November 2011
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284 Reads
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16 Citations
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Publications (52)
June 2011
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15 Reads
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4 Citations
January 2009
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12 Reads
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7 Citations
February 2008
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176 Reads
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20 Citations
In this article, we present a brief history of the development of services industry data in the United States, review the substantial progress that has been made over the past decade and a half, and present recommendations for needed additional improvements. We conclude that the state of U.S. data for services industry productivity measurement is far better than it was even around 1990. However, our list of more than 40 suggested improvements indicates that, despite the substantial progress the U.S. statistical agencies have made in a relatively brief time, much more work needs to be done. The size of the services sector in GDP and its importance as a contributor to recent productivity advance justifies a further expansion of resources to bring the measurement of services industries fully up to the standard met by the goods-producing industries.
November 2007
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1 Read
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8 Citations
This chapter examines problems associated with output measurement in the service industries of the economy, one of the most prominent hard-to-measure sectors. It begins by summarizing what has been learned from a number of the service-sector conferences held at the Brookings Institution over the last few years. These conferences ranged over issues in finance, insurance and banking, health and education, transportation, and trade. These are all sectors in which conventional measures of output are widely viewed as problematic and which Griliches (1994) dubbed as “unmeasurable” sectors. The chapter provides a brief assessment of current procedures for measuring the output of these sectors, and then presents estimates of the contribution of the service industries to the recent growth in overall productivity, which is substantial compared to earlier time periods.
February 2007
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270 Reads
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90 Citations
Labour productivity in the U.S. non-farm business sector grew two and a half per cent per year during the 1995-2005 period, nearly double its growth rate over the previous two decades. Services sector labour productivity (LP) and multifactor productivity (MFP) grew more rapidly and substantially exceeded productivity accelerations in the goods sector. We show that the services sector accounted for three-quarters of U.S. MFP growth after 1995, and within services the contribution of MFP to LP growth exceeded the vaunted contribution of IT investment. We also find that the services sector has become even more important as the primary source of sustained productivity growth after 2000. In this study, we compute LP, MFP and contributions to growth accounts for 57 industries within the goods and services sectors, using the new NAICS-based data set. We also show that resource reallocations, which are a newly important factor in productivity analysis, have changed the relation between increases in industry productivity growth rates and aggregate and sector growth rates in surprising ways.
January 2007
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344 Reads
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19 Citations
November 2006
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1,438 Reads
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1 Citation
Most analysis of bank productivity and efficiency relies on ad-hoc measures of traditional and non-traditional output even while the theory of banks allows for more consistent measurement. In this paper we analyze and measure the output of U.S. commercial banks from the point of view of banks as reducers of information asymmetries. This proves to be a fruitful framework for dealing with traditional lending and deposit taking as well as non-traditional activities, such as loan securitization. Industry output growth according to this framework is noticeably different when compared to U.S. statistical series and to methods used by bank efficiency researchers. We also suggest ways of incorporating our measures in the analysis of bank performance.
April 2006
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13 Reads
Brief introduction to the symposium highlighting the importance of price measurement for reliable productivity estimates. Accurate price indexes are essential for reliable productivity measurement. the author points out that a one percentage point upward bias in price changes results in a one percentage point downward bias in real output growth and by consequent productivity growth. An upward bias in price indexes implies that productivity growth is being underestimated.
February 2006
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6 Citations
Citations (37)
... ( 2003 ) adopt a broad definition of IT equipment , including computers as well as peripherals , photocopiers , printers , etc . This relies upon the belief that such products share the same technological advance featuring computer manufacturing , that is the improvement in the efficiency of semiconductors ( see also Triplett and Bosworth , 2004 ) . 8 Chinn and Fairlie ( 2004 ) find that the EU - US gap in computer adoption ( PCs per 100 inhabitants ) is mainly associated with the difference in income per capita and age of schooling ( about 70% ) . ...
