Constructing price indexes across space and time: the case of the European Union
This paper considers the problem of how to construct and reconcile price indexes across space and time. Six methods for constructing price indexes on a panel are proposed along with five criteria for discriminating between them. Using these methods, spatial and temporal price indexes are computed for the 15 countrie s of the European Union (EU) over the period 1995-2000 using a panel data set constructed by merging, at a low level of aggregation, the EU’s Harmonized Index of Consumer Prices (HICP) with a cross-section of OECD data. These panel price indexes are then used to test whether or not price levels and relative prices converged across the EU over this period.
Year of publication: |
2003
|
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Authors: | Hill, Robert J. |
Institutions: | Faculteit Economie en Bedrijfskunde, Rijksuniversiteit Groningen |
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