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The authors also concluded that using a common deflator for the R&D of different industries matters for growth measurement primarily at the industry level.
In light of this, we considered four measures of inflation based on four measures of the aggregate price level: 1) the GDP deflator, 2) the price deflator for the nonfarm business sector (NFB), 3) the Consumer Price Index (CPI), and 4) the price deflator for personal consumption expenditures (PCE).
Panel A of figure 2 displays the log of our measure of real marginal cost and inflation measured using the GDP deflator for the sample 1959-2001.
In the first place, it conveys a general-message of caution about the use of the deflator used for the real money stock, in particular in the specification of models not derived explicitly from utility maximization: for certain changes, the effects can be qualitatively different.
In general, they can be expressed as: * = Y / N X D where * is real mean income; Y is aggregate income; N is number of recipients; and D is the price deflator.
Table 2 shows that both the PCE Deflator and CPI measured inflation at the same annual rate during the 1960's--2.
Beyond these traditional types of software, new and rapidly growing types of software--like Apps for mobile devices--also need to have accurate deflators developed.
Corrado, Carol, Peter Goodridge, and Jonathan Haskel (2013) "Constructing a Price Deflator for R&D: Calculating the Price of Knowledge Investments as a Residual," paper presented at the UNSW Productivity Workshop, November 28-29 Sydney, Australia.
BEA has made two improvements in the use of the deflators for purchases of computers in GNP (table 3).
The Choice of Consumption Deflator: CPI or Personal Consumption Expenditures Deflator
As a result, real spending for the industry would be revised up for recent years because the revised P&E deflator would reflect the increased weight being given to the relatively low NRFI deflator for computers.
The new deflators for computers and for office, computing, and accounting machinery were used in the revised estimates of several components of GNP, as shown in table 2.