The paper uses hedonic regression techniques in order to decompose the price of a house into land and structure components using readily available real estate sales data for a small Dutch city. To get sensible results, it was useful to estimate a nonlinear model on data that cover multiple time...

We propose a new method to estimate quality adjusted commercial property price indexes using real estate investment trust (REIT) data. Our method is based on the present value approach, but the way the denominator (i.e., the discount rate) and the numerator (i.e., cash flows from properties) are...

It is common for comparisons to be made of output growth and inflation across groups of countries, yet such comparisons can result in inconsistencies. We address two problems: (i) how to measure aggregate real output and inflation for groups of countries and (ii) how to construct measures of...

No Abstract

This chapter covers the theory and methods for productivity measurement for nations. Labor, multifactor and total factor productivity measures are defined and are related to each other and to gross domestic product (GDP) per capita. Their growth over time and relative counterparts are defined as...

Traditional index number theory decomposes a value ratio into the product of a price index times a quantity index. The price (quantity) index is interpreted as an aggregate price (quantity) ratio. The present paper takes an alternative approach to index number theory, started by Bennet and...

The primary purpose of the paper is to provide characterizations of the conditions for welfare improvements in several situations that have received very little attention in the existing literature. The first aim is to exhibit the gains that can accrue to a country from the elimination of excess...

Defining the outputs of the property insurance and gambling sectors of an economy has proved to be a difficult problem for national income accountants. It is well known that the traditional expected-utility model is not consistent with economic agents fully insuring their property. Thus the...

The next international version of the System of National Accounts will recommend that R&D (Research and Development) expenditures be capitalized instead of being immediately expensed as in the present <italic>System of National Accounts 1993</italic>. An R&D project creates a new technology, which in principle...