Understanding the space–time (in)consistency of the national accounts

Oulton, Nicholas ORCID: 0000-0002-1595-7732 (2015) Understanding the space–time (in)consistency of the national accounts. Economics Letters, 132. pp. 21-23. ISSN 0165-1765

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Abstract

Space–time consistency means that an earlier PPP, updated by relative inflation rates, equals a more recent PPP. I show that in the absence of data errors Divisia price indices are space–time consistent provided that the consumer’s utility function is homothetic.

Item Type:	Article
Official URL:	http://www.sciencedirect.com/science/journal/01651...
Additional Information:	© 2015 Elsevier B.V.
Divisions:	Centre for Economic Performance
Subjects:	H Social Sciences > HC Economic History and Conditions
JEL classification:	C - Mathematical and Quantitative Methods > C4 - Econometric and Statistical Methods: Special Topics > C43 - Index Numbers and Aggregation I - Health, Education, and Welfare > I3 - Welfare and Poverty > I31 - General Welfare; Basic Needs; Living Standards; Quality of Life; Happiness O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output (Income) Convergence
Date Deposited:	03 Jun 2015 14:29
Last Modified:	14 Sep 2024 06:48
Funders:	Economic and Social Research Council
URI:	http://eprints.lse.ac.uk/id/eprint/62178

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