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Output Changes and Inflationary Bias in Transition


  • Jan Hanousek
  • Randall K. Filer


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.

Suggested Citation

  • Jan Hanousek & Randall K. Filer, 2000. "Output Changes and Inflationary Bias in Transition," CERGE-EI Working Papers wp167, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  • Handle: RePEc:cer:papers:wp167

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    References listed on IDEAS

    1. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor, 2001. "Does inflation matter for growth?," Japan and the World Economy, Elsevier, vol. 13(4), pages 405-428, December.
    2. Paula De Masi & Vincent Koen, 1997. "Prices in the Transition; Ten Stylized Facts," IMF Working Papers 97/158, International Monetary Fund.
    3. International Monetary Fund, 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. Vincent Koen, 1995. "Price Measurement and Mismeasurement in Central Asia," IMF Working Papers 95/82, International Monetary Fund.
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    More about this item


    inflation; transition; bias; GDP growth;

    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


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