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Surveying University Student Standards in Economics

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Author Info
Daehoon Nahm () (Department of Economics, Macquarie University)

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Abstract

It is believed that changes in the varieties of an imported product might have effects on the import price index for the product that are similar to the effects of new goods on the cost of living. Recently, a new index number formula that incorporates the effects of new goods has been suggested by Nahm (1998a). The index number formula is a known function of available values, and it is exact for the constant-elasticity-of-substitution (CES) preference ordering even when there exist new and disappeared goods. The formula has been applied to each of eight selected U.S. import products to compute each product’s import price index. As each product has several varieties and the set of varieties changes over time, a price index for the product should reflect changes in the choice set. The new index formula is designed to capture such effects. The results show that the indices based on the new index formula closely trace those based on a sophisticated econometric model.

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File URL: http://www.econ.mq.edu.au/research/2003/CESApp.pdf
File Format: application/pdf
File Function: First Version, 2003
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Publisher Info
Paper provided by Macquarie University, Department of Economics in its series Research Papers with number 0301.

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Length: 20 pages.
Date of creation: May 2003
Date of revision:
Handle: RePEc:mac:wpaper:0301

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Postal: Sydney NSW 2109
Web page: http://www.econ.mq.edu.au/
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Related research
Keywords: price index; exact index; CES function;

Find related papers by JEL classification:
C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation

References listed on IDEAS
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  1. Feenstra, Robert C, 1994. "New Product Varieties and the Measurement of International Prices," American Economic Review, American Economic Association, vol. 84(1), pages 157-77, March. [Downloadable!] (restricted)
  2. Robert J. Gordon, 2000. "The Boskin Commission Report and its Aftermath," NBER Working Papers 7759, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Sato, Kazuo, 1976. "The Ideal Log-Change Index Number," The Review of Economics and Statistics, MIT Press, vol. 58(2), pages 223-28, May. [Downloadable!] (restricted)
  4. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May. [Downloadable!] (restricted)
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