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Author: Pang-Tien Lieu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The variability in the rates of inflation across household groups is an important public policy issue. In this empirical study using Taiwan's household expenditure data for the period 1991-1996, we found statistically significant evidence to support the claim that different household groups face differential price changes, and that these variations are persistent over time. We also found an inverse relationship between the inflation rates faced by each household group and the household income level; in particular, the poorest group faced an inflation rate that was significantly higher than the general population by 0.15 percentage point annually. In light of the results of this study, and taking into consideration the intrinsic value of the group-specific price indexes, we recommend the current welfare programs be linked to these indexes.
Author: Pang-Tien Lieu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The variability in the rates of inflation across household groups is an important public policy issue. In this empirical study using Taiwan's household expenditure data for the period 1991-1996, we found statistically significant evidence to support the claim that different household groups face differential price changes, and that these variations are persistent over time. We also found an inverse relationship between the inflation rates faced by each household group and the household income level; in particular, the poorest group faced an inflation rate that was significantly higher than the general population by 0.15 percentage point annually. In light of the results of this study, and taking into consideration the intrinsic value of the group-specific price indexes, we recommend the current welfare programs be linked to these indexes.
Author: Robert T. Michael
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper reports on an empirical investigation of the distribution of inflation rates across households. The study uses a large cross-sectional survey of households to obtain information on the composition of the market bundles of goods and services purchased by each of several thousand households in the U.S. It also uses published data for the U.S. on monthly changes in the separate indices of prices of some fifty expenditure items which comprise consumers' market bundles. With information on price changes for these fifty items and the composition of households' consumption bundles, a price index is computed for each of some 11,000 households separately for several recent periods of time. The distributions of these price indices are studied and the relationships between household characteristics and these price indices are investigated.
Author: United States. Congress. Senate. Advisory Commission to Study the Consumer Price Index
Publisher:
ISBN:
Category : Consumer price indexes
Languages : en
Pages : 212
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Book Description
Author: Edwin Goni
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 28
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Book Description
Author: Greg Kaplan
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 36
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Book Description
We use scanner data to estimate inflation rates at the household level. Households' inflation rates are remarkably heterogeneous, with an interquartile range that varies between 6.2 and 9.0 percentage points on an annual basis. Most of the heterogeneity comes not from variation in broadly defined consumption bundles but from variation in prices paid for the same types of goods -- a source of variation that previous research has not measured. The entire distribution of household inflation rates shifts in parallel with aggregate inflation. Deviations from aggregate inflation exhibit only slightly negative serial correlation within each household over time, implying that the difference between a household's price level and the aggregate price level is persistent. Together, the large cross-sectional dispersion and low serial correlation of household-level inflation rates mean that almost all of the variability in a household's inflation rate over time comes from variability in household-level prices relative to average prices for the same goods, not from variability in the aggregate inflation rate. We provide a characterization of the stochastic process for household inflation that can be used to calibrate models of household decisions.
Author: Peter J. N. Sinclair
Publisher: Routledge
ISBN: 1135179778
Category : Business & Economics
Languages : en
Pages : 402
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Book Description
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author: Peter Levell
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In October 2012, the ONS announced a consultation on whether the statistical methods used to calculate the Retail Prices Index (RPI) should be changed to bring them closer in line to those used in the Consumer Prices Index (CPI). Previous IFS work has looked at how inflation rates varied across different households, using survey data on household expenditure to calculate RPI-based measures of household-specific inflation. This paper analyses whether CPI-based measures give similar results and the reasons behind any differences. In doing so, we investigate whether proposed methodological changes to the RPI would have changed our previous results on the difference in inflation rates across household groups had they been implemented before. We find that, after stripping out housing costs, there are only small differences between RPI and CPI-based measures of the gaps between high and low income households and pensioner and non-pensioner households. This suggests that the 'formula effect' difference between the two indices doesn't systematically affect the goods typically consumed by either pensioners or low income households more than the goods typically consumed by non-pensioners and high income households.
Author: Edwin Goñi
Publisher:
ISBN:
Category : Desigualdad - America Latina
Languages : en
Pages : 36
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Book Description
Consumption baskets vary across households and inflation rates vary across goods. As a result, standard consumer price index (CPI) inflation may provide a misleading measure of the inflation actually faced by poor households, more so the more unequal the distribution of aggregate consumption across households. Likewise, changes in observed nominal consumption inequality may be very different from those in true inequality, that is, that measured using household-specific CPIs. The authors explore empirically these issues using household data covering nine episodes from four Latin American countries (Brazil, Colombia, Mexico, and Peru). They find that in these countries standard CPI inflation typically reflects the inflation rate faced by a rich consumer located in the 80 to 90 percentile of the distribution of consumption expenditure. In most episodes the authors also find that inflation was anti-rich-that is, the inflation faced by the richest consumers was higher than the inflation faced by the poorest consumers. As a result of this bias, the observed increases in nominal inequality generally exceed the actual changes in real inequality. These results are robust to correcting for quality change bias in the CPI, to the use of alternative price indices, and to the use of alternative inequality measures.
Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226066959
Category : Business & Economics
Languages : en
Pages : 545
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Book Description
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author: Jonathan McCarthy
Publisher: DIANE Publishing
ISBN: 1437929311
Category : Law
Languages : en
Pages : 41
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Book Description
This is a print on demand edition of a hard to find publication. Rent, paid either to a landlord or to oneself as an owner-occupant, has a large weight in the CPI and in the personal consumption expenditures deflator. The authors describe how the Bureau of Labor Stat. (BLS) estimates tenant rent and owners¿ equivalent rent. They then estimate alternative inflation rates for tenant rent and owners¿ equivalent rent based on Amer. Housing Survey data, following BLS methodology as closely as possible. The authors¿ alternative tenant rent inflation series is generally consistent with the corresponding BLS series. However, their alternative owners¿ equivalent rent inflation series is consistently lower than the corresponding BLS series by an amount large enough to have a significant effect on the overall inflation rate.
