Robert S. Martin, A. Sadler, Sara Stanley, W. Thompson, Jonathan C. Weinhagen
{"title":"The Geometric Young Formula for Elementary Aggregate Producer Price Indexes","authors":"Robert S. Martin, A. Sadler, Sara Stanley, W. Thompson, Jonathan C. Weinhagen","doi":"10.2478/jos-2022-0011","DOIUrl":null,"url":null,"abstract":"Abstract We re-estimate historical U.S. Producer Price Indexes (PPI) using the geometric Young formula at the elementary level. The geometric Young has better axiomatic properties than the modified Laspeyres, and may better approximate a feasible economic target. We find in most cases, indexes that use the geometric Young escalate between 0.1 and 0.3 percentage points less each year than those that use the modified Laspeyres. However, for wholesale and retail trade, as well as some other services, the differences are much larger. As a result, using the geometric Young at the elementary level lowers the U.S. PPI for Final Demand by 0.55 percentage points per year during the study period, a magnitude larger than what has been previously found for the U.S. Consumer Price Index.","PeriodicalId":51092,"journal":{"name":"Journal of Official Statistics","volume":"38 1","pages":"239 - 253"},"PeriodicalIF":0.5000,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Official Statistics","FirstCategoryId":"100","ListUrlMain":"https://doi.org/10.2478/jos-2022-0011","RegionNum":4,"RegionCategory":"数学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"SOCIAL SCIENCES, MATHEMATICAL METHODS","Score":null,"Total":0}
引用次数: 0
Abstract
Abstract We re-estimate historical U.S. Producer Price Indexes (PPI) using the geometric Young formula at the elementary level. The geometric Young has better axiomatic properties than the modified Laspeyres, and may better approximate a feasible economic target. We find in most cases, indexes that use the geometric Young escalate between 0.1 and 0.3 percentage points less each year than those that use the modified Laspeyres. However, for wholesale and retail trade, as well as some other services, the differences are much larger. As a result, using the geometric Young at the elementary level lowers the U.S. PPI for Final Demand by 0.55 percentage points per year during the study period, a magnitude larger than what has been previously found for the U.S. Consumer Price Index.
期刊介绍：
JOS is an international quarterly published by Statistics Sweden. We publish research articles in the area of survey and statistical methodology and policy matters facing national statistical offices and other producers of statistics. The intended readers are researchers or practicians at statistical agencies or in universities and private organizations dealing with problems which concern aspects of production of official statistics.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
