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A new price index for multi-period and multilateral comparisons

Author

Listed:
  • Mario Faliva

    (Università Cattolica del Sacro Cuore)

  • Consuelo Rubina Nava

    (Department of Economics and Statistics “Cognetti de Martiis”)

  • Maria Grazia Zoia

    (Università Cattolica del Sacro Cuore)

Abstract

Within the stochastic approach, this paper establishes a closed-form solution to the price index problem for an arbitrary number of periods or countries. The index’s reference basket merges the intersections of all couples of baskets in all periods/countries and provides an effective commodity coverage. Under spherical regression errors, the index satisfies the Geary–Khamis equation system and, as such, offers a general and compact representation of the latter as well as the inferential framework as a dowry. Furthermore, by relaxing sphericalness in favor of a more realistic assumption of commodity-dependent variances, a broader result is achieved. The solution to the price index problem thus obtained encompasses the Geary–Khamis formulation and sows the seeds to further advances.

Suggested Citation

  • Mario Faliva & Consuelo Rubina Nava & Maria Grazia Zoia, 2023. "A new price index for multi-period and multilateral comparisons," AStA Advances in Statistical Analysis, Springer;German Statistical Society, vol. 107(4), pages 621-640, December.
    • Handle: RePEc:spr:alstar:v:107:y:2023:i:4:d:10.1007_s10182-022-00457-5
    DOI: 10.1007/s10182-022-00457-5
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