review, 102(7), 3277–3316.

Nevo, Aviv (2003) “New Products, Quality Changes, andWelfare Measures Computed from Estimated DemandSystems,” Review of Economics and Statistics, 85(2),266–275.

Petrin, Amil (2002) “Quantifying the Benefits of NewProducts: The Case of the Minivan,” Journal of Po-litical Economy, 110(4), 705–729.

Trajtenberg, Manuel (1989) “The Welfare Analysis ofProduct Innovations, with an Applicaation to Com-puted Tomography Scanners,” Journal of PoliticalEconomy, 97(2), 444–479.

Wolfson, Michael C. (1999) “New Goods and the Measure-ment of Real Economic Growth,” Canadian Journalof Economics, 32(2), 447–470.

Ueda, Kozo, Kota Watanabe, and Tsutomu Watanabe(2019) “Product Turnover and the Cost-of-Living In-dex: Quality versus Fashion Effects,” American Eco-nomic Journal: Macroeconomics, 11(2), 310–347.

13 Owner Occupied Accommoda-tion in the CPI

Capozza, Dennis R. and Alice O. Nakamura (2009) “Anintroduction to owner occupied housing in nationalaccounts and inflation measures,” Journal of HousingEconomics, 18(3), 151–155.

Claveau, Jeannine, Jack Lothian, and Sylvie Gauthier(2009) “The Rent Component of the Consumer PriceIndex,” Proceedings of the Survey Methods Section,SSC Annual Meeting.

Crone, Theodore M.; Leonard Nakamura; and RichardVoith (2000) ‘Measuring Housing Services Inflation,’Journal of Economic and Social Measurement, 26,153–171.

Diewert, W. Erwin (2003) “The Treatment of Owner Oc-cupied Housing and Other Durables in a ConsumerPrice,” Discussion Paper No. 03-08, Department ofEconomics, University of British Columbia.

Diewert, W. Erwin (2009) “Durables and Owner-OccupiedHousing in a Consumer Price Index,” in W. ErwinDiewert, John S. Greenlees and Charles R. Hulten,(editors), Price Index Concepts and Measurement,University of Chicago Press for NBER, 445–500.

Diewert, W. Erwin, Alice O. Nakamura, and Leonard I.Nakamura (2009) “The housing bubble and a new ap-proach to accounting for housing in a CPI,” Journalof Housing Economics, 18(3), 156–171.

Englund, Peter; John M. Quigley; and Christian L. Red-fearn (1998) “Improved Price Indexes for Real Estate:Measuring the Course of Swedish Housing Prices,”Journal of Urban Economics, 44(2), 171–196.

Eurostat (2013) Handbook on Residential Property PricesIndices (RPPIs), Luxembourg: Publications Office ofthe European Union.

Garner, Thesia, and Randal Verbrugge (2009) “Recon-ciling user costs and rental equivalence: Evidencefrom the US consumer expenditure survey,” Journalof Housing Economics, 18(3), 172–192.

21

Goodhart, Charles (2001) “What Weight Should be Givento Asset Prices in the Measurement of Inflation?”Economic Journal, 111, F335–356.

Heston, Alan, and Alice O. Nakamura (2009) “Questionsabout the equivalence of market rents and user costsfor owner occupied housing,” Journal of Housing Eco-nomics, 18(3), 273–279.

Lane, Walter F.; William C. Randolph; and Stephen A.Berenson (1988) “Adjusting The CPI Shelter IndexTo Compensate for Effect Of Depreciation,” MonthlyLabor Review 111(10), 34–37.

McCarthy, Jonathan and Richard W. Peach (2010) “TheMeasurement of Rent Inflation,” Federal ReserveBank of New York Staff Reports, No. 425.

Perozek, Maria G. and Marshall B. Reinsdorf (2002) “Al-ternative Measures of Personal Saving,” Survey ofCurrent Business, April, 13–24.

Sabourin, Patrick and Pierre Duguay (2015) “MeasuringDurable Goods and Housing Prices in the CPI: AnEmpirical Assessment,” Bank of Canada Review, Au-tumn 2015, 24–38.

Schreyer, Paul (2009) “User costs and bubbles in landmarkets,” Journal of Housing Economics, 18(3), 267–272.

Soumare, Amadou (2017) “Shelter in the Canadian CPI:An overview,” Statistics Canada, Catalogue no.62F0014F2017001.

Turvey, Ralph (2000) “Owner-Occupiers and the Price In-dex,” World Economics, 1(3), 153–159.

Waldman, Michael (2003) “Durable Goods Theory forReal World Markets,” Journal of Economic Perspec-tives, 17(1), 131–154.

14 Capital Measurement

Brockhoff, Klaus (1988) “Price Indexes to Calculate RealR&D Expenditures,” Management Science, 34(1),131–134.

