Measurement of inflation: An alternative approach
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).
Volume (Year): IX (2006)
Issue (Month): (November)
|Contact details of provider:|| Postal: Av. Córdoba 374, (C1054AAP) Capital Federal|
Phone: (5411) 6314-3000
Fax: (5411) 4314-1654
Web page: http://www.cema.edu.ar/publicaciones/jae.html
More information through EDIRC
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.:
- Miller, Stephen, 1984. "Purchasing power parity and relative price variability : Evidence from the 1970s," European Economic Review, Elsevier, vol. 26(3), pages 353-367, December.
- Paul Crompton, 2000. "Extending the stochastic approach to index numbers," Applied Economics Letters, Taylor & Francis Journals, vol. 7(6), pages 367-371.
- K.W. Clements & H.Y. Izan, 1987.
"The Measurement of Inflation: A stochastic approach,"
Economics Discussion / Working Papers
87-02, The University of Western Australia, Department of Economics.
- Clements, Kenneth W & Izan, H Y, 1987. "The Measurement of Inflation: A Stochastic Approach," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(3), pages 339-50, July.
- K.W. Clements & H.Y. Izan, 1984. "The Measurement of Inflation: a Stochastic Approach," Economics Discussion / Working Papers 84-10, The University of Western Australia, Department of Economics.
- Selvanathan, E. A. & Selvanathan, S., 2004. "Modelling the commodity prices in the OECD countries: a stochastic approach," Economic Modelling, Elsevier, vol. 21(2), pages 233-247, March.
- 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, vol. 22(3), pages 745-47, October.
When requesting a correction, please mention this item's handle: RePEc:cem:jaecon:v:9:y:2006:n:2:p:403-418. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Valeria Dowding)
If references are entirely missing, you can add them using this form.