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Inflationary Bias in Mid to Late Transition Czech Republic

  • Randall K. Filer

    (CUNY)

  • Jan Hanousek

    (CERGE-EI, Prague)

A series of studies confirm results presented Filer and Hanousek (2000) suggesting that mismeasurement of inflation during the transition is a serious problem, on the same relative order of magnitude (and greater in absolute magnitude) as in advanced market economies. Overall, inflation has been overstated by more than 4 percentage points a year during the 1990s in the Czech Republic. By far the largest portion of this bias is due to uncaptured quality changes. In effect, Czech consumers are living considerably better after the fall of communism, but this increase in living standards has manifested itself through better quality rather than greater quantities of goods consumed.

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File URL: http://econwpa.repec.org/eps/dev/papers/0306/0306001.pdf
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Paper provided by EconWPA in its series Development and Comp Systems with number 0306001.

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Length: 345 pages
Date of creation: 16 Jun 2003
Date of revision:
Handle: RePEc:wpa:wuwpdc:0306001
Note: Type of Document - pdf; prepared on IBM PC ; to print on HP/PostScript; pages: 345,395,4323247 ; figures: included
Contact details of provider: Web page: http://econwpa.repec.org

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  1. 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 - Economic Institute, Prague.
  2. 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.
  3. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
  4. Brada, Josef C. & King, Arthur E. & Kutan, Ali M., 2000. "Inflation bias and productivity shocks in transition economies: The case of the Czech Republic," ZEI Working Papers B 02-2000, ZEI - Center for European Integration Studies, University of Bonn.
  5. Shigenori Shiratsuka, 1999. "Measurement errors and quality-adjustment methodology: lessons from the Japanese CPI," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 2-13.
  6. Allan Crawford, 1998. "Measurement biases in the Canadian CPI: An update," Bank of Canada Review, Bank of Canada, vol. 1998(Spring), pages 39-56.
  7. Timothy F. Bresnahan & Robert J. Gordon, 1996. "The Economics of New Goods," NBER Books, National Bureau of Economic Research, Inc, number bres96-1, August.
  8. Jan Hanousek & Randall K. Filer, 2001. "Consumers' Opinion of Inflation Bias Due to Quality Improvements in Transition in the Czech Republic," CERGE-EI Working Papers wp184, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
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