Skip to main content

Price and Volume Measures in the System of National Accounts

  • Chapter
The New System of National Accounts

Part of the book series: Recent Economic Thought Series ((RETH,volume 47))

Abstract

This paper is a review of Chapter 16 in the System of National Accounts, 1993 entitled “Price and Volume Measures,” which was written by Peter Hill (1993). Sections 8.2 to 8.11 below will provide a brief review of the major topics that were covered in Chapter 16 along with some references to the literature. A decision was made not to include references in the new System of National Accounts, but this is rather unfair to the reader who may want to explore a particular topic at greater length. Thus we hope that this paper will serve as a useful supplement to Chapter 16.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 169.00
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 219.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 219.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Afriat, S.N. (1972). “The Theory of International Comparisons of Real Income and Prices.” In D.J. Daly (ed.), International Comparisons of Prices and Output (pp. 13–69). National Bureau of Economic Research. New York: Columbia University Press.

    Google Scholar 

  • Afriat, S.N. (1977). The Price Index. London: Cambridge University Press.

    Google Scholar 

  • Aizcorbe, A.M., and P.C. Jackman (1993). “The Commodity Substitution Effect in CIP Data, 1982–91.” Monthly Labor Review (U.S. Bureau of Labor Statistics) (December): 25–33.

    Google Scholar 

  • Allen, R.C., and W.E. Diewert. (1981). “Direct Versus Implicit Superlative Index Number Formulae.” Review of Economics and Statistics 63: 430–435.

    Article  Google Scholar 

  • Allen, R.G.D. (1949). “The Economic Theory of Index Numbers.” Econometrica N.S. 16: 197–203.

    Article  Google Scholar 

  • Allen, R.G.D. (1975). Index Numbers in Theory and Practice. London: Macmillan.

    Google Scholar 

  • Anglin, P.M.. and M.R. Baye. (1987). “Information, Multiprice Search, and Cost-of-Living Index Theory.” Journal of Political Economy 95: 1179–1195.

    Article  Google Scholar 

  • Archibald, R.B. (1977). “On the Theory of Industrial Price Measurement: Output Price Indexes.” Annals of Economic and Social Measurement 6: 57–72.

    Google Scholar 

  • Armknecht, P.A., B.R. Moulton, and K.J. Stewart. (1994). “Improvements to the Food at Home, Shelter and Prescription Drug Indexes in the U.S. Consumer Price Index.” Paper presented at the International Conference on Price Indices, October 31–November 2. Ottawa: Statistics Canada.

    Google Scholar 

  • Arrow, K.J. (1974). “The Measurement of Real Value Added.” In P.A. David and M.W. Reder (eds.), Nations and Households in Economic Growth (pp. 3–19). New York: Academic Press.

    Google Scholar 

  • Baldwin, A. (1985). The Treatment of Seasonal Commodities in the Consumer Price Index. Ottawa: Statistics Canada, Prices Division.

    Google Scholar 

  • Baldwin, A., P. Després, A. Nakamura, and M. Nakamura. (1994). “New Goods from the Perspective of Price Index Making in Canada and Japan.” In T. Bresnahan and R.J. Gordon (eds.), New Goods. NBER Conference on New Goods. Chicago: University of Chicago Press.

    Google Scholar 

  • Balk, B.M. (1980a). “A Method for Constructing Price Indices for Seasonal Commodities.” Journal of the Royal Statistical Society A 143: 68–75.

    Google Scholar 

  • Balk, B.M. (1980b). Seasonal Products in Agriculture and Horticulture and Methods for Computing Price Indices. Statistical Studies 24. The Hague: Netherlands Central Bureau of Statistics.

    Google Scholar 

  • Balk, B.M. (1989). “On Van Ijzeren’s Approach to International Comparisons and Its Properties.” Statistical Papers (Statistische Hefte) 30: 295–315.

    Article  Google Scholar 

  • Balk, B.M. (1990). “On Calculating Cost-of-Living Index Numbers for Arbitrary Income Levels.” Econometrica 58: 75–92.

    Article  Google Scholar 

  • Balk, B.M. (1992). “Axiomatic Price Index Theory: A Survey.” Netherlands Central Bureau of Statistics, Department of Price Statistics, P.O. Box 959, 2270 AZ Voorburg, November 26.

    Google Scholar 

  • Balk, B.M. (1993). “Multilateral Methods for International Price and Volume Comparisons.” Department of Price Statistics, Netherlands Central Bureau of Statistics, P.O. Box 959, 2270 AZ, Voorburg, April.

    Google Scholar 

  • Balk, B.M. (1994a). “On the First Step in the Calculation of a Consumer Price Index.” Paper presented at the International Conference on Price Indices, October 31–November 2. Ottawa: Statistics Canada.

