NATIONAL BUREAU OF ECONOMIC RESEARCH
Conference on Research in Income and Wealth
Measuring Capital in the New Economy
April 26 - April 27, 2002
Carol Corrado, John Haltiwanger and Dan Sichel, Organizers
Martin Building, Dining Rooms D, E, and F
Federal Reserve Board
Washington, DC
PROGRAM
Friday, April 26, 2002
7:30 AM Registration Opens
8:00 AM Continental Breakfast
8:50 AM Participants Assemble in Seats and Conference Convenes
Introduction of Chairman Greenspan,
MARTIN FELDSTEIN, Harvard University and NBER
Welcoming Remarks
ALAN GREENSPAN, Federal Reserve Board
9:15 AM Session 1. Overview of Issues
CHAIR: MARTIN FELDSTEIN, Harvard University and NBER
ROBERT HALL, Stanford University and NBER,
Remarks
CAROL CORRADO and DAN SICHEL, Federal Reserve Board
CHARLES HULTEN, University of Maryland and NBER
Measuring Capital and Technology: An Expanded Framework
DISCUSSANT: EDWARD C. PRESCOTT, University of Minnesota and Federal Reserve Bank of Minneapolis
10:30 PM Break
11:00 PM Session 2. New Results on the New Economy
CHAIR: DENNIS FIXLER, Bureau of Economic Analysis
MARK DOMS, Federal Reserve Board
Communications Equipment: What Has Happened to Prices?
DISCUSSANT: MATTHEW SHAPIRO, University of Michigan
and NBER
SANDRA BLACK, University of California, Los Angelos
LISA LYNCH, Tufts University and NBER
Measuring Organizational Capital in the New Economy
DISCUSSANT: KATHRYN SHAW, Carnegie-Mellon University
12:30 PM Buffet Lunch
1:45 PM Session 3. The Role of R&D
CHAIR: JOHN HALTIWANGER, University of Maryland
FRANK LICHTENBERG, Columbia University
Pharmaceutical Knowledge-Capital Accumulation and Longevity
DISCUSSANT: ERIC BARTELSMAN, Free University of
Amsterdam and Statistics Netherlands
BARBARA FRAUMENI and SUMIYE OKUBO,
Bureau of Economic Analysis
R&D in the National Income and Product Accounts:
A First Look at its impact on GDP
DISCUSSANT: BRONWYN HALL, University of California, Berkeley
3:15 PM Break
3:45 PM Roundtable Discussion: Private-Sector Approaches to Accounting
for Intangible Assets
MODERATOR: MARTIN BAILY, Institute for International Economics
BARUCH LEV, New York University
JANAMITRA DEVAN, McKinsey & Company
ED BERSOFF, Re-route Corporation
4:45 PM - 5:30 PM Meeting, CRIW Members (Dining Room L)
5:30 PM - 7:00 PM Reception, all Conference Attendees (Board Terrace and
Adjoining Area)
Saturday, April 27, 2002
8:30 AM Continental Breakfast
9:00 AM Session 4. The Role of Human Capital
CHAIR: DAVID WILCOX, Federal Reserve Board
DALE JORGENSON, Harvard University
MUN HO, Resources for the Future
KEVIN STIROH, Federal Reserve Bank of New York
Information Technology, Education, and the Sources of
Economic Growth across U.S. Industries
DISCUSSANT: MICHAEL HARPER, Bureau of Labor Statistics
JOHN ABOWD, Cornell University and NBER
JOHN HALTIWANGER, University of Maryland
JULIA LANE, Urban Institute
PAUL LENGERMANN, University of Maryland
RON JARMIN, KRISTIN MCCUE, KEVIN MCKINNEY and
KRISTEN SANDUSKY, US Census Bureau
The Relationship Between Human Capital, Productivity
and Market Value: Building Up from Micro Evidence
DISCUSSANT: KATHARINE ABRAHAM, University of Maryland
10:30 AM Break
11:00 AM Session 5. Approaches to Assessing the Value of Intangibles
at the Firm Level
CHAIR: DAN SICHEL, Federal Reserve Board
BARUCH LEV, New York University
SURESH RADHAKRISHNAN, University of Texas-Dallas
DISCUSSANT: TIM BRESNAHAN, Stanford University and NBER
JASON CUMMINS, Federal Reserve Board
A New Approach to the Valuation of Intangible Capital
DISCUSSANT: M. ISHAQ NADIRI, New York University
12:30 PM Buffet Lunch
1:30 PM Session 6. Risk, Capital and the National Accounts
CHAIR: CAROL CORRADO, Federal Reserve Board
LARS PETER HANSEN and JOHN HEATON
University of Chicago and NBER
NAN LI, University of Chicago
DISCUSSANT: SUSANTO BASU, University of Michigan
and NBER
ERWIN DIEWERT, University of British Columbia
DISCUSSANT: FRANK WYKOFF, Pomona College
3:00 PM Break
3:15 PM Session 6, continued.
BRUCE GRIMM, BRENT MOULTON and DAVE WASSHAUSEN, Bureau of Economic Analysis
Information processing Equipment and Software in
the National Accounts
DISCUSSANT: BARRY BOSWORTH, The Brookings Institution
4:00 PM Roundtable Discussion: Next Steps
MODERATOR:BRIAN KAHIN, University of Maryland
FREDERICK KNICKERBOCKER, Census Bureau
RANDALL KROSZNER, Council of Economic Advisers
J. STEVEN LANDEFELD, Bureau of Economic Analysis
MARILYN MANSER, Bureau of Labor Statistics
LARRY SLIFMAN, Federal Reserve Board
5:00 PM Adjourn
4/19/02