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Errors in Output Deflators Revisited: Unit Values and the Producer Price Index

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  • Siegel, Donald

Abstract

Output prices are mismeasured because of inadequate adjustments for changes in product quality. Thus, when quality improves, inflation will be systematically overstated. In this study, the author finds that the most commonly used indicator of the rate of inflation, the producer price index, misses about 40 percent of the change in quality. However, he also finds that the mismeasurement of output prices is constant over time, implying that errors of measurement are not a significant determinant of either the slowdown or recent acceleration in manufacturing productivity. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Siegel, Donald, 1994. "Errors in Output Deflators Revisited: Unit Values and the Producer Price Index," Economic Inquiry, Western Economic Association International, vol. 32(1), pages 11-32, January.
    • Handle: RePEc:oup:ecinqu:v:32:y:1994:i:1:p:11-32
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    Cited by:

    1. Thijs ten Raa & Pierre Mohnen, 2009. "Neoclassical Growth Accounting and Frontier Analysis: A Synthesis," World Scientific Book Chapters, in: Input–Output Economics: Theory And Applications Featuring Asian Economies, chapter 19, pages 347-370, World Scientific Publishing Co. Pte. Ltd..
    2. Fixler, Dennis J. & Siegel, Donald, 1999. "Outsourcing and productivity growth in services," Structural Change and Economic Dynamics, Elsevier, vol. 10(2), pages 177-194, June.
    3. Hiroyuki Imai, 2020. "Was the Balassa–Samuelson Effect Small? Uncaptured Quality Improvements and Japan’s Real Exchange Rate Appreciation, 1956–1970," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(4), pages 632-660, December.
    4. Andrés Maroto & Luis Rubalcaba, 2008. "Services productivity revisited," The Service Industries Journal, Taylor & Francis Journals, vol. 28(3), pages 337-353, April.

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