    Google Scholar 

  • Balk, B.M. (1994b). “Micro-Economic Foundations for Industrial Price, Quantity and Productivity Indices.” Paper presented at the Georgia Productivity Workshop, October 21–23. Statistics Netherlands, P.O. Box 959, 2270 AZ, Voorburg.

    Google Scholar 

  • Barnett, W.A. (1987). “The Microeconomic Theory of Monetary Aggregation.” In W.A. Barnett and K.J. Singleton (eds.), New Approaches to Monetary Economics (pp. 115–168). New York: Cambridge University Press.

    Chapter  Google Scholar 

  • Bell, W.R., and C. Hillmer. (1984). “Issues Involved with the Seasonal Adjustment of Economic Time Series.” Journal of Business and Economic Statistics 2: 291–319.

    Article  Google Scholar 

  • Berndt, E.R. (1991). “The Measurement of Quality Change: Constructing a Hedonic Price Index for Computers Using Multiple Regression Methods.” In E.R. Berndt, The Practice of Econometrics: Classic and Contemporary (ch. 4). Reading, MA: Addison-Wesley.

    Google Scholar 

  • Berndt, E.R., and Z. Griliches. (1993). “Price Indexes for Microcomputers: An Exploratory Study.” In M.F. Foss, M.E. Mansen and A.H. Young (eds.), Price Measurements and Their Uses (pp. 63–93). Chicago: University of Chicago Press.

    Google Scholar 

  • Berndt, E.R., Z. Griliches, and J.G. Rosett. (1993). “Auditing and Producer Price Index: Micro Evidence from Prescription Pharmaceutical Preparations.” Journal of Business and Economic Statistics 11: 251–264.

    Article  Google Scholar 

  • Bjerke, K. (1968). “Some Reflections on the Terms of Trade.” Review of Income and Wealth 14: 183–198.

    Article  Google Scholar 

  • Bortkiewicz, L., von. (1923). “Zweck und Struktureiner Preisindenzahl: Ester Artikel.” Nordisk Statistisk Tidskrift 2: 369–408.

    Google Scholar 

  • Bowley, A.L. (1901). Elements of Statistics. London: King.

    Google Scholar 

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

    Article  Google Scholar 

  • Caves, D.W., L.R. Christensen, and W.E. Diewert. (1982a). “Multilateral Comparisons of Output, Input and Productivity Using Superlative Index Numbers.” Economic Journal 92: 73–86.

    Article  Google Scholar 

  • Caves, D.W., L.R. Christensen, and W.E. Diewert. (1982b). “The Economic Theory of Index Numbers and the Measurement of Input, Output and Prouctivity.” Econometrica 50: 1393–1414.

    Article  Google Scholar 

  • Christensen, L.R., and D.W. Jorgenson. (1970). “U.S. Real Product and Real Factor Input, 1929–1967.” Review of Income and Wealth 16: 19–50.

    Article  Google Scholar 

  • Christensen, L, D. Jorgenson, and L. Lau. (1973). “Transcendental Logarithmic Production Frontiers.” Review of Economics and Statistics 55: 28–45.

    Article  Google Scholar 

  • Cleveland, W.S. (1983). “Seasonal and Calendar Adjustment.” In Handbook of Statistics (Vol. 3, pp. 39–72). Amsterdam: Elsevier Science.

    Google Scholar 

  • Court, A.T. (1939). “Hedonic Price Indexes with Automotive Examples.” In The Dynamics of Automobile Demand (pp. 98–119). New York: General Motors.

    Google Scholar 

  • Crawford, A. (1993). “Measurement Biases in the Canadian CPI: A Technical Note.” Bank of Canada Review (Summer): 21–36.

    Google Scholar 

  • Dalén, J. (1992). “Computing Elementary Aggregates in the Swedish Consumer Price Index.” Journal of Official Statistics 8: 129–147.

    Google Scholar 

  • Davies, G.R. (1924). “The Problem of a Standard Index Number Formula.” Journal of the American Statistical Association 19: 180–188.

    Article  Google Scholar 

  • Davies G.R. (1932). “Index Numbers in Mathematical Economics.” Journal of the American Statistical Association 27: 58–64.

    Article  Google Scholar 

  • Diewert, W.E. (1974). “Applications of Duality Theory.” In M.D. Intriligator and D.A. Kendrick (eds.), Frontier of Quantitative Economics (Vol. 2, pp. 106–171). Amsterdam: North-Holland.

    Google Scholar 

  • Diewert, W.E. (1976). “Exact and Superlative Index Numbers.” Journal of Econometrics 4: 115–145.

    Article  Google Scholar 

  • Diewert, W.E. (1978). “Superlative Index Numbers and Consistency in Aggregation.” Econometrica 46: 883–900.

    Article  Google Scholar 

  • Diewert, W.E. (1980). “Aggregaton Problems in the Measurement of Capital.” In Dan Usher (ed.), The Measurement of Capital (pp. 433–528). Chicago: University of Chicago Press.

