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

Structural Capital



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

Intangible Risk?

DISCUSSANT: SUSANTO BASU, University of Michigan

and NBER



ERWIN DIEWERT, University of British Columbia

Measuring Capital



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