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Pesaran, M. Hashem; Chudik, Alexander - 2011

This paper considers the problem of aggregation in the case of large linear dynamic panels, where each micro unit is potentially related to all other micro units, and where micro innovations are allowed to be cross sectionally dependent. Following Pesaran (2003), an optimal aggregate function is...

Persistent link: https://www.econbiz.de/10009010169

Lost in translation : what do Engel curves tell us about the cost of living?

Almås, Ingvild; Beatty, Timothy K.M.; Crossley, Thomas F. - 2018

The Hamilton method for estimating CPI bias is simple, intuitive, and has been widely adopted. We show that the method confiates CPI bias with variation in cost-of-living across income levels. Assuming a single price index across the income distribution is inconsistent with the downward sloping...

Persistent link: https://www.econbiz.de/10011794248

Exposure to daily price changes and inflation expectations

D'Acunto, Francesco; Malmendier, Ulrike; Ospina, Juan; … - 2019

We show that, to form aggregate inflation expectations, consumers rely on the price changes they face in their daily lives while grocery shopping. Specifically, the frequency and size of price changes, rather than their expenditure share, matter for individuals' inflation expectations. To...

Persistent link: https://www.econbiz.de/10012057307

A general theory of price and quantity aggregation and welfare measurement

Hillinger, Claude - 2002

The paper presents a general theory of the aggregation of prices and quantities that unifies the field and relates … topics that in the past have been treated separately and unsatisfactorily, or not at all. The theory does without the common … the theory lead to Törnqvist indexes defined on the appropriate data set. A numerical example confirms that in the non …

Persistent link: https://www.econbiz.de/10011514055

Green national accounting for welfare and sustainability : a taxonomy of assumptions and results

Asheim, Geir B. - 2002

This paper summarizes assumptions made and results obtained in parts of the literature on welfare and sustainability accounting. I consider five different assumptions that can be imposed independently of each other, producing 32 different combinations. This taxonomy is used to organize results...

Persistent link: https://www.econbiz.de/10011514087

A general approach to welfare measurement through national income accounting

Asheim, Geir B.; Buchholz, Wolfgang - 2002

We develop a framework for analyzing national income accounting using a revealed welfare approach that is sufficiently general to cover, e.g., both the standard discounted utilitarian and maximin criteria as special cases. We show that the basic welfare properties of comprehensive national...

Persistent link: https://www.econbiz.de/10011514098

Should we care (more) about data aggregation? : evidence from the democracy-growth-nexus

Gründler, Klaus; Krieger, Tommy - 2019

We compile data for 186 countries (1919 - 2016) and apply different aggregation methods to create new democracy indices. We observe that most of the available aggregation techniques produce indices that are often too favorable for autocratic regimes and too unfavorable for democratic regimes....

Persistent link: https://www.econbiz.de/10011966711

Price and death

Itaya, Jun-ichi (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003635233

The fallacy of the fiscal theory of the price level, Again

Buiter, Willem H. - 2000

The Fiscal Theory of the Price Level (FTPL) rejects the fundamental 'Ricardian' proposition, that the government budget …

Persistent link: https://www.econbiz.de/10009781580

Uniform and nonuniform staggering of wage contracts

Danziger, Leif - 2010

This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...

Persistent link: https://www.econbiz.de/10003982016

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