Cairns, Robert (2013) “The fundamental problem of ac-counting,” Canadian Journal of Economics, 46(2),634–655.

Cohen, Avi J. and G.C. Harcourt (2003) “Whatever Hap-pened to the Cambridge Capital Theory Controver-sies?” Journal of Economic Perspectives, 17(1), 199–214.

Corrado, Carol; John Haltiwanger, and Daniel Sichel(eds) (2005) Measuring Capital in the New Economy,NBER and University of Chicago Press.

Diewert, W. Erwin and Kevin J. Fox (2016) “Sunk costsand the measurement of commercial property depreci-ation,” Canadian Journal of Economics, 49(4), 1340–1366.

Eisfeldt, Andrea L. and Dimitris Papanikolaou (2014)“The Value and Ownership of Intangible Capital,”American Economic Review: Papers & Proceedings,104(5), 189–194.

Fraumeni, Barbara (1997) “The Measurement of Depreci-ation in the U.S. National Income and Product Ac-counts,” Survey of Current Busines, July, 7–23.

Grice, Joe (2016) “National accounting for infrastruc-ture,” Oxford Review of Economic Policy, 32(3), 431–445.

Hulten, Charles R. (1991) “The Measurement of Capital,”in Ernst R. Berndt and Jack E. Triplett, (eds), FiftyYears of Economic Measurement: The Jubilee of theConference on Research in Income and Wealth, NBERand University of Chicago Press, 119–158.

Mansfield, Edwin (1987) “Price Indexes for R and D In-puts, 1969–1983,” Management Science, 33(1), 124–129.

Statistics Canada (2007) “Depreciation Rates for the Pro-ductivity Accounts,” The Canadian Productivity Re-view, Catalogue no. 15-206-XIE, no. 005.

Usher, Dan (ed) (1980) The Measurement of Capital,NBER and University of Chicago Press.

15 National Income Accounting

Ahlroth, Sofia and Anders Bjorklund (1997) “The Outputof the Swedish Education Sector,” Review of Incomeand Wealth, 43(1), 89–104.

Ahmad, Nadim and Paul Schreyer (2016) “Are GDP andProductivity Measures Up to the Challenges of theDigital Economy?” International Productivity Moni-tor, 30, Spring, 4–27.

Ariste, Ruolz and Kam Yu (2017) “Comparisons of hospi-tal output in Canada: national and international per-spectives,” International Journal of Health Economicsand Management, 17(4), 433–451.

22

Bank of England (1998) “Changes to the National Ac-counts,” Quarterly Bulletin, August, 16.

BEA (2003) “A Guide to the NIPAs,” in National Incomeand Product Accounts of the United States, 1929–97,M1–M25.

Bjerkholt, Olav and Mark Knell (2006) “Ragnar Frischand the Origin of Input-Output Analysis,” EconomicSystems Research, 18(4), 391–410

Bloem, Adiaan M.; Robert J. Dippelsman; and Nils Ø.Mæhle (2001) Quarterly National Accounts Manual:Concepts, Data Sources, and Compilation, Washing-ton, DC: International Monetary Fund.

Bos, Frits (1997) ‘Value and Income in the National Ac-counts and Economic Theory,’ Review of Income andWealth, 43(2), 173–190.

Boskin, Michael J. (2000) “Economic Measurement:Progress and Challenges,” American Economic Re-view, 90(2), 247-252.

Boskin, Michael J. (2009) “Perspectives on the New Ar-chitecture for the US National Accounts,” AmericanEconomic Review. 99(2), 69–73.

Bridgman, Benjamin, Andrew Dugan, Mikhael Lal,Matthew Osborne, and Shaunda Villones (2012) “Ac-counting for Household Production in the NationalAccounts, 1965–2010,” Survey of Current Business,May, 23–36.

Brynjolfsson, Erik, Felix Eggers and Avinash Gannama-neni (2018) “Using Massive Online Choice Experi-ments to Measure Changes in Well-Being,” NBERWorking Paper 24514.

Canberra Group, The (2001) Final Report and Recom-mendations, Expert Group on Household IncomeStatistics, Ottawa, ISBN 0-9688524-0-8.

Chevalier, Michel (2003) “Chain Fisher Volume IndexMethodology,” Income and Expenditure Accountstechnical series, Catalogue no. 13-604-MIE, No. 42,Ottawa: Statistics Canada.

Cobb, Clifford; Ted Halstead; and Jonathan Rowe (1995)‘If the GDP is Up, Why is American Down?’ AtlanticMonthly, 276(4), 59-78.

Costa, Dora L. and Matthew E. Kahn (2003) “The Ris-ing Price of Nonmarket Goods,” American EconomicReview, 93(2), 227–232.

Coyle, Diane (2019) “Measuring Progress: A Review Es-say on The Pricing of Progress: Economic Indicatorsand the Capitalization of American Life by Eli Cook,”Journal of Economic Literature, 57(3), 659–677.

