The article considers a very simple type of hedonic regression model where the only characteristic of a commodity is the commodity itself. This regression model is known as the country product dummy method for calculating country price parities in the context of making international comparisons....

This paper studies the problems of measuring economic growth under conditions of high inflation. Traditional bilateral index number theory implicitly assumes that variations in the price of a commodity within a period can be ignored. In order to justify this assumption under conditions of high...

The primary purpose of the paper is to provide characterizations of the conditions for welfare improvements in several situations that have received very little attention in the existing literature. The first aim is to exhibit the gains that can accrue to a country from the elimination of excess...

The paper considers the problem of choosing a multilateral system of index numbers in order to make aggregate price and quantity comparisons between many countries and regions. The problems involved in choosing functional forms in order to make these comparisons are both theoretically and...

The government of Korea is striving to achieve more rapid, and sustainable, increases in economic output. We begin by reviewing measures national governments can use to monitor progress toward achieving sustainable prosperity. The various indexes each involve a comparison of some measure of...

The use of multilateral indexes is increasingly an accepted approach for incorporating scanner data in a Consumer Price Index. The attractiveness stems from the ability to be able to control for chain drift bias. Consensus on two key issues has yet to be achieved: (i) the best multilateral...