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Output Changes and Inflationary Bias in Transition

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Author Info
Jan Hanousek
Randall K. Filer

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Abstract

Mismeasurement of inflation is likely to be more severe in a transition economy than in a more stable environment. Reasonable estimates of the size of the inflationary bias in the Czech Republic suggest that conventionally reported declines in real output and living standards during the transition may be a statistical artifact rather than a real phenomenon.

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Publisher Info
Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp167.

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Date of creation: Dec 2000
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Handle: RePEc:cer:papers:wp167

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Related research
Keywords: inflation transition bias GDP growth

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Find related papers by JEL classification:
C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
P2 - Economic Systems - - Socialist Systems and Transition Economies

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor, 1996. "Does Inflation Matter for Growth?," CEPR Discussion Papers 1503, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Vincent Koen, 1995. "Price Measurement and Mismeasurement in Central Asia," IMF Working Papers 95/82, International Monetary Fund.
  3. Mark de Broeck & Vincent Koen, 2000. "The Great Contractions in Russia, the Baltics and the Other Countries of the Former Soviet Union - A View from the Supply Side," IMF Working Papers 00/32, International Monetary Fund.
  4. Paula De Masi & Vincent Koen, 1997. "Prices in Transition - Ten Stylized Facts," IMF Working Papers 97/158, International Monetary Fund.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jan Svejnar, 2001. "Transition Economies: Performances and Challenges," William Davidson Institute Working Papers Series 415, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  2. Balázs Égert, & László Halpern & Ronald MacDonald, 2005. "Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues," William Davidson Institute Working Papers Series wp793, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  3. Felix Hammermann, 2007. "Nonmonetary Determinants of Inflation in Romania: A Decomposition," Kiel Working Papers 1322, Kiel Institute for the World Economy. [Downloadable!]
  4. Felix Hammermann & Mark Flanagan, 2007. "What Explains Persistent Inflation Differentials Across Transition Economies?," Kiel Working Papers 1373, Kiel Institute for the World Economy. [Downloadable!]
  5. Randall K. Filer & Jan Hanousek, 2003. "Inflationary Bias in Mid to Late Transition Czech Republic," Development and Comp Systems 0306001, EconWPA. [Downloadable!]
  6. Jan Hanousek & Randall K. Filer, 2003. "Substitution Biases in Price Indexes during Transition," Development and Comp Systems 0306002, EconWPA. [Downloadable!]
  7. Martin Cihak & Tomas Holub, 2003. "Price Convergence to the EU; What Do the 1999 ICP Data Tell Us?," Working Papers 2003/02, Czech National Bank, Research Department. [Downloadable!]
  8. John Gibson & Steven Stillman & Trinh Le, 2004. "CPI Bias and Real Living Standards in Russia During the Transition," Working Papers in Economics 04/02, University of Waikato, Department of Economics. [Downloadable!]
    Other versions:
  9. Randall K. Filer & Daniel Münich, 2000. "Responses of Private and Public Schools to Voucher Funding: The Czech and Hungarian Experience," William Davidson Institute Working Papers Series 360, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  10. Mark J Flanagan & Felix Hammermann, 2007. "What Explains Persistent Inflation Differentials Across Transition Economies?," IMF Working Papers 07/189, International Monetary Fund. [Downloadable!]
  11. Égert, Balázs, 2004. "Assessing equilibrium exchange rates in CEE acceding countries: Can we have DEER with BEER without FEER? A critical survey of the literature," BOFIT Discussion Papers 1/2004, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  12. Jan Hanousek & Randall K. Filer, 2001. "Evaluating Imperfections and Biases in Price Indexes during Transition," CERGE-EI Working Papers wp186, The Center for Economic Research and Graduate Education - Economic Institute, Prague. [Downloadable!]
  13. Randall K. Filer & Jan Hanousek, 2001. "Survey-based Estimates of Biases in Consumer Price Indices During," Econometrics 0106001, EconWPA. [Downloadable!]
  14. Jan Svejnar, 2006. "Strategies for growth : Central and Eastern Europe," Proceedings, Federal Reserve Bank of Kansas City, pages 205-233. [Downloadable!]
  15. Christian Fahrholz, 2003. "Strategic Exchange-Rate Policy of Accession Countries in ERM II," Eastward Enlargement of the Euro-zone Working Papers wp14, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Apr 2003. [Downloadable!]
  16. Jan Hanousek & Randall K. Filer, 2001. "Survey-based Estimates of Biases in Consumer Price Indices During Transition: Evidence from Romania," CERGE-EI Working Papers wp178, The Center for Economic Research and Graduate Education - Economic Institute, Prague. [Downloadable!]
    Other versions:
  17. Jan Svejnar, 2007. "China in Light of the Performance of Central and East European Economies," IZA Discussion Papers 2791, Institute for the Study of Labor (IZA). [Downloadable!]
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