Daly, Lew and Stephen Posner (2011) “Beyond GDP: NewMeasures for a New Economy,” Demos Publications.

David, Paul A. (1966) “Measuring Real Net Output: AProposed Index,” Review of Economics and Statistics,48(4), 419-425.

Denison, Edward F. (1971) “Welfare Measurement andthe GNP,” Survey of Current Business, 51(1), 13–16,39.

Domar, Evsey D. (1967) “An Index Number Tourna-ment,” Quarterly Journal of Economics, 81(2), 169–188.

Durand, Rene (2001) “On the Meaning of Real Value andQuantity Indices,” Journal of Economic and SocialMeasurement, 27, 155–165.

Eurostat (2001) Handbook on Price and Volume Measuresin National Accounts, Final Version, European Com-munities.

Eurostat (2003) Workshop on Quarterly National Ac-count, European Communities.

Fleurbaey, Marc (2009) “Beyond GDP: The Quest for aMeasure of Social Welfare,” Journal of Economic Lit-erature, 47(4), 1029–1075.

Fixler, Dennis, Marina Gindelsky, and David Johnson(2019) “Improving the Measure of the Distribution ofPersonal Income,” AEA Papers and Proceedings, 109:302–306.

Gilbert, Milton (1943) “U.S. National Income Statistics,”Economic Journal, 53(209), 76–82.

Grimm, Bruce and Robert Parker (1998) “Reliability ofthe quarterly and annual estimates of GDP andgross domestic income,” Survey of Current Business,78(12), 12–21.

Harper, Michael; Brent R. Moulton, Steven Rosenthal,and David B. Wasshausen (2009) “Integrated GDP-Productivity Accounts,” American Economic Review.99(2), 74–79.

Hicks, J.R. (1948) ‘The Valuation of the Social Income –A Comment on Professor Kuznets’ Reflections,’ Eco-nomica, 15(59), 163-172.

23

Hill, Robert J. (2000) ‘How Best to Measure Welfare, RealIncome and Output?’ Review of Income and Wealth,46(1), 117-127.

Hillinger, Claude (2003) “The Money Metric, Price andQuantity Aggregation and Welfare Measurement,”Contributions to Macroeconomics, 3(1), Article 7.

Inter-Secretariat Working Group on National Accounts(1993) System of National Accounts 1993, Commis-sion of the European Communities, IMF, OECD, UN,World Bank.

Jorgenson, Dale W. (2018) “Production and Welfare:Progress in Economic Measurement,” Journal of Eco-nomic Literature, 56(3), 867–919.

Jorgenson, Dale and Steven Landefeld (2009) “Implemen-tation of a New Architecture for the US National Ac-counts,” American Economic Review. 99(2), 64–68.

Kohli, Ulrich (2003) ‘GDP Growth Accounting: A Na-tional Income Function Approach,’ Review of Incomeand Wealth, 49(1), 23-34.

Lal, Kishori (1999) ‘Certain Problems in the Implementa-tion of the International System of National Accounts1993–A Case Study of Canada,’ Review of Income andWealth, 45(2), 157-177.

Landefeld, J. Steven and Robert P. Parker (1997) ‘BEAsChain Indexes, Time Series, and Measures of Long-Term Economic Growth,’ Survey of Current Business,May, 58-68.

Landefeld, J. Steven; Eugene P. Seskin; and Barbara M.Fraumeni (2008) ‘Taking the Pulse of the Economy:Measuring GDP,’ Journal of Economic Perspectives,22(2), 193–216.

Leung, Danny and Luke Rispoli (2011) “The Contribu-tion of Small and Medium-sized Businesses to GrossDomestic Product: A Canada-United States Com-parison,” Economic Analysis Research Paper Series,Statistics Canada.

Lev, Baruch (2003) “Remarks on the Measurement, Val-uation, and Reporting of Intangible Assets,” FRBNYEconomic Policy Review, 9(3), 17–22.

Levitt, M.S. and M.A.S. Joyce (1987) The Growth and Ef-ficiency of Public Spending, Cambridge: CambridgeUniversity Press.

Mamalakis, Markos J. (1996) “Misuse and Use of NationalAccounts as a Welfare Indicator: Selected Analyti-cal and Measurement Issues,” Review of Income andWealth, 42(3), 293–320.

Meade, J.E. and Richard Stone (1941) “The Constructionof Tables of National Income, Expenditure, Savingsand Investment,” Economic Journal, 51(202/203),216–233.

Moulton, Brent R. (2000) ‘Getting the 21st-Century GDPRight: What’s Underway?’ American Economic Re-view, 90(2), 253–258.

Moulton, Brent R. (2004) ‘The System of National Ac-counts for the New Economy: What Should Change?’Review of Income and Wealth, 50(2), 261-278.

