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Econometric Perspectives on Economic Measurement

Adam Gorajek
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Adam Gorajek: Reserve Bank of Australia

RBA Research Discussion Papers from Reserve Bank of Australia

Abstract: 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
Date: 2018-07
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