    Google Scholar 

  • Diewert, W.E. (1981). “The Economic Theory of Index Numbers: A Survey.” In A. Deaton (ed.), Essays in the Theory and Measurement of Consumer Behavior in Honour of Sir Richard Stone (pp. 163–200). London: Cambridge University Press.

    Google Scholar 

  • Diewert, W.E. (1983a). “The Theory of the Cost-of-Living Index and the Measurement of Welfare Change.” In W.E. Diewert and C. Montmarquette (eds.), Price Level Measurement (pp. 163–233). Ottawa: Statistics Canada.

    Google Scholar 

  • Diewert, W.E. (1983b). “The Theory of the Output Price Index and the Measurement of Real Output Change.” In Price Level Measurement (pp. 1049–1113). Ottawa: Statistics Canada.

    Google Scholar 

  • Diewert, W.E. (1983c). “The Treatment of Seasonality in a Cost-of-Living Index.” In W.E. Diewert and C. Montmarquette (eds.), Price Level Measurement (pp. 1019–1045). Ottawa: Statistics Canada.

    Google Scholar 

  • Diewert, W.E. (1986). “Microeconomic Approaches to the Theory of International Comparisons.” Technical Working Paper No. 53, National Bureau of Economic Research, Cambridge, MA.

    Google Scholar 

  • Diewert, W.E. (1987). “Index Numbers.” In J. Eatwell, M. Milgate, and P. Neuman (eds.), The New Palgrave: A Dictionary of Economics (Vol. 2, pp. 767–780). London: Macmillan Press.

    Google Scholar 

  • Diewert, W.E. (1988). “Test Approaches to International Comparisons.” In W. Eichhorn (ed.), Measurement in Economics (pp. 67–86). Heidelberg: Physica-Verlag.

    Google Scholar 

  • Diewert, W.E. (1992a). “Fisher Ideal Output, Input and Productivity Indexes Revisited.” Journal of Productivity Analysis 3: 211–248.

    Article  Google Scholar 

  • Diewert, W.E. (1992b). “Exact and Superlative Welfare Change Indicators.” Economic Inquiry 30: 565–582.

    Article  Google Scholar 

  • Diewert, W.E. (1993a). “The Early History of Price Index Research.” In W.E. Diewert and A.O. Nakamura (eds.), Essays in Index Number Theory (Vol. 1, pp. 33–65). Amsterdam: North-Holland.

    Google Scholar 

  • Diewert, W.E. (1993b). “Symmetric Means and Choice Under Uncertainty.” In W.E. Diewert and A.O. Nakamura (eds.), Essays in Index Number Theory (Vol. 1, pp. 355–433). Amsterdam: North-Holland.

    Google Scholar 

  • Diewert, W.E. (1993c). “Duality Approaches to Microeconomic Theory.” In W.E. Diewert and A.O. Nakamura (eds.), Essays in Index Number Theory (Vol. pp. 105–175). Amsterdam: North-Holland.

    Google Scholar 

  • Diewert, W.E. (1995a). “Axiomatic and Economic Approaches to Elementary Price Indexes.” Discussion Paper No. 95-01, Department of Economics, University of British Columbia, Vancouver, Canada V6T 1Z1.

    Google Scholar 

  • Diewert, W.E. (1995b). “Functional Form Problems in Modelling Insurance and Gambling.” Geneva Papers on Risk and Insurance Theory 20: 135–150.

    Article  Google Scholar 

  • Diewert, W.E., and J. Bossons. (1987). “Adjusting the Consumer Price Index for Changes in Taxes.” Discussion Paper No. 87-09, Department of Economics, University of British Columbia, Vancouver, Canada, April.

    Google Scholar 

  • Diewert, W.E., and C.J. Morrison. (1986). “Adjustng Output and Productivity Indexes for Changes in the Terms of Trade.” Economic Journal 96: 659–679.

    Article  Google Scholar 

  • Diewert, W.E., and C.J. Morrison. (1990). “Productivity Growth and Changes in the Terms of Trade in Japan and the United States.” In C.R. Hulten (ed.), Productivity Growth in Japan and the United States (pp. 201–227). Chicago: University of Chicago Press.

    Google Scholar 

  • Diewert, W.E., and A.M. Smith. (1994). “Productivity Measurement for a Distribution Firm.” Journal of Productivity Analysis 5: 335–347.

    Article  Google Scholar 

  • Diewert, W.E., and T.J. Wales. (1987). “Flexible Functional Forms and Global Curvature Conditions.” Econometrica 55: 43–68.

    Article  Google Scholar 

  • Dikhanov, Y. (1994). “Sensitivity of PPP Based Income Estimates to Choice of Aggregation Procedures.” Paper presented at the Conference of the International Association for Research in Income and Wealth, St. Andrews, New Brunswick, August.

