(Download) "Prices, Productivity, And Innovation (Research Summaries)" by NBER Reporter # eBook PDF Kindle ePub Free

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eBook details

• Title: Prices, Productivity, And Innovation (Research Summaries)
• Author : NBER Reporter
• Release Date : January 22, 2008
• Genre: Business & Personal Finance,Books,
• Pages : * pages
• Size : 63 KB

Description

Economists have long known the importance of focusing on "real" as opposed to "nominal" variables in order to understand a wide range of economic outcomes including growth, productivity, and welfare. While the distinction between real and nominal variables is simple in theory, in practice it is very difficult for statistical agencies to measure prices accurately. One of the main problems is that the set of goods in the economy is constantly changing because of the creation of new goods and quality upgrading. How can we measure price changes when the set of goods consumed in two periods is different? Much of our research over the last few years has focused on estimating the impact of new goods on our understanding of the U.S. and world economies. A hallmark of our approach has been to combine micro data with a rich framework that allows the biases in the price measurement of individual goods to be aggregated over large sectors of the economy. This research has produced a series of papers that have emphasized the macro implications of these micro biases. The principle macro implications of our work are:

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