edited by Carol Corrado, John Haltiwanger and Daniel Sichel
University of Chicago Press, 2005 eISBN: 978-0-226-11617-4 | Cloth: 978-0-226-11612-9 Library of Congress Classification HC106.3.C714 vol. 65 Dewey Decimal Classification 330
ABOUT THIS BOOK | AUTHOR BIOGRAPHY | TOC | REQUEST ACCESSIBLE FILE
ABOUT THIS BOOK
As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth.
In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets. As the contributors show, high-tech capital and intangible assets affect the economy in ways that are notoriously difficult to appraise. In this detailed and thorough analysis of the problem and its solutions, the contributors study the nature of these relationships and provide guidance as to what factors should be included in calculations of different types of capital for economists, policymakers, and the financial and accounting communities alike.
AUTHOR BIOGRAPHY
Carol Corrado is the chief of the Industrial Output Section in the Division of Research and Statistics at the Federal Reserve Board. John Haltiwanger is professor of economics at the University of Maryland and a research associate of the National Bureau of Economic Research. Daniel Sichel is an assistant director in the Division of Research and Statistics at the Federal Reserve Board.
TABLE OF CONTENTS
Introduction
Carol Corrado, John Haltiwanger and Daniel Sichel
1. Measuring Capital and Technology: An Expanded Framework
Carol Corrado, Charles Hulten and Daniel Sichel Comment: Edward C. Prescott
2. A New Approach to the Valuation of Intangible Capital
Jason G. Cummins
3. The Valuation of Organization Capital
Baruch Lev and Suresh Radhakrishnan Comment: Timothy F. Bresnahan
4. Intangible Risk
Lars Peter Hansen, John C. Heaton and Nan Li Comment: Susanto Basu
5. The Relation among Human Capital, Productivity, and Market Value: Building Up from Micro Evidence
John M. Abowd, John Haltiwanger, Ron Jarmin, Julia Lane, Paul Lengermann, Kristin McCue, Kevin McKinney, and Kristin Sandusky Comment: Katharine G. Abraham
6. Measuring Organizational Capital in the New Economy
Sandra E. Black and Lisa M. Lynch Comment: Kathryn Shaw
7. Pharmaceutical Knowledge-Capital Accumulation and Longevity
Frank R. Lichtenberg Comment: Eric J. Bartelsman
8. R&D in the National Income and Product Accounts: A First Look at Its Effect on GDP
Barbara M. Fraumeni and Sumiye Okubo Comment: Bronwyn H. Hall
9. Communications Equipment: What Has Happened to Prices?
Mark Doms
10. Information-Processing Equipment and Software in the National Accounts
Bruce T. Grimm, Brent R. Moulton, and David B. Wasshausen Comment: Barry Bosworth
11. Growth of U.S. Industries and Investments in Information Technology and Higher Education
Dale W. Jorgenson, Mun S. Ho, and Kevin J. Stiroh Comment: Michael J. Harper
12. Issues in the Measurement of Capital Services, Depreciation, Asset Price Changes, and Interest Rates
W. Erwin Diewert Comment: Frank C. Wykoff Remarks Robert E. Hall
Baruch Lev
Erik Brynjolfsson and Lorin Hitt
REQUEST ACCESSIBLE FILE
If you are a student who cannot use this book in printed form, BiblioVault may be able to supply you
with an electronic file for alternative access.
Please have the accessibility coordinator at your school fill out this form.
edited by Carol Corrado, John Haltiwanger and Daniel Sichel
University of Chicago Press, 2005 eISBN: 978-0-226-11617-4 Cloth: 978-0-226-11612-9
As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth.
In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets. As the contributors show, high-tech capital and intangible assets affect the economy in ways that are notoriously difficult to appraise. In this detailed and thorough analysis of the problem and its solutions, the contributors study the nature of these relationships and provide guidance as to what factors should be included in calculations of different types of capital for economists, policymakers, and the financial and accounting communities alike.
AUTHOR BIOGRAPHY
Carol Corrado is the chief of the Industrial Output Section in the Division of Research and Statistics at the Federal Reserve Board. John Haltiwanger is professor of economics at the University of Maryland and a research associate of the National Bureau of Economic Research. Daniel Sichel is an assistant director in the Division of Research and Statistics at the Federal Reserve Board.
TABLE OF CONTENTS
Introduction
Carol Corrado, John Haltiwanger and Daniel Sichel
1. Measuring Capital and Technology: An Expanded Framework
Carol Corrado, Charles Hulten and Daniel Sichel Comment: Edward C. Prescott
2. A New Approach to the Valuation of Intangible Capital
Jason G. Cummins
3. The Valuation of Organization Capital
Baruch Lev and Suresh Radhakrishnan Comment: Timothy F. Bresnahan
4. Intangible Risk
Lars Peter Hansen, John C. Heaton and Nan Li Comment: Susanto Basu
5. The Relation among Human Capital, Productivity, and Market Value: Building Up from Micro Evidence
John M. Abowd, John Haltiwanger, Ron Jarmin, Julia Lane, Paul Lengermann, Kristin McCue, Kevin McKinney, and Kristin Sandusky Comment: Katharine G. Abraham
6. Measuring Organizational Capital in the New Economy
Sandra E. Black and Lisa M. Lynch Comment: Kathryn Shaw
7. Pharmaceutical Knowledge-Capital Accumulation and Longevity
Frank R. Lichtenberg Comment: Eric J. Bartelsman
8. R&D in the National Income and Product Accounts: A First Look at Its Effect on GDP
Barbara M. Fraumeni and Sumiye Okubo Comment: Bronwyn H. Hall
9. Communications Equipment: What Has Happened to Prices?
Mark Doms
10. Information-Processing Equipment and Software in the National Accounts
Bruce T. Grimm, Brent R. Moulton, and David B. Wasshausen Comment: Barry Bosworth
11. Growth of U.S. Industries and Investments in Information Technology and Higher Education
Dale W. Jorgenson, Mun S. Ho, and Kevin J. Stiroh Comment: Michael J. Harper
12. Issues in the Measurement of Capital Services, Depreciation, Asset Price Changes, and Interest Rates
W. Erwin Diewert Comment: Frank C. Wykoff Remarks Robert E. Hall
Baruch Lev
Erik Brynjolfsson and Lorin Hitt
REQUEST ACCESSIBLE FILE
If you are a student who cannot use this book in printed form, BiblioVault may be able to supply you
with an electronic file for alternative access.
Please have the accessibility coordinator at your school fill out this form.
It can take 2-3 weeks for requests to be filled.
ABOUT THIS BOOK | AUTHOR BIOGRAPHY | TOC | REQUEST ACCESSIBLE FILE