Inflationary bias in middle to late transition Czech Republic |
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Authors: | Randall K Filer Jan Hanousek |
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Institution: | a Hunter College and the Graduate Center, City University of New York, New York, NY, USA;b CERGE-EI, Charles University and the Academy of Sciences of the Czech Republic, Politickych veznu 7, P.O. Box 882, Prague 111 21, Czech Republic;c William Davidson Institute, University of Michigan Business School, MI, USA;d CEPR, London, UK |
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Abstract: | A series of studies has now confirmed the Filer and Hanousek’s Economic Systems 24 (2000) 285] suggestion that inflation mismeasurement during the transition is a serious problem of the same relative magnitude (and greater absolute magnitude), as in advanced market economies. During the 1990s in the Czech Republic, inflation was overstated by more than four percentage points a year. The largest portion of this bias is due to uncaptured quality changes. In effect, Czech consumers are living considerably better after the fall of communism, but this increase in living standards is manifested through better quality, rather than greater quantities of goods consumed. |
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Keywords: | Author Keywords: Inflation bias Transition economies |
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