Nordhaus, William D. (2000) “New Directions in NationalEconomic Accounting,” American Economic Review,90(2), 259–263.

Palumbo, Michael G. and Jonathan A. Parker (2009) “TheIntegrated Financial and Real System of National Ac-counts for the United States: Does It Presage the Fi-nancial Crisis?” American Economic Review. 99(2),80–86.

Pigou, A.C. (1960) The Economics of Welfare, London:MacMillan, Part I, Chapter V and VI.

Piketty, Thomas, Emmanuel Saez, and Gabriel Zucman(2019) “Simplified Distributional National Accounts,”AEA Papers and Proceedings, 109: 289–295.

Reece, William S. (1992) “Output Price Indexes for theU.S. Life Insurance Industry,” Journal of Risk andInsurance, 59(1), 104–115.

Reich, Utz-Peter (1991) “Concept and Definition of In-come in the National Accounts,” Review of Incomeand Wealth, 37(3), 235–247.

Reich, Utz-Peter (2001) National Accounts and EconomicValue, New York: Palgrave.

Reinsdorf, Marshall (2010) “Terms of Trade Effects: The-ory and Measurement,” Review of Income and Wealth,56(1), S177–S205.

Rossiter, R.D. (2000) ‘Fisher Ideal Indexes in the NationalIncome and Product Accounts,’ Journal of EconomicEducation, Fall, 363-373.

Rostas, L. (1943) “Industrial Production, Productivityand Distribution in Britain, Germany and the UnitedStates,” Economic Journal, 53(209), 39–54.

Rothbarth, E. (1943) ‘Bowley’s Studies in National In-come,’ Economic Journal, 53(209), 55-59.

24

Ruggles, Richard and Patricia Ruggles (1995) “The ValueAdded of National Accounting,” Review of Incomeand Wealth, 41(3), 367–371.

Samuelson, Paul, A. (1950) “Evaluation of Real NationalIncome,” Oxford Economic Papers, 2(1), 1-29.

Sen, Amartya (1979) ‘The Welfare Basis of Real IncomeComparisons: A Survey,’ Journal of Economic Liter-ature, 17(1), 1-45.

Siegel, Donald (1994) ‘Errors in output deflators revisited:Unit values and the producer price index,’ EconomicInquiry, 32(1), 11-32.

Statistics Canada (2001) Canadian System of NationalAccounts – Catalogue of Products, Catalogue no.13F0029XIE.

Statistics Canada (2002) Gross Domestic Product by In-dustry: Sources and Methods, Catalogue no. 15-547-XIE.

Statistisches Bundesamt (2003) Methods of Price and Vol-ume Measurement in the National Accounts, Wies-baden.

Steckel, Richard H. (1995) ‘Stature and the Standard ofLiving,’ Journal of Economic Literature, XXXIII(4),1903-1940.

Stiglitz, Joseph E., Amartya Sen, and Jean-Paul Fitoussi(2009) Report by the Commission on the Measure-ment of Economic Performance and Social Progress,www.stiglitz-sen-fitoussi.fr.

Stone, Richard (1942) ‘National Income in the UnitedKingdon and the United States of America,’ Reviewof Economic Studies, 10(1), 1–27.

Stone, Richard (1943) ‘Two Studies on Income and Ex-penditure in the United States,’ Economic Journal,53(209), 60-75.

Stone, Richard; D.G. Champernowne; and J.E. Meade(1942) “The Precision of National Income Estimates,”Review of Economic Studies, 9(2), 111–125.

Stone, Richard and S.J. Prais (1952) “Systems of Aggrega-tive Index Numbers and Their Compatibility,” Eco-nomic Journal, 62(247), 565–583.

Stone, Richard and Winifred Stone (1939) ‘Indices of In-dustrial Output,’ Economic Journal, 49(195), 476-485.

Syrquin, Moshe (2016) “A Review Essay on GDP: A Briefbut Affectionate History by Diane Coyle,” Journal ofEconomic Literature, 54(2), 573–588.

Triplett, Jack E. (1992) “Economic Theory and BEAs Al-ternative Quantity and Price Indexes,” Survey of Cur-rent Business, April, 49–52.

UNU-IHDP and UNEP (2012) Inclusive Wealth Report2012. Measuring progress toward sustainability. Cam-bridge: Cambridge University Press.

Vanoli, Andre (2005) A History of National Accounting,Amsterdam: ISO Press.

Ward, Michael P. (2004) ‘Some Reflections on the 1968–93SNA Revision,’ Review of Income and Wealth, 50(2),299-313.

York, Robert C. and Paul Atkinson (1997) “The Relia-bility of Quarterly National Accounts in Seven Ma-jor Countries: A User’s Perspective,” Journal of Eco-nomic and Social Measurement, 23, 239–262.

Young, Allan H. (1992) ‘Alternative Measures of Changein Real Output and Prices,’ Survey of Current Busi-ness, April, 32-48.

