Measuring the accuracy of the Retail Sales Index
In: Economic & Labour Market Review, Band 5, Heft 2, S. 88-94
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In: Economic & Labour Market Review, Band 5, Heft 2, S. 88-94
In: Palgrave pivot
This book is a non-technical introduction to the history of - and current measurement practice of - inflation for the United Kingdom, with comparative international case studies. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people's lives - through pension uprating, train tickets, interest rates and the work of economists - few people understand how it is created. O'Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.--
Intro -- Title Page -- Copyright -- Table of Contents -- Preface -- Organisation of the book -- Additional material available online -- Suggested routes through the book -- Acknowledgements -- Chapter 1: Introduction -- 1.1 What is an index number? -- 1.2 Example - the Consumer Prices Index -- 1.3 Example - FTSE 100 -- 1.4 Example - Multidimensional Poverty Index -- 1.5 Example - Gender Inequality Index -- 1.6 Representing the world with index numbers -- 1.7 Chapter summary -- References -- Chapter 2: Index numbers and change -- 2.1 Calculating an index series from a data series -- 2.2 Calculating percentage change -- 2.3 Comparing data series with index numbers -- 2.4 Converting from an index series to a data series -- 2.5 Chapter summary -- Exercise A -- Chapter 3: Measuring inflation -- 3.1 What is inflation? -- 3.2 What are inflation measures used for and why are they important? -- 3.3 Chapter summary -- References -- Exercise B -- Chapter 4: Introducing price and quantity -- 4.1 Measuring price change -- 4.2 Simple, un-weighted indices for price change -- 4.3 Price, quantity and value -- 4.4 Example - Retail Sales Index -- 4.5 Chapter summary -- Exercise C -- Chapter 5: Laspeyres and Paasche indices -- 5.1 The Laspeyres price index -- 5.2 The Paasche price index -- 5.3 Laspeyres and Paasche quantity indices -- 5.4 Laspeyres and Paasche: mind your Ps and Qs -- 5.5 Laspeyres, Paasche and the Index Number Problem -- 5.6 Laspeyres or Paasche? -- 5.7 A more practical alternative to a Laspeyres price index? -- 5.8 Chapter summary -- References -- Exercise D -- Chapter 6: Domains and aggregation -- 6.1 Defining domains -- 6.2 Indices for domains -- 6.3 Aggregating domains -- 6.4 More complex aggregation structures -- 6.5 A note on aggregation structures in practice -- 6.6 Non-consistency in aggregation -- 6.7 Chapter summary -- Exercise E.
"This book offers an introduction to the subject of index numbers for statisticians, economists and numerate members of the public"--