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Price index
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Serious Errors on UK Telecoms Data: Prices could have fallen by 90 Percent more than the official price index
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Brian Sturgess, World Economics, April 2018
The Office of National Statistics (ONS), Britain’s official data agency, has admitted that it has made serious errors in its estimation of the output and productivity of the telecoms sector.
The UK Retail Price Index
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Brian Sturgess, World Economics, October 2017
Broken, Inaccurate and Unfair
The Power of Price Indexes
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World Economics, March 2011
Price indexes are the most important of all economic indicators simply because they are the tool used to calculate the real size, speed and direction of all forms of economic activity. Price indexes are compiled almost everywhere, but with major differences in method and sampling procedures. Some methods and procedures have led to significant errors. Even in the case of a country as advanced as Japan, critics have calculated that imperfections in method have led to a rate of price inflation around 1.8% per year above the level a true cost of living index would have shown. Further research undertaken by World Economics has attempted to make estimates for changes in discounting and promotional practices at the retail level. The conclusion is that, in reality, the overestimation of price changes by the Japanese CPI in recent years may well have been in excess of 2% per annum, and could have been significantly more. Different CPI assumptions change economic growth estimates dramatically. Using World Economics estimates, adding in a minimum figure for marketing and retail changes seen in recent years suggests, contrary to official data, that Japanese consumption growth exceeded that of the US.
What a Consumer Price Index Can’t Do
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Ralph Turvey, World Economics, September 2004
A monthly consumer price index traces changes in the monthly cost of a year’s consumption using a sample of prices. But in some months the prices that can be sampled will temporarily exclude some of the products that were bought in the base year, Christmas trees providing a textbook example. Worse still, it becomes permanently impossible to observe prices for sampled products that have been completely superseded. There are methods for dealing with these two problems, but they leave serious and irremediable defects in the index.
Owner-occupiers and the Price Index
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Ralph Turvey, World Economics, September 2000
The treatment of owner-occupied dwellings in Consumer Price Indexes varies between countries and is the subject of continuing controversy. Ralph Turvey explains the alternative possible treatments and reasons for disagreement.



Displaying: 1-5 of 5