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The present paper shows that product-specific regional price dispersion usually causes the Country-Product-Dummy (CPD) method to be biased. In cases where it is not, this index number method is still inefficient and inference is invalid. In view of this, a nonlinear generalization of the CPD...
Persistent link: https://www.econbiz.de/10013460131
Lacking data on price levels across locations (countries, national regions, etc.) for cross-space comparisons, researchers resort to local consumer price indexes (CPIs) over time to evaluate these levels. This approach unfortunately fails to specify, even generally, the exactness of such...
Persistent link: https://www.econbiz.de/10012729590
Over the last three decades the supply of economic statistics has vastly improved. Unfortunately, statistics on regional price levels (sub-national purchasing power parities) have been exempt from this positive trend, even though they are indispensable for meaningful spatial comparisons of...
Persistent link: https://www.econbiz.de/10011999778
Our paper uses micro price data collected from Germany’s Consumer Price Index to compile a highly disaggregated regional price index for the 402 counties and cities of Germany. We introduce a multi-stage version of the weighted Country-Product- Dummy method. The unique quality of our price...
Persistent link: https://www.econbiz.de/10011962696
Over the last three decades the supply of economic statistics has vastly improved. Unfortunately, statistics on regional price levels (sub-national purchasing power parities) have been exempt from this positive trend, even though they are indispensable for meaningful spatial comparisons of...
Persistent link: https://www.econbiz.de/10011965163
This study addresses two significant limitations in the literature on cross-country expenditure comparisons: (a) treatment of all countries, large and small, as single entities with no spatial differences inside the countries, and (b) use of Divisia price indices, rather than preference based...
Persistent link: https://www.econbiz.de/10009559241
Spatial price comparisons rely to a high degree on the quality of the underlying price data that are collected within or across countries. Below the basic heading level, these price data often exhibit large gaps. Therefore, stochastic index number methods like the CPDmethod and the GEKS method...
Persistent link: https://www.econbiz.de/10012180626
Textbooks of macroeconomics regularly remind their readers that they should not interpret the macroeconomic price variable as some sort of average price. Instead it represents some price index indicating the average of the individual items' price changes between the period considered and some...
Persistent link: https://www.econbiz.de/10010356094
The paper reviews the sources of "Upward bias" and "Downward bias" in the US Consumer Price Index (CPI) and discusses … in terms of differing statistical methods. -- Consumer Price Index ; Economic Growth ; Statistical bias ; Statistical …
Persistent link: https://www.econbiz.de/10002521570
Index. The attractiveness stems from the ability to be able to control for chain drift bias. Consensus on two key issues has …
Persistent link: https://www.econbiz.de/10014110279