    Google Scholar 

  • Drechsler, L. (1973). “Weighting of Index Numbers in Multilateral International Comparisons.” Review of Income and Wealth, Series 19 (March): 17–47.

    Google Scholar 

  • Dulberger, E.R. (1989). “The Application of a Hedonic Model to Quality-Adjusted Price Index for Computer Processors.” In D.W. Jorgenson and R. Landau (eds.), Technology and Capital Formation (pp. 37–75). Cambridge, MA: MIT Press.

    Google Scholar 

  • Eichhorn, W. (1976). “Fisher’s Tests Revisited.” Econometrica 44: 247–256.

    Article  Google Scholar 

  • Eichhorn, W. (1978). Functional Equations in Economics. London: Addison-Wesley.

    Google Scholar 

  • Eichhorn, W., and J. Voeller. (1976). Theory of the Price Index. Lecture Notes in Economics and Mathematical Systems 140. Berlin: Springer-Verlag.

    Google Scholar 

  • Eisner, R. (1989). The Total Incomes System of Accounts. Chicago: University of Chicago Press.

    Google Scholar 

  • Eltetö, O., and P. Köves. (1964). “On a Problem of Index Number Computation Relating to International Comparison.” Statisztikai Szemle 42: 507–518.

    Google Scholar 

  • Eurostat. (1988). Purchasing Power Parities and Gross Domestic Product in Real Terms Results 1985. Luxembourg: Statistical Office of the European Communities.

    Google Scholar 

  • Fisher, F.M., and K. Shell. (1972). The Economic Theory of Price Indexes. New York: Academic Press.

    Google Scholar 

  • Fisher, I. (1911). The Purchasing Power of Money. London: Macmillan.

    Google Scholar 

  • Fisher, I. (1921). “The Best Form of Index Number.” Journal of the American Statistical Association 17: 533–537.

    Article  Google Scholar 

  • Fisher, I. (1922). The Making of Index Numbers. Boston: Houghton Mifflin.

    Google Scholar 

  • Fisher, I. (1923). “Professor Bowley on Index-Numbers.” Economic Journal 33:246–252.

    Article  Google Scholar 

  • Fixier, D.J. (1993). “The Consumer Price Index: Underlying Concepts and Caveats.” Monthly Labor Review, BLS (December): 3–12.

    Google Scholar 

  • Fixier, D., and K.D. Zieschang. (1991). “Measuring the Nominal Value of Finacincial Services in the National Income Accounts.” Economic Inquiry 29: 53–68.

    Article  Google Scholar 

  • Fixier D.J., and K.D. Zieschang. (1992). “User Costs, Shadow Prices and the Real Output of Banks.” In Zvi Griliches (ed.), Output Measurement in the Service Sectors (pp. 219–243). Chicago: University of Chicago Press.

    Google Scholar 

  • Frisch, R. (1930). “Necessary and Sufficient Conditions Regarding the Form of an Index Number Which Shall Meet Certain of Fisher’s Tests.” American Statistical Association Journal 25: 397–406.

    Article  Google Scholar 

  • Frisch, R. (1936). “Annual Survey of General Economic Theory: The Problem of Index Numbers.” Econometrica 4: 1–39.

    Article  Google Scholar 

  • Geary, R.G. (1958). “A Note on Comparisons of Exchange Rates and Purchasing Power Between Countries.” Journal of the Royal Statistical Society A 121: 97–99.

    Google Scholar 

  • Gerardi, D. (1982). “Selected Problems of Inter-Country Comparisons on the Basis of the Experience of the EEC.” Review of Income and Wealth 28: 381–405.

    Article  Google Scholar 

  • Gini, C. (1931). “On the Circular Test of Index Numbers.” Metron 9(2): 3–24.

    Google Scholar 

  • Gordon, R.J. (1981). “The Consumer Price Index: Measuring Inflation and Causing It.” The Public Interest 63: 112–134.

    Google Scholar 

  • Gordon, R.J. (1989). “The Postwar Evolution of Computer Prices.” In D.W. Jorgenson and R. Landau (eds.), Technology and Capital Formation (pp. 77–125). Cambridge, MA: MIT Press.

    Google Scholar 

  • Gordon, R.J. (1990). The Measurement of Durable Goods Prices. Chicago: University of Chicago Press.

    Google Scholar 

  • Gordon, R.J. (1993). “Measuring the Aggregate Price Level: Implications for Economic Performance and Policy.” In K. Shizehard (ed.), Price Stabilization in the 1990s (pp. 233–276). London: Macmillan.

    Google Scholar 

  • Griliches, Z. (1961). “Hedonic Price Indexes for Automobiles: An Analysis of Quality Change.” In The Price Statistics of the Federal Government (pp. 137–196). General Series No. 73. New York: Columbia University Press.

