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Aggregate Indices and Their Corresponding Elementary Indices

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  • Jens Mehrhoff

    ()
    (Deutsche Bundesbank)

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    Abstract

    “Which index formula at the elementary level, where no expenditure share weights are available, corresponds to a desired aggregate index?” To answer this question, this paper develops a statistical approach. It proposes a theoretical framework which makes it possible to achieve numerical equivalence of an elementary index with the Laspeyres, Paasche or Fisher price index. Depending on the price elasticity, different elementary indices should be applied to different groups of goods in order to approach the desired aggregate index as closely as possible. Furthermore, the new statistical approach assures internal consistency between price and volume measurement.

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    Bibliographic Info

    Article provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.

    Volume (Year): 230 (2010)
    Issue (Month): 6 (December)
    Pages: 709-725

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    Handle: RePEc:jns:jbstat:v:230:y:2010:i:6:p:709-725

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    Related research

    Keywords: Generalised mean; quadratic mean; log-normal distribution; partial adjustment model; price elasticity; internal consistency;

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    1. Balk,Bert M., 2008. "Price and Quantity Index Numbers," Cambridge Books, Cambridge University Press, number 9780521889070, October.
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