Constructing Historical Euro-Zone Data
AbstractExisting methods of reconstructing historical Euro-zone data by aggregation of the individual countriesâ€™ data raises numerous difficulties due to past exchange rate changes. The approach proposed here is designed to avoid such distortions, and aggregate exactly when exchange rates are fixed. In a simple â€˜Divisia-styleâ€™ approach, we first compute growth rates within states, aggregate these, then cumulate this Euro-zone growth rate to obtain the aggregated levels variables. The aggregate of the implicit-deflator price index coincides with the implicit deflator of our aggregate nominal and real data. We investigate the properties of this growth-rate method for aggregation, and construct Euro-zone measures for M3, GDP and prices over the previous two decades.
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Bibliographic InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 4.
Date of creation: 01 Apr 2000
Date of revision:
European Monetary Union; data aggregation; Divisia approach;
Other versions of this item:
- Beyer, A. & Doornik, J.A. & Hendry, D.F., 2000. "Constructing Historical Euro-Zone Data," Economics Working Papers, European University Institute eco2000/10, European University Institute.
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
- C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
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