What weight should be given to asset prices in the measurement of inflation?
成果类型：
Article
署名作者：
Goodhart, C
署名单位：
University of London; London School Economics & Political Science
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1111/1468-0297.00634
发表日期：
2001
页码：
F335-F356
关键词：
摘要：
Besides the theoretical (Alchian/Klein, 1973) case for including asset prices in measures of inflation, there is also a practical case, that some asset prices, notably housing, are closely associated with the main trends in inflation, and via 'bubbles and busts' with output disturbances. Attempts to use the pure;Alchian/Klein methodology in practice give excessive weight to unstable asset prices, but there are more appropriate weighting schemes, derived either from econometrically measured relationships or from final expenditures. Either way, the statistical treatment of housing is crucial, and is being discussed in Eurostat.