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Measurement Of Inflation

In: Index Numbers

Author

Listed:
  • E. A. Selvanathan

    (Griffith University)

  • D. S. Prasada Rao

    (University of New England)

Abstract

In Chapter 3 we introduced the stochastic approach and derived Laspeyres, Paasche and Theil-Tornqvist index numbers and their sampling variances. In this chapter we use the stochastic approach to obtain estimators for the rate of inflation and their sampling variances. As in Chapter 3, we consider the proportionate change in each individual price to be equal to the underlying rate of inflation plus other components which are random and nonrandom. Thus under the stochastic approach the rate of inflation can be estimated by taking some form of the average of all price changes.

Suggested Citation

  • E. A. Selvanathan & D. S. Prasada Rao, 1994. "Measurement Of Inflation," Palgrave Macmillan Books, in: Index Numbers, chapter 0, pages 75-110, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23594-0_4
    DOI: 10.1007/978-1-349-23594-0_4
    as

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