Author: Robert James Gordon
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 64
Book Description
Inaccurate measures of the aggregate price level may distort short-run policy decisions and may produce misleading comparisons of productivity growth across decades and among nations. This paper serves a dual purpose of reviewing compactly the vast American literature on price and output measurement, and of identifying special aspects of American methods which affect international comparisons of inflation and output growth. The traditional problem of substitution bias in the Consumer Price Index (CPI) is of minor importance compared with the bias introduced by new products, changes in the quality of existing products, and outlet substitution bias. The quality bias for U.S. consumer durables has recently been estimated to be roughly 1.5 percent per year for the postwar period, and roughly 3 percent per year for consumer durables, The only available study of outlet substitution bias estimates a 2 percent annual rate for food in the 1980s. Cross-country differences in measurement methods tend to overstate the recent productivity performance of U.S. relative to European manufacturing, with an understatement for U.S. nonmanufacturing. Both European and U.S. manufacturing performance are probably understated relative to Japan, which seems to do the best job of incorporating new products and correcting for quality change of high tech goods.
Measuring the Aggregate Price Level
Author: Robert James Gordon
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 64
Book Description
Inaccurate measures of the aggregate price level may distort short-run policy decisions and may produce misleading comparisons of productivity growth across decades and among nations. This paper serves a dual purpose of reviewing compactly the vast American literature on price and output measurement, and of identifying special aspects of American methods which affect international comparisons of inflation and output growth. The traditional problem of substitution bias in the Consumer Price Index (CPI) is of minor importance compared with the bias introduced by new products, changes in the quality of existing products, and outlet substitution bias. The quality bias for U.S. consumer durables has recently been estimated to be roughly 1.5 percent per year for the postwar period, and roughly 3 percent per year for consumer durables, The only available study of outlet substitution bias estimates a 2 percent annual rate for food in the 1980s. Cross-country differences in measurement methods tend to overstate the recent productivity performance of U.S. relative to European manufacturing, with an understatement for U.S. nonmanufacturing. Both European and U.S. manufacturing performance are probably understated relative to Japan, which seems to do the best job of incorporating new products and correcting for quality change of high tech goods.
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 64
Book Description
Inaccurate measures of the aggregate price level may distort short-run policy decisions and may produce misleading comparisons of productivity growth across decades and among nations. This paper serves a dual purpose of reviewing compactly the vast American literature on price and output measurement, and of identifying special aspects of American methods which affect international comparisons of inflation and output growth. The traditional problem of substitution bias in the Consumer Price Index (CPI) is of minor importance compared with the bias introduced by new products, changes in the quality of existing products, and outlet substitution bias. The quality bias for U.S. consumer durables has recently been estimated to be roughly 1.5 percent per year for the postwar period, and roughly 3 percent per year for consumer durables, The only available study of outlet substitution bias estimates a 2 percent annual rate for food in the 1980s. Cross-country differences in measurement methods tend to overstate the recent productivity performance of U.S. relative to European manufacturing, with an understatement for U.S. nonmanufacturing. Both European and U.S. manufacturing performance are probably understated relative to Japan, which seems to do the best job of incorporating new products and correcting for quality change of high tech goods.
