| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22479 |
| 来源ID | Working Paper 22479 |
| Measuring Aggregate Price Indexes with Taste Shocks: Theory and Evidence for CES Preferences | |
| Stephen J. Redding; David E. Weinstein | |
| 发表日期 | 2016-08-08 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We develop an approach to measuring the cost of living for CES preferences that treats demand shocks as taste shocks that are equivalent to price shocks. In the presence of relative taste shocks, the Sato-Vartia price index is upward biased because an increase in the relative consumer taste for a variety lowers its taste-adjusted price and raises its expenditure share. By failing to allow for this association, the Sato-Vartia index underweights drops in taste-adjusted prices and overweights increases in taste-adjusted prices, leading to what we term a “taste-shock bias.” We show that this bias generalizes to other invertible demand systems. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w22479 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580154 |
| 推荐引用方式 GB/T 7714 | Stephen J. Redding,David E. Weinstein. Measuring Aggregate Price Indexes with Taste Shocks: Theory and Evidence for CES Preferences. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22479.pdf（677KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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