Yu, Kam (2009) “Measuring the Output and Prices of theLottery Sector: An Application of Implicit ExpectedUtility Theory,” in W. Erwin Diewert, John S. Green-lees, and Charles R. Hulten (eds) Price Index Con-cepts and Measurement , National Bureau of EconomicResearch and University of Chicago Press, 405–425.

16 Dynamic Models

Osborne, Matthew (2018) “Approximating the Cost-of-Living Index for a Storable Good,” American Eco-nomic Journal: Microeconomics, 10(2): 286–314.

Oulton, Nicholas (2002) “Productivity versus welfare: or,GDP versus Weitzman’s NDP,” Bank of EnglandWorking Paper.

Reiter, Michael (1999) “Asset Prices and the Measure-ment of Wealth and Saving,” Manuscript, UniversitatPompeu Fabra, Barcelona.

Weitzman, Martin L. (2003) Income, Wealth, and theMaximum Principle, Cambridge: Harvard UniversityPress.

25

Ernst Louis Etienne Laspeyres (1834–1913)

17 Official Statistics

Abraham, Katharine G. (2003) “Toward a Cost-of-LivingIndex: Progress and Prospects,” Journal of EconomicPerspectives, 17(1), 45–58.

Abraham, Katharine G. (2005) “What We Don’t KnowCould Hurt Us: Some Reflections on the Measurementof Economic Activity,” Journal of Economic Perspec-tives, 19(3), 3–18.

Abraham, Katharine G.; Erwin Diewert; and Jerry Haus-man (1997) “The CPI Commission: Discussion,”American Economic Review, 87(2), 94–98.

Abraham, Katharine G.; John S. Greenlees; and BrentR. Moulton (1998) “Working to Improve the Con-sumer Price Index,” Journal of Economic Perspec-tives, 12(1), 27–36.

Abraham, Katharine G. and Ashley Amaya (2019) “Prob-ing for Informal Work Activity,” Journal of OfficialStatistics, 35(3), 487–508.

Aizcorbe, Ana M. and Patrick C. Jackman (1993) “TheCommodity Substitution Effect in CPI Data, 1982-91,” Monthly Labor Review, 116(12), 25–33.

Baldwin, Andrew (1990) “Seasonal Baskets in ConsumerPrice Indexes,” Journal of Official Statistics, 6(3),251–273.

Beatty, Timothy K.M. and Erling Røed Larsen (2005)“Using Engel curves to estimate bias in the CanadianCPI as a cost of living index,” Canadian Journal ofEconomics, 38(2), 482–499.

Bikker, Reinier, Jan van den Brakel, Sabine Krieg, PimOuwehand, and Ronald van der Stegen (2019) “Con-sistent Multivariate Seasonal Adjustment for GrossDomestic Product and its Breakdown in Expendi-tures,” Journal of Official Statistics, 35(1), 9–30.

Blow, Laura and Ian Crawford (1999) “A NonparametricBound on Substitution Bias in the UK Retail PricesIndex,” Working Paper Series No. W99/15, Institutefor Fiscal Studies.

Blow, Laura and Ian Crawford (2001) “The Cost of Liv-ing with the RPI: Substitution Bias in the UK RetailPrices Index.” Economic Journal, 111, F357–F382.

Boskin, Michael J., Ellen R. Dulberger, Zvi Griliches,Robert J. Gordon, and Dale Jorgenson (1996) Towarda More Accurate Measure of the Cost of Living, FinalReport to the Senate Finance Committee from theAdvisory Commission to Study the Consumer PriceIndex, December 4 Updated Version.

Boskin, Michael J., Ellen R. Dulberger, Zvi Griliches,Robert J. Gordon, and Dale Jorgenson (1997) “TheCPI Commission: Findings and Recommendations,”American Economic Review, 87(2), 78–83.

Bradley, Ralph (2001) “Finite Sample Effects in the Es-timation of Substitution Bias in the Consumer PriceIndex,” 17(3), Journal of Official Statistics, 369–390.

Cavallo, Alberto (2017) “Are Online and Offline PricesSimilar? Evidence from Large Multi-Channel Retail-ers,” American Economic Review, 107(1), 283–303.

Cavallo, Alberto and Roberto Rigobon (2016) “The Bil-lion Prices Project: Using Online Prices for Measure-ment and Research,” Journal of Economic Perspec-tives, 30(2), 151–178.

Chiara, Elena Dalla, Martina Menon, and Federico Perali,(2019) “An Integrated Database to Measure LivingStandards,” Journal of Official Statistics, 35(3), 531–576.

Conference Board, the (1999) Measuring Prices in a Dy-namic Economy: Re-Examining the CPI, Special Re-port 1260-99-SR.

Costa, Dora L. (2001) “Estimating Real Income in theUnited States from 1888 to 1994: Correcting CPI BiasUsing Engel Curves,” Journal of Political Economy,109(6), 1288–1310.

