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Mick Silver is Principal Statistical Methodologist, Real Sector Division, Statistics Department, International Monetary Fund. Previously he was Professor of Economic Statistics, Cardiff University, and ASA/NSF Senior Research Fellow, US Bureau of Labor Statistics. He has contributed as chapter author and, in one instance editor, of international Manuals on price index measurement and the System of National Accounts. Publications include the Journal of Political Economy, Journal of Econometrics, Journal of Business and Economic Statistics, Economic Journal, IMF Staff Papers and chapters in NBER books.
Click to view all papers by Mick Silver on World Economics. Mike Silver
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Click to view all papers by Mike Silver on World Economics.
Mick Silver, World Economics, September 2013
The type of database used for the measurement of commercial property price indexes (CPPIs) dictates the potential weaknesses in the resulting indexes and limitations of the methods available for measuring the indexes. Two major types of data are appraisals of the value of properties and recorded transaction prices. The former is based on expert judgement and may have problems of smoothing and lagging transaction prices. The latter is based on actual transactions and may have sample selectivity bias and limited sample sizes for these heterogeneous properties. These issues are examined.
Mick Silver, World Economics, September 2011
A key factor in understanding the global recession is movements in residential property price indexes (RPPIs). Of concern is that more than one national RPPI is often compiled and disseminated for a country, each differing in regard to their methodology, and thus results. Key methodological issues include the: (i) use of stocks or flows and values or quantities for weights; (ii) method of enabling constant quality measures; (iii) coverage in terms of geography, type of housing and financing; and (iv) valuation of prices. The paper outlines such issues by way of three case studies: the United Kingdom, the United States and the Russian Federation.
Mick Silver, World Economics, March 2003
The Retail Prices Index (RPI) is one of the UK’s most important macroeconomic
indicators, as well as being used for indexation/adjustments for inflation
to wages and benefits. This paper argues that the dynamic changes in product
markets and consumers’ responses to price changes need to be incorporated into
the RPI if it is to effectively measure changes in the cost of living. The quite
positive and innovative work undertaken by the Office for National Statistics
(ONS) is acknowledged. However, the basis of the RPI, in measuring the price
changes of a matched, fixed basket of goods, is considered inappropriate to
modern markets. Some proposals are made.
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