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dc.contributor.authorGibson, John
dc.contributor.authorStillman, Steven
dc.contributor.authorLe, Trinh
dc.coverage.spatialConference held at Brown University, Providence, Rhode Island:en_NZ
dc.date.accessioned2008-12-15T03:34:11Z
dc.date.available2008-12-15T03:34:11Z
dc.date.issued2004-09
dc.identifier.citationGibson, J., Stillman, S. & Le, T. (2004). CPI bias and real living standards in Russia during the transition. (Department of Economics Working Paper Series, Number 2/04). Hamilton, New Zealand: University of Waikato.en_US
dc.identifier.urihttps://hdl.handle.net/10289/1650
dc.description.abstractThe economies of the former Soviet Bloc experienced large declines in output during the decade of transition which began with the collapse of the Soviet Union in 1991. Yet there are many reasons to believe that measured output and official deflators provide a poor proxy for the change in real living standards in transition economies. This paper uses the Engel curve methodology recently developed by Hamilton (2001) and Costa (2001) to examine changes in real living standards in Russia during the transition period and to provide an estimate of how much the officialRussian CPI has overstated consumer inflation. We also examine changes in consumer durables, home production, and subjective well-being to further evaluate changes in living standards. Our findings indicate that CPI bias has caused a substantial understatement of the growth performance of the Russian economy during the transition. Even just allowing household final consumption to be deflated with bias, we find that the level of real per capita GDP in 2001 may be understated by up to thirty percent compared with using a bias-corrected deflator. Our analysis of consumer durables, home production, and subjective well-being supports the conclusion that the decline in living standards has been substantially less than what is inferred by looking at official statistics on real output.en_US
dc.format.mimetypeapplication/pdf
dc.language.isoen
dc.relation.ispartofseriesDepartment of Economics Working Paper Series
dc.subjectCPI biasen_US
dc.subjectliving standardsen_US
dc.subjectmeasurement erroren_US
dc.subjectpricesen_US
dc.subjectRussiaen_US
dc.subjecttransitionen_US
dc.titleCPI bias and real living standards in Russia during the transitionen_US
dc.typeWorking Paperen_US
uow.relation.series2/04
dc.relation.isPartOfEconometric Society - North American Summer Meetingen_NZ
pubs.begin-page1en_NZ
pubs.elements-id14643
pubs.end-page45en_NZ
pubs.finish-date2004-06-20en_NZ
pubs.start-date2004-06-17en_NZ


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