Measuring the Aggregate Price Level
Author: Bernard M. Hoekman
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 0
Book Description
Measuring the aggregate price level
Author: Robert J. Gordon
Publisher:
ISBN:
Category :
Languages : es
Pages : 48
Book Description
Publisher:
ISBN:
Category :
Languages : es
Pages : 48
Book Description
Measuring Aggregate Price Levels
Author: Nelly Aguilera
Publisher:
ISBN:
Category : Prices
Languages : en
Pages : 188
Book Description
Publisher:
ISBN:
Category : Prices
Languages : en
Pages : 188
Book Description
The Measurement of the Aggregate Price Level
Author: Georg Rich
Publisher:
ISBN:
Category :
Languages : en
Pages : 10
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 10
Book Description
Growth, Employment & the Price Level
Author: Franklin V. Walker
Publisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 362
Book Description
Publisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 362
Book Description
Price Level Measurement
Author: W.E. Diewert
Publisher: Elsevier
ISBN: 1483295842
Category : Business & Economics
Languages : en
Pages : 386
Book Description
Among the theoretical issues covered in this volume are the "economic" and the "axiomatic" or "test" approaches to the problem of constructing and choosing among alternative cost-of-living index formulas; "bounds" and "econometric" alternatives for developing empirically computable approximations of theoretically desirable indexes; recommendations concerning the incorporation of leisure time in measures of the cost-of-living; and the formulation of social and group cost-of-living indexes. The Jorgenson-Slesnick paper also presents a far-reaching empirical study of price changes in the U.S. The importance of this book to those with an interest in economic theory is obvious. However, this book also holds out the opportunity and challenge to applied researchers to gain a deeper understanding of the index numbers of which they make daily use.
Publisher: Elsevier
ISBN: 1483295842
Category : Business & Economics
Languages : en
Pages : 386
Book Description
Among the theoretical issues covered in this volume are the "economic" and the "axiomatic" or "test" approaches to the problem of constructing and choosing among alternative cost-of-living index formulas; "bounds" and "econometric" alternatives for developing empirically computable approximations of theoretically desirable indexes; recommendations concerning the incorporation of leisure time in measures of the cost-of-living; and the formulation of social and group cost-of-living indexes. The Jorgenson-Slesnick paper also presents a far-reaching empirical study of price changes in the U.S. The importance of this book to those with an interest in economic theory is obvious. However, this book also holds out the opportunity and challenge to applied researchers to gain a deeper understanding of the index numbers of which they make daily use.
Price and Quantity Index Numbers
Author: Bert M. Balk
Publisher: Cambridge University Press
ISBN: 1107404967
Category : Business & Economics
Languages : en
Pages : 301
Book Description
This book is the first comprehensive text on index number theory since Irving Fisher's 1922 The Making of Index Numbers. The book covers intertemporal and interspatial comparisons; ratio- and difference-type measures; discrete and continuous time environments; and upper- and lower-level indices. Guided by economic insights, this book develops the instrumental or axiomatic approach.
Publisher: Cambridge University Press
ISBN: 1107404967
Category : Business & Economics
Languages : en
Pages : 301
Book Description
This book is the first comprehensive text on index number theory since Irving Fisher's 1922 The Making of Index Numbers. The book covers intertemporal and interspatial comparisons; ratio- and difference-type measures; discrete and continuous time environments; and upper- and lower-level indices. Guided by economic insights, this book develops the instrumental or axiomatic approach.
Price Stabilization in the 1990s
Author: Kumiharu Shigehara
Publisher: Springer
ISBN: 1349128937
Category : Business & Economics
Languages : en
Pages : 409
Book Description
Investigates various aspects of inflation - the recent history of inflation as well as potential sources of changes, the technical issues regarding the measurement of inflation, the indicators for future inflation, and the policy implications to achieve and maintain price stability.
Publisher: Springer
ISBN: 1349128937
Category : Business & Economics
Languages : en
Pages : 409
Book Description
Investigates various aspects of inflation - the recent history of inflation as well as potential sources of changes, the technical issues regarding the measurement of inflation, the indicators for future inflation, and the policy implications to achieve and maintain price stability.
Krugman's Macroeconomics for AP*
Author: Margaret Ray
Publisher: Macmillan
ISBN: 142925730X
Category : Business & Economics
Languages : en
Pages : 928
Book Description
"Adapted from Macroeconomics, Second edition by Paul Krugman and Robin Wells."
Publisher: Macmillan
ISBN: 142925730X
Category : Business & Economics
Languages : en
Pages : 928
Book Description
"Adapted from Macroeconomics, Second edition by Paul Krugman and Robin Wells."