Measurement Of Inflation

E. A. Selvanathan and D.S. Prasada Rao ()
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E. A. Selvanathan: Griffith University

Chapter Chapter 4 in Index Numbers, 1994, pp 75-110 from Palgrave Macmillan

Abstract: Abstract In Chapter 3 we introduced the stochastic approach and derived Laspeyres, Paasche and Theil-Tornqvist index numbers and their sampling variances. In this chapter we use the stochastic approach to obtain estimators for the rate of inflation and their sampling variances. As in Chapter 3, we consider the proportionate change in each individual price to be equal to the underlying rate of inflation plus other components which are random and nonrandom. Thus under the stochastic approach the rate of inflation can be estimated by taking some form of the average of all price changes.

Keywords: Unbiased Estimator; Relative Price; Stochastic Approach; Relative Prex; Budget Share (search for similar items in EconPapers)
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-23594-0_4

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DOI: 10.1007/978-1-349-23594-0_4

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