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Do Unit Value Export, Import, and Terms of Trade Indices Represent or Misrepresent Price Indices?, Mick Silver

Unit value export and import indices compiled from returns to customs authorities are often used as surrogates for price indices in the measurement of inflation transmission, terms of trade (effects), and to deflate import and export value series to derive volume series. Their widespread use is mainly due to their relatively low cost compared with establishment price surveys. This paper provides evidence of substantial bias in their representation of such price changes. Their continued use would mislead economic analysis. The paper considers the efficacy of alternative strategies for their improvement, and argues for a move to establishment-based price surveys
Table Of Contents
Contents; I. Introduction; II. International Recommendations; III. Unit value indices and their bias; A. Unit value bias Illustrated; B. Unit value indices: the test approach; C. Unit value indices: the cause for concern; IV. Evidence; A. Some existing studies; B. Unit value indices and price indices for Germany and Japan compared.; V. What Is To Be Done?; A. Use unit value sub-indices for homogeneous product groups: the reliability of sub indices; B. Use a more detailed stratification of unit values; C. Use other country data or global product price indices; D. Different formulas
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (36 p.)
Specific Material Designation
Form Of Item

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