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Quantifying Survey Expectations : A Critical Review and Generalization of the Carlson-Parkin Method

Lahiri, Kajal; Zhao, Yongchen - 2013

This paper provides a critical review of the popular Carlson-Parkin (CP) quantification method using household-level data from the University of Michigan’s Survey of Consumers. We find strong evidence against the threshold constancy, symmetry, homogeneity, and the overall unbiasedness...

Persistent link: https://www.econbiz.de/10014151386

The Justification for the Retail Prices Index

Courtney, Mark - 2015

The UK’s Retail Prices Index (RPI) was established in 1956 and updated regularly since then, and up until 2004 it was the country’s only general consumer prices index. In that year the UK version of the European Union’s Harmonised Index of Consumer Prices was renamed the Consumer Prices...

Persistent link: https://www.econbiz.de/10014139164

Seasonal Commodities, High Inflation and Index Number Theory

Diewert, W. Erwin - 1998

index number theory implicitly assumes that variations in the price of a commodity within a period can be ignored. In order … number theory cannot be applied. The present paper systematically reviews the problems of index number construction when … economic approach to index number theory by making separability assumptions on consumers? intertemporal preferences. We find …

Persistent link: https://www.econbiz.de/10014069417

Axiomatic and Economic Approaches to International Comparisons

Diewert, W. Erwin - 1998

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...

Persistent link: https://www.econbiz.de/10014073132

Hedonic Price-Rent Ratios, User Cost, and Departures from Equilibrium in the Housing Market

Hill, Robert J.; Syed, Iqbal A. - 2012

Departures of the housing market from equilibrium can be detected by comparing the actual price-rent ratio with the user cost of owner occupying. Empirical implementation of this idea, however, is problematic for two reasons. First, the price-rent ratio needs to be quality adjusted. Second, the...

Persistent link: https://www.econbiz.de/10014039894

Substitution Bias in Multilateral Methods for CPI Construction Using Scanner Data

Diewert, W. Erwin; Fox, Kevin J. - 2018

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...

Persistent link: https://www.econbiz.de/10014110279

Core Inflation : Concepts, Uses and Measurement

Roger, Scott - 2003

Over the last decade central banks have tended to accord increased importance to controlling inflation and fostering policy credibility. The concept and measurement of core inflation has an important role to play both in the formulation of policy aimed at controlling inflation and in providing...

Persistent link: https://www.econbiz.de/10014112604

Real Time Underlying Inflation Gauges for Monetary Policymakers

Amstad, Marlene - 2010

Central banks analyze a wide range of data to obtain better measures of underlying inflationary pressures. Factor models have widely been used to formalize this procedure. Using a dynamic factor model this paper develops a measure of underlying inflation (UIG) at time horizons of relevance for...

Persistent link: https://www.econbiz.de/10013149418

The Theory of Exact and Superlative Index Numbers Revisited

Milana, Carlo - 2005

This paper proposes to clarify some important questions that are still open in the field of index number theory. The …

Persistent link: https://www.econbiz.de/10014065824

Inflation measurement with high frequency data

Fox, Kevin J.; Levell, Peter; O'Connell, Martin - 2023

The availability of large transaction level datasets, such as retail scanner data, provides a wealth of information on prices and quantities that national statistical institutes can use to produce more accurate, timely, measures of inflation. However, there is no universally agreed upon method...

Persistent link: https://www.econbiz.de/10014419259