A new price index for multi-period and multilateral comparisons

Mario Faliva (), Consuelo Rubina Nava () and Maria Zoia
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Mario Faliva: Università Cattolica del Sacro Cuore
Consuelo Rubina Nava: Department of Economics and Statistics “Cognetti de Martiis”

AStA Advances in Statistical Analysis, 2023, vol. 107, issue 4, No 1, 640 pages

Abstract: Abstract Within the stochastic approach, this paper establishes a closed-form solution to the price index problem for an arbitrary number of periods or countries. The index’s reference basket merges the intersections of all couples of baskets in all periods/countries and provides an effective commodity coverage. Under spherical regression errors, the index satisfies the Geary–Khamis equation system and, as such, offers a general and compact representation of the latter as well as the inferential framework as a dowry. Furthermore, by relaxing sphericalness in favor of a more realistic assumption of commodity-dependent variances, a broader result is achieved. The solution to the price index problem thus obtained encompasses the Geary–Khamis formulation and sows the seeds to further advances.

Keywords: Multi-period price indexes; Multilateral price indexes; Stochastic approach; 91B82; 62P20; 62J (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10182-022-00457-5

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