Econometric Perspectives on Economic Measurement
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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)
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Persistent link: https://EconPapers.repec.org/RePEc:rba:rbardp:rdp2018-08
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