    Google Scholar 

  • Griliches, Z. (1971). “Introduction: Hedonic Prices Revisited.” In Z. Griliches (ed.), Price Indexes and Quality Change (pp. 3–15). Cambridge, MA: Harvard University Press.

    Google Scholar 

  • Griliches, Z. (1979). “Issues in Assessing the Contribution of Research and Development to Productivity Growth.” The Bell Journal of Economics 10: 92–116.

    Article  Google Scholar 

  • Griliches, Z. (1988). “Capital Stock in Investment Functions: Some Problems of Concept and Measurement.” In Zvi Geriliches (ed.), Technology, Education and Productivity (pp. 123–143). Oxford: Basil Black well.

    Google Scholar 

  • Griliches, Z., and I. Cockburn. (1994). “Generics and New Goods in Pharmaceutical Price Indexes.” American Economic Review 84: 1213–1232.

    Google Scholar 

  • Hamada, K., and K. Iwata. (1984). “National Income, Terms of Trade and Economic Welfare.” Economic Journal 94: 752–771.

    Article  Google Scholar 

  • Hancock, D. (1985). “The Financial Firm: Production with Monetary and Nonmonetary Goods.” Journal of Political Economy 93: 859–880.

    Article  Google Scholar 

  • Hausman, J. (1994). “Valuation of New Goods Under Perfect and Imperfect Competition.” In T. Bresnahan and R.J. Gordon (eds.), The Economics of New Products. Cambridge, MA: NBER.

    Google Scholar 

  • Hicks, J.R. (1940). “The Valuation of the Social Income.” Economica 7: 105–140.

    Article  Google Scholar 

  • Hicks, J.R. (1946). Value and Capital (2nd ed.). Oxford: Clarendon Press.

    Google Scholar 

  • Hicks, J.R. (1981). Wealth and Welfare. Cambridge, MA: Harvard University

    Google Scholar 

  • Press.

    Google Scholar 

  • Hill, P. (1982). Multilateral Measurements of Purchasing Power and Real GDP. Luxembourg: Eurostat.

    Google Scholar 

  • Hill, P. (1984). “Introduction: The Special Conference on Purchasing Power Parities.” Review of Income and Wealth, ser. 30: 125–133.

    Article  Google Scholar 

  • Hill, P. (1988). “Recent Developments in Index Number Theory and Practice.” OECD Economic Studies 10 (Spring): 123–148.

    Google Scholar 

  • Hill, P. (1993). “Price and Volume Measures.” In System of National Accounts 1993 (pp. 379–406). Brussels, Luxembourg, New York and Washington DC: Eurostat, IMF, OECD, UN, and World Bank.

    Google Scholar 

  • Hill, R.J. (1994a). “Chained Multilateral Comparisons Using Graph Theory Algorithms.” Department of Economics, University of British Columbia, Vancouver, Canada, October.

    Google Scholar 

  • Hill, R.J. (1994b). “A Taxonomy of Multilateral Methods for Making International Comparisons.” Department of Economics, University of British Columbia, Vancouver, Canada, October.

    Google Scholar 

  • Hofsten, E. von. (1952). Price Indexes and Quality Change. London: George Allen and Unwin.

    Google Scholar 

  • Hylleberg, S. (ed.). (1992). Modelling Seasonality. Oxford: Oxford University Press.

    Google Scholar 

  • Iklé, D.M. (1972). “A New Approach to the Index Number Problem.” Quarterly Journal of Economics 86: 188–211.

    Article  Google Scholar 

  • Industry Commission. (1993). Government Trading Enterprises Performance Indicators 1987–88 to 1991–92. P.O. Box 80, Belconnen ACT 2616, Australia.

    Google Scholar 

  • Johal, K. (1991). “A Study of the Flow of Consumption Services from the Stock of Consumer Goods.” National Income and Expenditure Accounts. 4th Quarter, Catalogue No. 13–001, 1–20. Ottawa: Statistics Canada.

    Google Scholar 

  • Jorgenson, D.W. (1963). “Capital Theory and Investment Behavior.” American Economic Review 53: 247–259.

    Google Scholar 

  • Jorgenson, D.W. (1989). “Capital as a Factor of Production.” In D.W. Jorgenson and R. Landau (eds.), Technology and Capital Formation (pp. 1–35). Cambridge, MA: MIT Press.

    Google Scholar 

  • Jorgenson, D.W., and Z. Griliches. (1967). “The Explanation of Productivity Change.” Review of Economic Studies 34: 249–283.

    Article  Google Scholar 

  • Kendrick, J.W. (1961). Productivity Trends in the United States. Princeton, NJ: Princeton University Press.

    Google Scholar 

  • Keynes, J.M. (1930). Treatise on Money (Vol. 1). London: Macmillan.