Dalen, Jorgen (1995) “Quantifying Errors in the SwedishConsumer Price Index,” Journal of Official Statistics,11(3), 261–275.

26

Dalton, Kenneth V.; John S. Greenlees; and Kenneth J.Stewart (1998) “Incorporating a Geometric Mean For-mula into the CPI,” Monthly Labor Review, 121(10),3–7.

De Michelis, Alberto (1998) “The statistics corner,” Busi-ness Economics, 33(3), 57–60.

Diewert, W. Erwin (1996) “Comments on CPI Biases,”Business Economics, 31(2), 30–35.

Diewert, W. Erwin (1998) “Index Number Issues in theConsumer Price Index,” Journal of Economic Per-spectives, 12(1), 47–58.

Diewert, W. Erwin (2001) “The Consumer Price Indexand Index Number Purpose,” Journal of Economicand Social Measurement, 27, 167–248.

Diewert, W. Erwin (2002) “Harmonized Indexes of Con-sumer Prices: Their Conceptual Foundations,”Schweiz. Zeitschrift fur Volkswirtschaft und Statistik,138(4), 547–637.

Diewert, W. Erwin and Kevin J. Fox (2017) “SubstitutionBias in Multilateral Methods for CPI Constructionusing Scanner Data,” Discussion Paper 17-02, Van-couver School of Economics, The University of BritishColumbia.

Ehrlich, Gabriel, John Haltiwanger, Ron Jarmin, DavidJohnson, and Matthew D. Shapiro (2019) “MindingYour Ps and Qs: Going from Micro to Macro in Mea-suring Prices and Quantities,” AEA Papers and Pro-ceedings, 109: 438–443.

Fellegi, Ivan P. (1996) “Characteristics of an Effective Sta-tistical System,” Business Economics, 31(2), 13–21.

Feldstein, Martin (2017) “Underestimating the RealGrowth of GDP, Personal Income, and Productivity,”Journal of Economic Perspectives, 31(2), 145–164.

Fenwick, David and Graham Tippen (2003) “QualityManagement Using ISO 9000 for Price Indices in theUK,” Journal of Official Statistics, 19(4), 365–382.

Fixler, Dennis (1993) “The Consumer Price Index: Under-lying concepts and caveats,” Monthly Labor Review,116(12), 3–12.

Goolsbee, Austan D. and Peter J. Klenow (2018) “InternetRising, Prices Falling: Measuring Inflation in a Worldof E-Commerce,” AEA Papers and Proceedings, 108:488–492.

Greenlees, John S. and Robert B. McClelland (2008) “Ad-dressing misconceptions about the Consumer Price In-dex,” Monthly Labor Review, August, 3–19.

Groshen, Erica L., Brian C. Moyer, Ana M. Aizcorbe,Ralph Bradley, and David M. Friedman (2017) “HowGovernment Statistics Adjust for Potential Biasesfrom Quality Change and New Goods in an Age ofDigital Technologies: A View from the Trenches,”Journal of Economic Perspectives, 31(2), 187–210.

Haan, Jan de (2002) “Generalised Fisher Price Indexesand the Use of Scanner Data in the Consumer PriceIndex (CPI),” Journal of Official Statistics, 18(1), 61-85.

Hausman, Jerry (2003) “Sources of Bias and Solutions toBias in the Consumer Price Index,” Journal of Eco-nomic Perspectives, 17(1), 23-44.

Haver, Maurine (1997) “The statistics corner,” BusinessEconomics, 32(1), 62–64.

Hendry, Terri and Sarnia Murti (1997) “Services in theConsumers Price Index,” Consumers Price Index Re-vision Advisory Committee, Statistics New Zealand.

Hobijn, Bart and Charles Steindel (2009) “Do AlternativeMeasures of GDP Affect Its Interpretation?” CurrentIssues in Economics and Finance, 15(7), 1–7. FederalReserve Bank of New York.

Huang, Ning, Waruna Wimalaratne, and Brent Pollard(2017) “The Effects of the Frequency and Implemen-tation Lag of Basket Updates on the Canadian CPI,”Journal of Official Statistics, 33(4), 979–1004.

Jarmin, Ron S. (2019) “Evolving Measurement for anEvolving Economy: Thoughts on 21st Century USEconomic Statistics,” Journal of Economic Perspec-tives, 33(1), 165–184.

Jones, Sidney L. (1988) “Staying on Top of the Numbers,”The Brookings Review, 6(2), 35-41.

Kadlec, Daniel (1998) ‘Measuring the New CPI,’ Time,151(9), March 9, 40.

Lane, Timothy (2015) “Inflation Targeting—A Matter ofTime,” Remarks by Timothy Lane, Deputy Gover-nor of the Bank of Canada, to CFA Society AtlanticCanada Halifax, Nova Scotia on 27 October 2015.

