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Measuring the ''World'' Real Interest Rate
King, Mervyn - 2014
Over the past couple of decades, and especially since the financial crisis in 2008-09, real interest rates have collapsed. For much of the past two years they have been negative, but they have been trending down for some while. But how far have real rates fallen? This note computes a measure of...
Persistent link: https://www.econbiz.de/10013059096
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Diffusion Indexes
Stock, James H.; Watson, Mark W. - 2022
This paper considers forecasting a single time series using more predictors than there are time series observations. The approach is to construct a relatively few indexes, akin to diffusion indexes, which are weighted averages of the predictors, using an approximate dynamic factor model....
Persistent link: https://www.econbiz.de/10013323460
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Measuring the Unequal Gains from Trade
Fajgelbaum, Pablo D. - 2014
Individuals that consume different baskets of goods are differentially affected by relative price changes caused by international trade. We develop a methodology to measure the unequal gains from trade across consumers within countries. The approach requires data on aggregate expenditures and...
Persistent link: https://www.econbiz.de/10013050158
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Factor Market Failures and the Adoption of Irrigation in Rwanda
Jones, Maria; Kondylis, Florence; Loeser, John; … - 2021
We examine constraints to adoption of new technologies in the context of hillside irrigation schemes in Rwanda. We leverage a plot-level spatial regression discontinuity design to produce 3 key results. First, irrigation enables dry season horticultural production, which boosts on-farm cash...
Persistent link: https://www.econbiz.de/10013311650
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Effective Protection Redux
Anderson, James E. - 2021
This paper rehabilitates the concept of effective rate of protection for use in political economy. The usual definition corresponds to no economically interesting magnitude in general equilibrium. The effective rate of protection for a sector is redefined here as the uniform tariff which is...
Persistent link: https://www.econbiz.de/10013221094
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Axiomatic and Economic Approaches to International Comparisons
Diewert, W. Erwin - 2010
The paper considers the problem of choosing a multilateral system of index numbers in order to make aggregate price and … index number formula. The great variation in relative prices and quantities in the international context means that the … approach, the concept of a superlative bilateral index number formula (which can adequately model substitution effects) is …
Persistent link: https://www.econbiz.de/10013137597
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Measuring Real Consumption and CPI Bias Under Lockdown Conditions
Diewert, Erwin - 2020
Millions of goods and services are now unavailable in many countries due to the current coronavirus pandemic, dramatically impacting on the construction of key economic statistics used for informing policy. This situation is unprecedented; hence methods to address it have not previously been...
Persistent link: https://www.econbiz.de/10012833756
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Price Indexes for Medical Care Goods and Services : an Overview of Measurement Issues
Berndt, Ernst R.; Cutler, David M.; Frank, Richard G.; … - 2021
treatment, rather than prices of fixed bundles of inputs. We outline features of a proposed new experimental price index -- a … medical care expenditure price index -- that is more suitable for evaluation and analyses of medical care cost changes, than …
Persistent link: https://www.econbiz.de/10013215700
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The Mercantilist Index of Trade Policy
Anderson, James E.; Neary, J. Peter - 2021
This paper develops and characterizes an index of trade policy restrictiveness defined as the uniform tariff equivalent … volume-equivalent index to the Trade Restrictiveness Index welfare-equivalent measure changes in the generalised mean and … that the new index frequently gives a very different picture than do standard indexes …
Persistent link: https://www.econbiz.de/10013233854
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Paasche vs. Laspeyres : the Elasticity of Substitution and Bias in Measures of TFP Growth
Young, Alwyn - 2021
In recent papers, Nelson and Pack (1995) , Rodrik (1997), and Hsieh (1997a) argue that standard measures of total factor productivity growth in countries where the capital-labour ratio has risen rapidly, e.g. the East Asian NICS, will understate true productivity growth if the elasticity of...
Persistent link: https://www.econbiz.de/10013212578