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The Case for a New Formula for Compiling Consumer Price Indexes
出版International Monetary Fund, 2012-04-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / InflationBusiness & Economics / Public Finance
ISBN14755029589781475502954
URLhttp://books.google.com.hk/books?id=c1MZEAAAQBAJ&hl=&source=gbs_api
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註釋Consumer price indexes (CPIs) are compiled at the higher (weighted) level using Laspeyres-type arithmetic averages. This paper questions the suitability of such formulas and considers two counterpart alternatives that use geometric averaging, the Geometric Young and the (price-updated) Geometric Lowe. The paper provides a formal decomposition and understanding of the differences between the two. Empirical results are provided using United States CPI data. The findings lead to an advocacy of variants of a hybrid formula suggested by Lent and Dorfman (2009) that substantially reduces bias from Laspeyres-type indexes.