全球智库信息集成服务系统(G2TT): Aggregate Advertising Expenditure in the U.S. Economy: What's Up? Is It Real?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28161
来源ID	Working Paper 28161
	Aggregate Advertising Expenditure in the U.S. Economy: What's Up? Is It Real?
	Alvin Silk; Ernst R. Berndt
发表日期	2020-12-07
出版年	2020
语种	英语
摘要	The two components of the advertising industry – the creative sector that develops and produces messages, and the communications sector that transmits messages via various media – have each been greatly affected by advances in creative design and communications technologies. As the media composition of advertising has changed in the last century for both local and national advertising – from newspapers, outdoor and radio advertising to network and cable television, and most recently to internet and digital media – so too has been transformed the very concept of advertising, its functionality and its measurement. We compare four sources of annual nominal U.S. aggregate advertising expenditure data – from the public sector Internal Revenue Service and the U.S. Census Bureau Survey of Service Industries, and the private sector McCann Erickson and Magna Global advertising agencies– that are available over various time periods. In nominal terms, we estimate the elasticity of advertising expenditures with respect to Gross Domestic Product, and find that this elasticity appears to have increased substantially beginning in the late 1990s – from about 1.4 to 1.9. The timing of this structural break coincides roughly with the decline of print, radio and network and cable television, and the dramatic increase in digital and internet-based advertising. To understand the forces underlying this structural break in nominal advertising expenditures, data on media-specific advertising prices are needed, thereby converting nominal to real advertising. However, currently annual U.S. Bureau of Labor Statistics Producer Price Index data on digital and many other advertising media prices are only available beginning in 2010. The availability of media-specific quality-constant price indexes would not only enable researchers to trace more completely the recent impact of digital and internet advertising, but would also facilitate contemporary and longstanding issues to be addressed surrounding the measurement of advertising effects, including how variations in the durability of response to advertising across media are related to inter-media price differentials, and why heterogeneity among firms and industries may arise with respect to the procyclicality of advertising policies.
主题	Industrial Organization ; Market Structure and Firm Performance ; Industry Studies ; Other ; Accounting, Marketing, and Personnel
URL	https://www.nber.org/papers/w28161
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/585835
推荐引用方式 GB/T 7714	Alvin Silk,Ernst R. Berndt. Aggregate Advertising Expenditure in the U.S. Economy: What's Up? Is It Real?. 2020.

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文件名称/大小	资源类型	版本类型	开放类型	使用许可
w28161.pdf（1033KB）	智库出版物		限制开放	CC BY-NC-SA	浏览