Charles R. Hulten


Department of Economics

University of Maryland

College Park, MD

Phone: 301-405-3549   E-Mail:



Charles R. Hulten is Professor of Economics at the University of Maryland, where he has taught since 1985.  He is also a Research Associate of the National Bureau of Economic Research and Chairman of the Conference on Research in Income and Wealth, and Senior Fellow at The Conference Board.  He is a member of the Advisory Committee of the Bureau of Economic Analysis.  Before joining the University of Maryland, he was a Senior Research Associate at the Urban Institute and Assistant Professor of Economics at Johns Hopkins University.  His undergraduate and Ph.D. degrees are from the University of California, Berkeley (1965 and 1973, respectively).


Research interests:   Productivity analysis, economic growth and development, capital formation and the measurement of economic depreciation, and intangible capital and the effects of intangibles on economic growth and corporate wealth.

Curriculum Vitae


"Stimulating Economic Growth through Knowledge-based Investment," OECD Science, Technology and Industry Working Papers, 2013/02, OECD Publishing.

"How Much Does Your Company Really Invest in Innovation?" The Conference Board, Executive Action Series, No. 419, October, 2013. 

"Intangible Capital and U.S. Economic Growth," Review of Income and Wealth, 55, 3, September 2009, 661-685 (with Carol Corrado, and Daniel Sichel).  NBER Working Paper 11948 version

"How Do you Measure a 'Technological Revolution'?"  American Economic Review, May 2010, 99-104 (with Carol A. Corrado).

"The Role of Intangible Capital in the Transformation and Growth of the Chinese Economy" (with Janet Hao).

"Decoding Microsoft:  Intangible Capital as a Source of Company Growth," NBER Working Paper 15799, March 2010.

"Connecting the Supply and Demand Sides of the Economy: Productivity, Asset Valuation, and Tobin's q," paper presented at the conference Wealth, Financial Intermediation and the Real Economy, Conference on Research on Income and Wealth, Federal Reserve Board, Washington D.C., November 12-13, 2010 (with Carol Corrado).

"Measuring Capital and Technology: An Expanded Framework,"  in Measuring Capital in the New Economy,  Carol Corrado, John Haltiwanger and Daniel Sichel, eds., Studies in Income and Wealth, vol. 65, The University of Chicago Press for the National Bureau of Economic Research, Chicago, 2005, 11-41 (with Carol Corrado, and Daniel Sichel).


"Measuring Intangible Capital and Its Contribution to Economic Growth," EIB Papers, European Investment Bank, volume14, number 1, December 2009, 62-93 (with van Ark, Bart, Janet X. Hao, and Carol A. Corrado).

"Intangible Capital and the 'Market to Book Value' Puzzle," NBER Working Paper 14548, December 2008 (with Janet Hao).

"Toward A National Innovation Account," Comment Prepared for The Advisory Committee on Measuring Innovation in the 21th Century Economy, May, 2007.

"Innovation, Intangibles And Economic Growth:  Towards a Comprehensive Accounting of the Knowledge Economy," Yearbook on Productivity 2007, Papers Presented at the Saltsjobaden Conference, October 2007, Statistics Sweden, 2008, 127-146 (with Bart van Ark).  In a Preliminary Version.




 "Growth Accounting," NBER Working Paper 15431, September 2008. (revised version of the paper in the Handbook of the Economics of Innovation, Bronwyn H. Hall and Nathan Rosenberg (eds.), Elsevier-North Holland,

"Total Factor Productivity:  A Short Biography," in New Developments in Productivity Analysis, Charles R. Hulten, Edwin R. Dean, and Michael J. Harper, eds., Studies in Income and Wealth, vol. 63, The University of Chicago Press for the National Bureau of Economic Research, Chicago, 2001, 1-47.

"Why Development Levels Differ: The Sources of Differential Economic Growth in a Panel of High and Low Income Countries,"
NBER Working Paper 13469, October 2007 (with Anders Isaksson).

 "Welfare, Productivity, and Holding Gains," with Paul Schreyer, OECD, August 2009.




"On the Theory and Political Economy of Data:  An Essay in Memory of Zvi Griliches," in Hard-To-Measure Goods and Services:  Essays in Memory of Zvi Griliches, Ernst R. Berndt and Charles R. Hulten, eds., Studies in Income and Wealth, vol. 67, The University of Chicago Press for the National Bureau of Economic Research, Chicago, 2007, 15-27.  


"The Political Economy of Price Measurement: At What Price and Beyond," paper presented at Price Index Concepts and Measurement, Conference on Research in Income and Wealth , Vancouver, B.C., June 28-29, 2004.




"Does Infrastructure Investment Increase the Productivity of Manufacturing Industry in the U.S.?"  Econometrics and the Cost of Capital:  Essays in Honor of Dale Jorgenson, Lawrence J. Lau, ed., M.I.T. Press, 2000, 143-164 (with Robert Schwab).  As NBER  Working Paper.


"Infrastructure, Externalities, and Economic Development:  A Study of Indian Manufacturing Industry," World Bank Economic Review, Vol. 20, No. 2, 2006, 291-308 (with Esra Bennathan and Sylaja Srinivasan).   As NBER  Working Paper.  Indian Manufacturing Industry  - Elephant or Tiger?, (with Sylaja Srinivasan), NBER Working Paper 7441, December 1999.

Infrastructure Effectiveness as a Determinant of Economic Growth:   How Well You Use it May Be More Important than How Much You Have
.  NBER Working Paper 5847, December 1996 (revised December 2005).

Transportation Infrastructure, Productivity, and Externalities, paper prepared for the 132nd Round Table of the European Conference of Ministers of Transport, at the Joint OECD/EMCT Transport Research Center, Paris, France, December 2 and 3, 2004.  Revised version of paper published in conference volume.



"The Measurement of Economic Depreciation," in Depreciation, Inflation, and the Taxation of Income from Capital, Charles Hulten, ed., The Urban Institute, Washington, D.C., 1981, 81-125 (with Frank C. Wykoff).


"Energy, Obsolescence, and the Productivity Slowdown," in Technology and Capital Formation, Dale W. Jorgenson and Ralph Landau, eds., M.I.T. Press, Cambridge, Massachusetts, 1989, 225-258. As NBER Working Paper.


"The Measurement of Capital," in Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth, Ernst R. Berndt and Jack E. Triplett, eds., Studies in Income and Wealth, Vol. 54, The University of Chicago Press for the National Bureau of Economic Research, Chicago, 1990, 119-152.


"The 'Architecture of Capital Accounting: Basic Design Principles," in A New Architecture for the National Accounts, Conference on Research in Income and Wealth, Dale Jorgenson, Stephen Landefeld, and William Nordhaus, eds., Studies in Income and Wealth, vol. 66, The University of Chicago Press for the National Bureau of Economic Research, Chicago, 2006, 193-214.


"Getting Depreciation (Almost) Right," paper presented at the meeting of the Canberra II Group in Paris, April 23-27, 2007.



The Conference on Research in Income and Wealth, Program Report, NBER Reporter, Summer 2005.