Econometric Perspectives on Economic Measurement
Additional contact information
Adam Gorajek: Reserve Bank of Australia
RBA Research Discussion Papers from Reserve Bank of Australia
It turns out that price index functions share a basic interpretation; practically all of them measure a change in some average of quality-adjusted prices. The different options are distinguished by their choice of average, their definition of quality, and their stance on what I label 'equal interest'. This new perspective updates the so-called stochastic approach to choosing index functions. It also offers new avenues to understand and tackle measurement problems. I discuss three examples.
Keywords: macroeconomic data; index number; stochastic approach; hedonic price index (search for similar items in EconPapers)
JEL-codes: C18 C43 C51 C80 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eff
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:rba:rbardp:rdp2018-08
Access Statistics for this paper
More papers in RBA Research Discussion Papers from Reserve Bank of Australia Contact information at EDIRC.
Bibliographic data for series maintained by Paula Drew ().