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Measurement of Inflation: Another Stochastic Approach

Author

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  • Michal Andrle

Abstract

In this paper, we present an alternative approach to inflation and inflation measurement based on Menger’s theory of inner exchange value of money and on the stochastic approach to index numbers. We briefly describe the characteristics of the sample cross-section distribution of price changes. We propose a measure of inflation based on Törnqvist price index adjusted by the (a)symmetric trimmed means.

Suggested Citation

  • Michal Andrle, 2003. "Measurement of Inflation: Another Stochastic Approach," Macroeconomics 0306014, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0306014
    Note: Type of Document - Tex; prepared on IBM PC - PC-TEX; to print on HP; pages: 38; figures: included
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0306/0306014.pdf
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    Cited by:

    1. Zahid, Asghar & Frahat, Tahira, 2010. "Measuring inflation through stochastic approach to index numbers," MPRA Paper 21513, University Library of Munich, Germany.

    More about this item

    Keywords

    inflation stochastic index number Tornqvist;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation

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