    Google Scholar 

  • Khamis, S.H. (1970). “Properties and Conditions for the Existence of a New Type of Index Number.” Sankhya Series B 32: 81–98.

    Google Scholar 

  • Khamis, S.H. (1972). “A New System of Index Numbers for National and International Purposes.” Journal of the Royal Statistical Society, A 135: 96–121.

    Article  Google Scholar 

  • Kohli, U. (1978). “A Gross National Product Function and the Derived Demand for Imports and Supply of Exports.” Canadian Journal of Economics 11: 167–182.

    Article  Google Scholar 

  • Kohli, U. (1990). “Growth Accounting in the Open Economy: Parametric and Nonparametric Estimates.” Journal of Economic and Social Measurement 16: 125–136.

    Google Scholar 

  • Kohli, U. (1991). Technology, Duality and Foreign Trade. Ann Arbor: University of Michigan Press.

    Google Scholar 

  • Kohli, U. (1993). “GNP Growth Accounting in the Open Economy: Parametric and Nonparametric Estimates for Switzerland.” Swiss Journal of Economics and Statistics 129: 601–615.

    Google Scholar 

  • Konüs, A.A. (1924). “The Problem of the True Cost of Living” (trans.). Econometrica 7, 139: 10–29.

    Google Scholar 

  • Konüs, A.A., and S.S. Byushgens. (1926). “K. Probleme Pokupatelnoi Cili Deneg.” Voprosi Konyunkturi 2(1): 151–172.

    Google Scholar 

  • Kravis, LB. (1984). “Comparative Studies of National Incomes and Prices.” Journal of Economic Literature 22: 1–39.

    Google Scholar 

  • Kravis, LB., R. Summers, and A. Heston. (1982). “Comments on ‘selected Problems of Intercountry Comparisons on the Basis of the Experience of the EEC” Review of Income and Wealth, Series 28: 407–410.

    Article  Google Scholar 

  • Kurabayashi, Y. (1971). “The Impact of Changes in Terms of Trade on a System of National Accounts: An Attempted Synthesis.” Review of Income and Wealth 17: 285–293.

    Article  Google Scholar 

  • Laspeyres, E. (1871). “Die Berechnung einer mittleren Waarenpreissteigerung.” Jahrbücher für Nationalökonomie und Statistik 16: 296–314.

    Google Scholar 

  • Lawrence, D. (1992). Measuring the Total Factor Productivity of Government Trading Enterprises. Belconnen, Australia: Industry Commission.

    Google Scholar 

  • Lehr, J. (1885). Beiträge zur Statistik der Preise. Frankfurt: J.D. Sauerländer.

    Google Scholar 

  • Leontief, W. (1936). “Composite Commodities and the Problem of Index Numbers.” Econometrica 4: 39–59.

    Article  Google Scholar 

  • Lowe, J. (1823). The Present State of England in Regard to Agriculture, Trade and Finance (2nd ed.). London: Longman, Hurst, Rees, Orme, and Brown.

    Google Scholar 

  • Malmquist, S. (1953). “Index Numbers and Indifference Surfaces.” Trabajos de Estatistica 4: 209–242.

    Article  Google Scholar 

  • Manser, M.E., and R.J. McDonald. (1988). “An Analysis of Substitution Bias in Measuring Inflation, 1959–85.” Econommetrica 56: 909–930.

    Article  Google Scholar 

  • Mark, J.A., and W.H. Waldorf. (1983). “Multifactor Productivity: A New BLS Measure.” Monthly Labor Review (December): 3–15.

    Google Scholar 

  • Marshall, A. (1887). “Remedies for Fluctuations of General Prices.” Contemporary Review 51: 355–375.

    Google Scholar 

  • Martini, M. (1992). “A General Function of Axiomatic Index Numbers.” Journal of the Italian Statistical Society 3: 359–376.

    Article  Google Scholar 

  • Moulton, B.R. (1993). “Basic Components of the CPI: Estimation of Price Changes.” Monthly Labor Review (U.S. Bureau of Labor Statistics) (December): 13–24.

    Google Scholar 

  • Nicholson, J.L. (1960). “The Effects of International Trade on the Measurement of Real National Income.” Economic Journal 70: 608–612.

    Article  Google Scholar 

  • Nordhaus, W.D. (1994). “Do Real Output and Real Wage Measures Capture Reality? The History of Light Suggests Not.” In T. Bresnahan and R.J. Gordon (eds.), The Economics of New Products. Cambridge, MA: NBER.

    Google Scholar 

  • Paasche, H. (1874). “Über die Preisentwicklung der letzten Jahre nach den Hamburger Börsennotirungen.” Jahrbücher für Nationalökonemie und Statistik 23: 168–178.