- Citing Chapter
February 2006
... While some preceding attempts to apply hedonic techniques to price statistics exist (e.g., Court, 1939;Stone, 1954Stone, , 1956Waugh, 1928), Griliches took an unconventional method -then on the periphery of price statistics -and demonstrated to the economics and statistics community its use in addressing critical quality adjustment problems that previously had been considered intractable (Wasshausen and Moulron, 2006). Following Griliches, hedonic methods quickly grew to be a new branch of economic research (e.g., Berndt, 1983;Griliches, 1971Griliches, , 1990Triplett, 1975Triplett, , 1987Triplett, , 1990. ...
- Citing Chapter
January 1987
... For SOI to continue this enumerative focus is a major impediment to developing an improved structure of information collection and analysis. Without a doubt, the "science" side of our business must be given greater emphasis (as advocated in Triplett 1991). A more analytical focus will not only allow us to continue to attract and retain outstanding employees, but it will also bring us closer to our customers. ...
- Citing Article
October 1991
Journal of Economic and Social Measurement
... For the practical difficulties involved in measuring the weights and prices of non-market goods for constructing feasible COLIs, see WIM(2021).4 See, for example,Braithwait (1980),Boskin (1998),Gordon (2000Gordon ( , 2006 andHoffmann (1998); however, the use of COLI as a yardstick has been a controversial topic in the profession, as discussed byTriplett (2001Triplett ( , 2006. ...
- Citing Article
June 2001
The Economic Journal
... A hedonic index is a price index that makes use of a hedonic function which is the relation between the prices of different varieties of a product and the quantities of characteristics in them ( Rosen, 1974). These price indexes are widely used by official statistical agencies ( Triplett, 2001) in developed countries (Germany, Canada, US 1 , Australia, Japan, etc.) and international agencies (Eurostat, OECD, International Labour Office) but never used in the official statistics of developing countries. Our study is based on data of 377 smartphones from 11 manufacturers over the period from January 2016 to February 2017. ...
- Citing Article
October 2001
Journal of Economic and Social Measurement
... The evidence for potential GDP remains mixed, however; see for example Kouparitsas (2005). 4 See the Sept. 10, 2000, Blue Chip Economic Indicators or the First Quarter 2001 This point is made clearly by Triplett (2002). 6 In the models of Svensson andWoodford (2003, 2004), optimal response to imperfect observation of output (and productivity) depends on the noise in the system. ...
- Citing Article
... 10,11 The demand faced by the bank is determined by the level of income where consumers are indifferent between the bank and an AFS provider, * , as defined in (2). In most general equilibrium models of bank deposits, such as Basu and Wang (2007), the rate of return is endogenously determined. These papers look to see the role of monitoring on the bank's demand for deposits. ...
- Citing Article
- Full-text available
... (2004) argumentaron que, pese a la dificultad que entraña medir el impacto de la innovación en la PTF, es innegable que ésta es un buen indicador, en última instancia, de la efectividad de la innovación realizada en una economía. Es cierto que la denominada paradoja de Solow (Triplett, 1998), defendida y estudiada por numerosos autores, introduce un matiz de incertidumbre en esta relación, que no puede darse por sentada. Existe, pese a ello, un creciente cuerpo de investigación que sugiere que la clave radica no tanto en la "cantidad" de inversión en I+D sino en los sectores a los que ésta se dirije. ...
- Citing Conference Paper
January 2002
... 11 . Sichel ( 1997 ) , Carlson and Schweitzer ( 1998 ) , and Triplett ( 1999 ) reach similar conclusions . The fairly substantial difference between the two alternative assumptions in the last two columns of the productivity growth half of Table 2 reflects the combined effect of two factors : the very large share of nonfarm output credited to hard - to - measure services ( now more than 40 percent ) in recent years and an inflation divergence between hard - to - measure services and the rest of nonfarm output averaging more than 2 . ...
- Citing Article
... The Council also includes novel vehicle concepts such as hybrid electric vehicles in the third category. 5 The theoretical background for including the production cost (c) in the technology function can be found in, for example, Alexander and Mitchell (1985), Triplett (1985) and Newell (1997). ...
- Citing Article
May 1985
Technological Forecasting and Social Change