Understanding the space–time (in)consistency of the national accounts

Nicholas Oulton

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Space–time consistency means that an earlier PPP, updated by relative inflation rates, equals a more recent PPP. I show that in the absence of data errors Divisia price indices are space–time consistent provided that the consumer’s utility function is homothetic.

Keywords: PPP; Divisia; price index; path-dependence; consistency (search for similar items in EconPapers)
JEL-codes: C43 I31 O47 (search for similar items in EconPapers)
Date: 2015-07
New Economics Papers: this item is included in nep-upt
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Citations: View citations in EconPapers (3)

Published in Economics Letters, July, 2015, 132, pp. 21-23. ISSN: 0165-1765

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Journal Article: Understanding the space–time (in)consistency of the national accounts (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:62178

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