    Google Scholar 

  • Pollak, R.A. (1971). “The Theory of the Cost of Living Index.” Research Discussion Paper 11, Bureau of Labor Statistics, Washington, DC;

    Google Scholar 

  • and in W.E. Diewert and C. Montmarquette (eds.) (1983), Price Level Measurement (pp. 87–161). Ottawa: Statistics Canada.

    Google Scholar 

  • Pollak, R.A. (1989). The Theory of the Cost-of-Living Index. Oxford: Oxford University Press.

    Google Scholar 

  • Reinsdorf, M. (1993). “The Effect of Outlet Price Differentials on the U.S. Consumer Price Index.” In M.F. Foss, M.E. Manser and A.H. Young (eds.), Price Measurements and Their Uses (pp. 227–254). Studies in Income and Wealth (Vol. 57), NBER. Chicago: University of Chicago Press.

    Google Scholar 

  • Reinsdorf, M., and B.R. Moulton. (1994). “The Construction of Basic Components of Cost of Living Indexes.” In R.J. Gordon (ed.), The Economics of New Products. Conference on Research in Income and Wealth. Cambridge, MA: NBER.

    Google Scholar 

  • Romer, P. (1994). “New Goods, Old Theory and the Welfare Costs of Trade Restrictions.” Journal of Development Economics 43: 5–38.

    Article  Google Scholar 

  • Ruggles, R. (1967). “Price Indexes and International Price Comparisons.” In W. Fellner et al. (eds.), Ten Economic Studies in the Tradition of Irving Fisher (pp. 171–205). New York: J. Wiley.

    Google Scholar 

  • Saglio, A. (1994). “Comparative Changes in Average Price and a Price Index: Two Case Studies.” Paper presented at the International Conference of Price Indices, October 31–November 2. Ottawa: Statistics Canada.

    Google Scholar 

  • Samuelson, P.A. (1947). Foundations of Economic Analysis. Cambridge, MA: Harvard University Press.

    Google Scholar 

  • Samuelson, P.A., and S. Swamy. (1974). “Invariant Economic Index Numbers and Canonical Duality: Survey and Synthesis.” American Economic Review 64: 566–593.

    Google Scholar 

  • Sato, K. (1976). “The Meaning and Measurement of the Real Value Added Index.” Review of Economics and Statistics 58: 434–442.

    Article  Google Scholar 

  • Schultz Szulc, B.J. (1994). “Choice of Price Index Formula at the Micro-Aggregation Level: The Canadian Empirical Evidence.” Paper presented at the International Conference on Price Indices, October 31–November 2. Ottawa: Statistics Canada.

    Google Scholar 

  • Shephard, R.W. (1953). Cost and Production Functions. Princeton, NJ: Princeton University Press.

    Google Scholar 

  • Sidgewick, H. (1883). The Principles of Political Economy. London: Macmillan.

    Google Scholar 

  • Silver, M., and K. Mahdavy. (1989). “The Measurement of a Nation’s Terms of Trade Effect and Real National Disposable Income Within a National Accounting Framework.” Journal of the Royal Statistical Society, Series A 152: 87–107.

    Article  Google Scholar 

  • Stone, R. (1956). Quantity and Price Indexes in National Accounts. Paris: Organization for European Cooperation.

    Google Scholar 

  • Summers, R., and A. Heston. (1988). “A New Set of International Comparisons of Real Product and Price Levels Estimates for 130 Countries, 1950–1988.” Review of Income and Wealth, Series 34: 1–25.

    Article  Google Scholar 

  • Summers, R., and A. Heston. (1991). “The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950–1988.” Quarterly Journal of Economics 106: 327–368.

    Article  Google Scholar 

  • Szilágyi, G. (1986). “Procedures for Linking International Comparisons.” Statistical Journal of the United Nations ECE 4: 165–181.

    Google Scholar 

  • Szulc, B.J. (1964). “Indices for Multiregional Comparisons.” Przeglad Statystyczny (Statistical Review) 3: 239–254.

    Google Scholar 

  • Szulc, B.J. (1983). “Linking Price Index Numbers.” In W.E. Diewert and C. Montmarquette (eds.), Price Level Measurement (pp. 537–566). Ottawa: Statistics Canada.

    Google Scholar 

  • Szulc, B.J. (1989). “Price Indices Below the Basic Aggregation Level.” In R. Turvey (ed.), Consumer Price Indices: An ILO Manual (pp. 167–178). Geneva: International Labour Office.

    Google Scholar 

  • Törnqvist, L. (1936). “The Bank of Finland’s Consumption Price Index.” Bank of Finland Monthly Bulletin 10: 1–8.

    Google Scholar 

  • Triplett, J.E. (1986). “The Economic Interpretation of Hedonic Methods.” Survey of Current Business 86(1): 36–40.

    Google Scholar 

  • Triplett, J.E. (1987). “Hedonic Functions and Hedonic Indexes.” In J. Eatwell, M. Milgate and P. Newman (eds.), The New Palgrave: A Dictionary of Economics (Vol. 2, pp. 630–634). London: Macmillan.

