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Prais (1958) showed that the CPI computed by statistical agencies can be interpreted as a weighed average of household price indexes, the weight of each household determined by its total expenditures. We decompose the difference between the standard CPI and a democratically weighed index (i.e., the plutocratic bias) as the product of average income, income inequality, and the covariance between individual price indexes and a parameter related to each good's income elasticity. This decomposition allows us to interpret variations in the size and sign of the plutocratic bias, and also to discuss issues pertaining to group indexes.

Inflation --- Macroeconomics --- Index Numbers and Aggregation --- leading indicators --- Personal Income, Wealth, and Their Distributions --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Price Level --- Deflation --- Aggregate Factor Income Distribution --- Urban, Rural, and Regional Economics: Household Analysis: General --- Consumer price indexes --- Income --- Income inequality --- Household consumption --- Prices --- Personal income --- National accounts --- Price indexes --- Income distribution --- Consumption --- Economics --- Spain

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We investigate the issue of model uncertainty in cross-country growth regressions using Bayesian model averaging (BMA). We find that the posterior probability is distributed among many models, suggesting the superiority of BMA over any single model. Out-of-sample predictive results support that claim. In contrast with Levine and Renelt (1992), our results broadly support the more “optimistic” conclusion of Sala-i-Martin (1997b), namely, that some variables are important regressors for explaining cross-country growth patterns. However, the variables we identify as most useful for growth regression differ substantially from Sala-i-Martin’s results.

Econometrics --- Foreign Exchange --- Economics: General --- Economic Growth and Aggregate Productivity: Other --- Bayesian Analysis: General --- Model Evaluation and Selection --- Education: General --- Informal Economy --- Underground Econom --- Health: General --- Education --- Economics of specific sectors --- Bayesian inference --- Health economics --- Currency --- Foreign exchange --- Informal economy --- Bayesian models --- Health --- Exchange rates --- Informal sector --- Economics --- Econometric models

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This paper assesses whether the level of taxation of motor fuel is broadly appropriate in a group of countries (OECD, BRICs and South Africa) accounting for more than 80 percent of world greenhouse gas emissions. The analysis deals with emissions from oil combustion in transport, which account for about 40 percent of carbon dioxide emissions. In the benchmark specification, six countries (responsible, in turn, for more than 40 percent of worldwide motor-fuel greenhouse gas world emissions) would be undertaxing motor fuel. The authors evaluate the sensitivity of the results to the values of the elasticities and externalities that used in the analysis. They find that varying the values of these parameters (within the level of uncertainty reasonably associated with them) significantly affects the results. This implies that, while informative, the results must be taken as indicative. Further analysis for a particular country must rely on a well-informed choice for the values of the country-specific parameters.

Carbon dioxide --- Carbon dioxide emissions --- Climate change --- Climate Change Economics --- Climate Change Mitigation and Green House Gases --- Costs --- Elasticities --- Energy --- Energy Production and Transportation --- Environment --- Environmental taxes --- Excise tax --- Externalities --- Fuel taxation --- Gasoline --- Gasoline price --- Gasoline prices --- Gasoline taxation --- Greenhouse gas --- Greenhouse gas emissions --- Macroeconomics and Economic Growth --- Motor fuel --- Subsidies --- Tax --- Taxation & Subsidies --- Taxes --- Transport --- Transport Economics Policy & Planning

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It is generally acknowledged that the government’s output is difficult to define and its value is hard to measure. The practical solution, adopted by national accounts systems, is to equate output to input costs. However, several studies estimate significant inefficiencies in government activities (i.e., same output could be achieved with less inputs), implying that inputs are not a good approximation for outputs. If taken seriously, the next logical step is to purge from GDP the fraction of government inputs that is wasted. As differences in the quality of the public sector have a direct impact on citizens’ effective consumption of public and private goods and services, we must take them into account when computing a measure of living standards. We illustrate such a correction computing corrected per capita GDPs on the basis of two studies that estimate efficiency scores for several dimensions of government activities. We show that the correction could be significant, and rankings of living standards could be re-ordered as a result.

Business & Economics --- Economic Theory --- Cost and standard of living. --- Economic development. --- Comfort, Standard of --- Cost of living --- Food, Cost of --- Household expenses --- Living, Cost of --- Living, Standard of --- Standard of living --- Development, Economic --- Economic growth --- Growth, Economic --- Consumption (Economics) --- Home economics --- Households --- Quality of life --- Wealth --- Luxury --- Prices --- Purchasing power --- Wages --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Surveys --- Economic development --- Cost and standard of living --- Gross domestic product --- National income --- Government productivity --- Econometric models --- E-books --- Productivity, Government --- Capital productivity --- Production (Economic theory) --- Public administration --- Net national product --- Flow of funds --- Gross national product --- Income --- Domestic product, Gross --- GDP --- Macroeconomics --- Public Finance --- Measurement and Data on National Income and Product Accounts and Wealth --- Environmental Accounts --- Publicly Provided Goods: General --- Public Administration --- Public Sector Accounting and Audits --- Social Security and Public Pensions --- Health: General --- Public Enterprises --- Public-Private Enterprises --- Education: General --- General Aggregative Models: General --- National Government Expenditures and Health --- Health economics --- Civil service & public sector --- Education --- Public finance & taxation --- Health --- Public sector --- National accounts --- Health care spending --- Economic sectors --- Expenditure --- Finance, Public --- Expenditures, Public --- Cyprus

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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek