Modelling the Commodity Prices in the OECD Countries: A Stochastic Approach
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Selvanathan, S
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Robert Hall
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Abstract
This paper considers the modelling of commodity prices of consumer goods in the OECD countries. Given the prices of n commodities in two time periods t and t-1, {p1t, p2t,嬠pnt} and {p1t-1, p2t-1,嬠pn,t-1}, how should we use this information to measure the overall price growth, the rate of inflation and the change in the relative price of each commodity as well as their standard errors. We show how the stochastic approach to index numbers can be used for this purpose.
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Economic Modelling
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21
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2
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© 2004 Elsevier : Reproduced in accordance with the copyright policy of the publisher : This journal is available online
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Subject
Applied economics
Econometrics
Banking, finance and investment