Review of Economics and Statistics
Опубликовано на портале: 22-09-2003Peter Rathjens, Russell P. Robins Review of Economics and Statistics. 1995. Vol. Vol. 77. No. 1. . P. pp. 170-172..
In 1991, the U.S.Council of Economic Advisers undertook an initiative to increase the quality of economic statistics. One specific objective was to reduce the size of revisions in GNP estimates. We present evidence that one straightforward and inexpensive way of forwarding this objective is for the Department of Commerce to utilize better publicly available information released by other governmental agencies. An important caveat, however, applies: the relationship appears to be non-linear. Specifically, the inefficient use of information is concentrated in those quarters where the change in the preliminary GNP estimate is large in absolute value.
Опубликовано на портале: 22-09-2003Robert C. Feenstra Review of Economics and Statistics. 1995. Vol. 77. No. 4. P. 634-653..
Using the marginal value of characteristics, we show how to construct bounds on the exact hedonic price index. When prices are above marginal costs then our bounds still apply, but the value of characteristics cannot be measured so easily from a hedonic regression. Since the price--cost markups are an omitted variable, they will bias the coefficients obtained. For a special class of utility functions, we argue that a linear regression will still provide a measure of the marginal value of characteristics, but a log-linear regression will overstate these values.