Lebow, David E. and Jeremy B. Rudd (2003) ‘Measure-ment Error in the Consumer Price Index: Where DoWe Stand?’ Journal of Economic Literature, XLI(1),159201.

27

Lowe, Robin (1998) “Item Selection and Quality Changein the Canadian Consumer Price Index (CPI),” Ana-lytical Series, Catalogue No. 62F0014MPB, Series No.12, Statistics Canada.

MacDonald, James M. (1995) “Consumer Price Indexoverstates food-price inflation,” Food Review, 18(3),28–32.

Macdonald, Ryan (2017) “A Long-run Version of theBank of Canada Commodity Price Index, 1870 to2015,” Analytical Studies Branch Research Paper Se-ries, Statistics Canada, Catalogue no. 11F0019M –No. 399.

Manski, Charles F. (2015) “Communicating Uncertaintyin Official Economic Statistics: An Appraisal FiftyYears after Morgenstern,” Journal of Economic Lit-erature, 53(3), 631–653.

Moulton, Brent R. (1996) ‘Bias in the Consumer Price In-dex: What is the Evidence?’ Journal of EconomicPerspectives, 10(4), 157-177.

Moulton, Brent R. and Kenneth J. Stewart (1999) ‘AnOverview of Experimental and U.S. Consumer PriceIndexes,’ Journal of Business & Economic Statistics,17(2), 141-151.

Moynihan, Daniel Patrick (1999) “Data and Dogma inPublic Policy,” Journal of the American StatisticalAssociation, 94(446), 359–364.

Norwood, Janet L. (1993) ‘Perception or Reality: Can weTrust Federal Statistics?’ Business Economics, 28(3),25-28.

Pollak, Robert A. (1998) ‘The Consumer Price Index: AResearch Agenda and Three Proposals,’ Journal ofEconomic Perspectives, 12(1), 69-78.

Schultze, Charles L. (2003) “The Consumer Price Index:Conceptual Issues and Practical Suggestions,” Jour-nal of Economic Perspectives, 17(1), 3-22.

Shoemaker, Owen J. (2003) “Estimation and Compari-son of Chained CPI-U Standard Errors With RegularCPI-U Results (2000–2001),” U.S. Bureau of LaborStatistics.

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Statistics Canada (1996) Your Guide to the ConsumerPrice Index, Catalogue no. 62-557-XPB.

Statistics Canada (2006) Concepts, Sources and Methodsof the Canadian System of Environmental and Re-source Accounts, Catalogue no. 16-505-GIE.

Statistics Canada (2014) The Canadian Consumer PriceIndex Reference Paper, Catalogue no. 62-553-X.

Stewart, Kenneth J. and Stephen B. Reed (1999) “Con-sumer Price Index research series using current meth-ods, 1978–98,” Monthly Labor Review, June, 29–38.

Syverson, Chad (2017) “Challenges to MismeasurementExplanations for the US Productivity Slowdown,”Journal of Economic Perspectives, 31(2), 165–186.

Triplett, Jack E. (2001) “Should the Cost-of-Living IndexProvide the Conceptual Framework for a ConsumerPrice Index?” The Economic Journal, 111:472, F311-F334.

UN (2018) Classification of Individual Consumption Ac-cording to Purpose (COICOP) 2018, United Nations.

White, Alan G. (2000) “Outlet Types and the CanadianConsumer Price Index,” Canadian Journal of Eco-nomics, 33(2), 488–505.

Wynne, Mark A. and Fiona D. Sigalla (1994) “The Con-sumer Price Index,” Economic Review — Federal Re-serve Bank of Dallas, Second Quarter, 1–22.

18 Miscellaneous Practical Issues

Balk, Bert (2004) ‘Decompositions of Fisher indexes,’Economics Letters, 82(1), 107113.

Barzel, Yoram (1963) ‘Some Observations on the IndexNumber Problem,’ Econometrics, 31(3), 391-399.

Bowley, A.L. (1952) ‘Index Numbers of Wage Rates andCost of Living,’ Journal of the Royal Statistical Soci-ety, Series A (General), 115(4), 500-506.

Bratanova, Lidia (2003) ‘Measurement of Capital Stock inTransition Economies,’ Occasional Paper 2003/1, Sta-tistical Division, United Nations Economic Commis-sion for Europe.

Cristea, Anca D. and Daniel X. Nguyen (2016) “TransferPricing by Multinational Firms: New Evidence fromForeign Firm Ownerships,” American Economic Jour-nal: Economic Policy, 8(3), 170–202.

Diewert, W. Erwin and Alice O. Nakamura (1999) ‘Bench-marking and the Measurement of Best Practice Effi-ciency: An Electricity Generation Application, Cana-dian Journal of Economics, 32(2), 570-588.