    Google Scholar 

  • Triplett, J.E. (1989). “Price and Technological Change in a Capital Good: A Survey of Research on Computers.” In D.W. Jorgenson and R. Landau (eds.), Technology and Capital Formation (pp. 127–213). Cambridge, MA: MIT Press.

    Google Scholar 

  • Triplett, J.E. (1992). “Economic Theory and BEA’s Alternative Quantity and Price Indexes.” Survey of Current Business 72 (April): 49–52.

    Google Scholar 

  • Triplett, J.E. (1993). “Comment.” In M.F. Foss, M.E. Manser and A.H. Young (eds.), Price Measurements and Their Uses (pp. 197–206). Studies in Income and Wealth (Vol. 57). National Bureau of Economic Research. Chicago: University of Chicago Press.

    Google Scholar 

  • Turvey, R. (1979). “The Treatment of Seasonal Items in Consumer Price Indices.” Bulletin of Labour Statistics (4th qtr.) (International Labour Office, Geneva): 13–33.

    Google Scholar 

  • Turvey, R. (1989). Consumer Price Indices: An ILO Manual. Geneva: International Labour Office.

    Google Scholar 

  • United Nations. (1993). System of National Accounts 1993. New York: United Nations.

    Google Scholar 

  • United States Bureau of Labor Statistics. (1983). Trends in Multifactor Productivity 1948–81. Bulletin 2178. Washington, DC: U.S. Government Prining Office.

    Google Scholar 

  • United States Bureau of Labor Statistics. (1993). Labor Composition and U.S. Productivity Growth, 1948–90. Bulletin 2426. Washington DC: U.S. Government Printing Office.

    Google Scholar 

  • Van Ijzeren, J. (1983). Index Numbers for Binary and Multilateral Comparison. Statistical Studies No. 34. The Hague: Netherlands Central Bureau of Statistics.

    Google Scholar 

  • Van Ijzeren, J. (1987). Bias in International Index Numbers: A Mathematical Elucidation. Eindhoven: Dissertatiedrukkerij Wibro.

    Google Scholar 

  • Van Yzeren, J. (1956). Three Methods of Comparing the Purchasing Power of Currencies. Statistical Studies No. 7. The Hague: Netherlands Central Bureau of Statistics.

    Google Scholar 

  • Van Yzeren, J. (1988). “Weighting and Additivity Problems of Multilateral Comparison.” In W. Eichhorn (ed.), Measurement in Economics (pp. 157–164). Heidelberg: Physica-Verlag.

    Google Scholar 

  • Wald, A. (1939). “A New Formula for the Index of Cost of Living.” Econometrica 7: 319–331.

    Article  Google Scholar 

  • Walras, L. (1874). Elements of Pure Economics (trans, by William Jaffé, 1954. London: George Allen and Unwin.

    Google Scholar 

  • Walsh, CM. (1901). The Measurement of General Exchange Value. New York: Macmillan.

    Google Scholar 

  • Walsh, CM. (1921a). The Problem of Estimation. London: King.

    Google Scholar 

  • Walsh, CM. (1921b). “Discussion of the Best Form of Index Number.” Journal of the American Statistical Association 17: 537–544.

    Google Scholar 

  • Walsh, C.M. (1924). “Professor Edgeworth’s Views on Index-Numbers.” Quarterly Journal of Economics 38: 500–519.

    Article  Google Scholar 

  • Wold, H. (1944). “A Synthesis of Pure Demand Analysis, Part III.” Skandinavisk Aktuarietidskrift 27: 69–120.

    Google Scholar 

  • Wynne, M.A., and F.D. Sigalla. (1994). “The Consumer Price Index.” Economic Review Federal Reserve Bank of Dallas (2nd qtr.): 1–22.

    Google Scholar 

  • Young, A.H. (1992). “Alternative Means of Change in Real Output and Prices.” Survey of Current Business 72 (April): 32–48.

    Google Scholar 

References

  • Gordon, Robert J. (1990). The Measurement of Double Goods Prices. Chicago: University of Chicago Press.

    Google Scholar 

Download references

Authors

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 1996 Kluwer Academic Publishers

About this chapter

Cite this chapter

Diewert, W.E., Gordon, R.J. (1996). Price and Volume Measures in the System of National Accounts . In: Kendrick, J.W. (eds) The New System of National Accounts. Recent Economic Thought Series, vol 47. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-1798-9_8

Download citation

  • DOI: https://doi.org/10.1007/978-94-009-1798-9_8

  • Publisher Name: Springer, Dordrecht

  • Print ISBN: 978-94-010-7301-1

  • Online ISBN: 978-94-009-1798-9

  • eBook Packages: Springer Book Archive

Publish with us

Policies and ethics