... Levit.anandWerneke,1984,pp.14-23) point. to a downwardbiasinherent in available data. The BLS estimates may, t.herefore,beaboutrightafterall. For a comparison of alternative measurements of totalfactorproductivityseeBureau of LaborStat.istics, ... price-levelchangesthatreflectchanges in the ratio of reallabourinput to realoutput,while a totalfactor productivitynormallows price-levelchangesthatreflectchanges in the ratio of total real(labourandcapital)inputs to totalrealoutput.Anincrease in totalfactorproductivity ... a result of somechange in the nominalquantityorvelocity of money,leading to a change in the overalldemand for finalgoodsandseIVices,thatis, in aggregatespendingor'nominalincome'. A centralbankmight, in principleatleast,manage the stock of moneyso...