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Measurement of inflation: An alternative approach

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The stochastic approach to index numbers has attracted renewed attention in recent times (e.g., Clements and Izan, 1981 and 1987; Diewert, 1995; Giles and McCann, 1994; and Selvanathan and Rao, 1994). One of the attractions of this approach is that it provides standard errors for the index numbers. This paper reviews the stochastic approach and extends the existing work by presenting an alternative approach to measure the rate of inflation. This approach has been demonstrated using consumption expenditure data for three countries, Australia, the United Kingdom (UK) and the United States (US).

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Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): IX (2006)
Issue (Month): (November)
Pages: 403-418

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Handle: RePEc:cem:jaecon:v:9:y:2006:n:2:p:403-418

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Keywords: stochastic approach; index numbers; inflation; standard errors;

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  1. Paul Crompton, 2000. "Extending the stochastic approach to index numbers," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 7(6), pages 367-371.
  2. Clements, Kenneth W & Izan, H Y, 1987. "The Measurement of Inflation: A Stochastic Approach," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 5(3), pages 339-50, July.
  3. Clements, Kenneth W & Izan, H Y, 1981. "A Note on Estimating Divisia Index Numbers," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 22(3), pages 745-47, October.
  4. Selvanathan, E. A. & Selvanathan, S., 2004. "Modelling the commodity prices in the OECD countries: a stochastic approach," Economic Modelling, Elsevier, Elsevier, vol. 21(2), pages 233-247, March.
  5. Miller, Stephen, 1984. "Purchasing power parity and relative price variability : Evidence from the 1970s," European Economic Review, Elsevier, Elsevier, vol. 26(3), pages 353-367, December.
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Cited by:
  1. Iqbal, Javed & Hanif, Muhammad Nadim, 2010. "Measuring Standard Error of Inflation in Pakistan: A Stochastic Approach," MPRA Paper 35422, University Library of Munich, Germany.

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