Generalized Theil-Tornqvist indices with applications to international comparisons of prices and real output

Article Abstract:

The use of the Theil-Thornqvist (T-T) index in the binary comparisons of prices, output and productivity was evaluated. The T-T index estimates variations in price levels through a weighted geometric mean of price relatives with weights equivalent to the average values of goods. A generalization of the T-T index as proposed by Caves, Christensen and Diewert was discussed. The usage of the new index numbers is presented by using data on international consumption expenditure and industrial output.

Prices, Index numbers (Economics)

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Okun's Law: theoretical foundations and revised estimates

Article Abstract:

Output rises just around 2/3% in the US economy when unemployment falls by 1 point, based on a production-function estimation involving two data sets for NAIRU and potential production. Under Okun's Law, a 3% rise in production is forecast for each 1 point fall in unemployment, due to the simultaneous growth in productivity, induced labour supply and weekly hours. The production gap is affected differently by alterations in capacity utilisation and weekly hours.

Forecasts and trends, Unemployment, Industrial capacity

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