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What Weight Should be Given to Asset Prices in the Measurement of Inflation?
Abstract
Besides the theoretical (Alchian/Klein, 1973) case for including asset prices in measures of inflation, there is also a practical case, that some asset prices, notably housing, are closely associated with the main trends in inflation, and via ‘bubbles and busts’ with output disturbances. Attempts to use the pure Alchian/Klein methodology in practice give excessive weight to unstable asset prices, but there are more appropriate weighting schemes, derived either from econometrically measured relationships or from final expenditures. Either way, the statistical treatment of housing is crucial, and is being discussed in Eurostat.
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Citations
Cited by
Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes
Borio, C. E. V., & White, W. R. (2004) · SSRN Electronic Journal · doi:10.2139/ssrn.901387 · Cited by 368
Class in the 21st century: asset inflation and the new logic of inequality
Adkins, L., Cooper, M., & Konings, M. (2021) · Environment and Planning A: Economy and Space · doi:10.1177/0308518x19873673 · Cited by 242
Metadata
- Authors
- Goodhart, C.
- Venue
- The Economic Journal
- Publisher
- Oxford University Press (OUP)
- Published
- 2001-06-01
- Volume
- 111
- Issue
- 472
- Pages
- 335-356
- ISSN
- 0013-0133 (ISSN-L)
- 1468-0297
- OpenAlex
- W2030487702
- Cited by
- 178
- References
- 0
- FWCI
- 14.35
- Type
- journal article
- Language
- en
- Open access
- closed
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- Goodhart, C. (2001). What Weight Should be Given to Asset Prices in the Measurement of Inflation? The Economic Journal. https://doi.org/10.1111/1468-0297.00634
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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