کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
11023401 1701295 2018 4 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The true index of cost of living under general equilibrium: The numéraire matters
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The true index of cost of living under general equilibrium: The numéraire matters
چکیده انگلیسی
The evaluation of welfare effects should be unambiguous. We show that the Konüs true index of cost of living is numéraire dependent in general equilibrium. This may lead to ambiguous, even contradictory, interpretations of welfare results. To correct this problematic interpretational situation, we propose a normalization of the standard Konüs index using an endogenously determined price index. We also provide a simplified expression of the index for the special case of homothetic utilities, which is especially relevant given their widespread use in numerical general equilibrium.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economics Letters - Volume 173, December 2018, Pages 69-72
نویسندگان
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