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Comparing Price Levels across Countries Using Minimum-Spanning Trees

Robert Hill ()

The Review of Economics and Statistics, 1999, vol. 81, issue 1, 135-142

Abstract: It is shown how a comparison of price levels across a group of countries can be made by chaining bilateral price indexes across a spanning tree. It is argued that we should use the spanning tree whose resulting multilateral price indexes are least sensitive to the choice of bilateral formula. This minimum-spanning tree can be easily computed using Kruskal's algorithm. Results obtained by chaining Fisher indexes across a minimum-spanning tree are compared with the Penn World Table. © 1999 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

Date: 1999
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The Review of Economics and Statistics is currently edited by Pierre Azoulay, Olivier Coibion, Will Dobbie, Raymond Fisman, Benjamin R. Handel, Brian A. Jacob, Kareen Rozen, Xiaoxia Shi, Tavneet Suri and Yi Xu

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