28

Diewert, W. Erwin (2014) “An Empirical Illustration ofIndex Construction using Israeli Data on Vegetables,”Vancouver School of Economics, Discussion Paper 14-4.

Duggan, James E. and Robert Gillingham (1999) ‘The Ef-fect of Errors in the CPI on Social Security Finances,’Journal of Business & Economic Statistics, 17(2),161–169.

Forsyth , F.G. (1978) ‘The Practical Construction of aChain Price Index Number,’ Journal of the Royal Sta-tistical Society, Series A (General), 141(3), 348-358.

Fowler, R.F. (1974) ‘An Ambiguity in the Terminologyof Index Number Construction,’ Journal of the RoyalStatistical Society, Series A (General), 137(1), 75–88.

FSC (2016) Paying for Nutrition: A Report on Food Cost-ing in the North, Food Secure Canada.

Hobijn, Bart and David Lagakos (2003a) “Social Securityand the Consumer Price Index for the Elderly,” Cur-rent Issues in Economics and Finance, 9(5), 1–6.

Hobijn, Bart and David Lagakos (2003b) ‘Inflation In-equality in the United States,’ Staff Report No. 173,Federal Reserve Bank of New York.

Hogg, Margaret H. (1931) ‘A Distortion in the Cost ofLiving Index,’ Journal of the American Statistical As-soiciation, 26(173), 52-57.

Jorgenson, Dale and Daniel T. Slesnick (1999) ‘IndexingGovernment Programs for Changes in the Cost ofLiving,’ Journal of Business & Economic Statistics,17(2), 170-181.

Kuznets, Simon (1932) ‘Seasonal Pattern and SeasonalAmplitude: Measurement of Their Short-Time Vari-ations,’ Journal of the American Statistical Associa-tion, 27(117), 9-20.

Lent, Janice (2000) ‘Chain Drift in Some Price Index Es-timators,’ Proceedings of the Survey Research MethodsSection, American Statistical Association, 313-318.

McIntyre, Francis (1938) ‘The Problem of the Stock PriceIndex Number,’ Journal of the American StatisticalAssociation, 33(203), 557-563.

Nakamura, Leonard I. (1999) ‘The Measurement of RetailOutput and the Retail Revolution,’ Canadian Journalof Economics, 32(2), 408-425.

National Research Council (2002) At What Price? Con-ceptualizing and Measuring Cost-of-Living and PriceIndexes. Washington, DC: National Academy Press.

Phillips, Keith R. (1998) ‘The composite index of leadingeconomic indicators: A comparison of approaches,’Journal of Economic and Social Measurement, 25,141-162.

Rhodes, E.C. (1933) ‘A Quantity Index Number,’ Journalof the Royal Statistical Society, 96(2), 314-318.

Rothwell, Doris P. (1958) “Use of Varying SeasonalWeights in Price Index Construction”, Journal of theAmerican Statistical Association, 53(281), 66–77.

Schmidt, Mary Lynn and Nathan Amble (1991) ‘A Com-parative Analysis of Price Indexes for Older Con-sumers in Three Countries,’ Journal of Official Statis-tics, 7(2), 195-206.

Silver, Mick (2001) ‘The Measurement of Inflation,’ Eco-nomic Journal, 111, F309-F310.

Szulc, Bohdan J. (1983) ‘Linking Price Index Numbers,’in W.E. Diewert and C. Montmarquette, eds, PriceLevel Measurement, Ottawa: Statistics Canada, 537-566.

Triplett, Jack E. (2003) “Using Scanner Data in the Con-sumer Price Index: Some Neglected Conceptual Con-siderations,” Paper prepared for CRIW Conference onScanner Data.

Yu, Kam (2007) “Seasonal Commodities in the CPI: AnEconomic Inquiry, Part I,” Review of Applied and In-dustrial Mathematics, 14(6), 961–984.

Yu, Kam (2008) “Seasonal Commodities in the CPI: AnEconomic Inquiry, Part II,” Review of Applied andIndustrial Mathematics, 15(1), 51–66.

19 Other Conceptual Issues

Abraham, Katherine et al (2000) ‘Price index research inthe coming decades,’ Monthly Labor Review, 123(9),31-36.

Alchian, Armen A. and Benjamin Klein (1973) ‘On a Cor-rect Measure of Inflation,’ Journal of Money, Creditand Banking, 5(1), 173-191.

Berndt, Ernst R. (2001) ‘Research on Price Index Mea-surement: Agendas for the Next Twenty Years,’ Jour-nal of Economic and Social Measurement, 27, 99-130.

Craig, J. (1969) “On the Elementary Treatment of IndexNumbers,” Applied Statistics, 18(2), 141–152.

29

Cuthbert, James R. (2003) ‘On the Variance/CovarianceStructure of the Log Fisher Index, and Implicationsfor Aggregation Techniques,’ Review of Income andWealth, 49(1), 69-87.

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