TY - BOOK ID - 84540333 TI - Index Number Biases During Price Liberalization PY - 1991 SN - 146238126X 1455275735 1281397350 1455207004 9786613780096 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Inflation KW - Macroeconomics KW - Money and Monetary Policy KW - Economics: General KW - Index Numbers and Aggregation KW - leading indicators KW - Socialist Systems and Transitional Economies: National Income, Product, and Expenditure KW - Money KW - Price Level KW - Deflation KW - Informal Economy KW - Underground Econom KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Economics of specific sectors KW - Monetary economics KW - Informal economy KW - Price indexes KW - Price controls KW - Monetary base KW - Economic sectors KW - Prices KW - Informal sector KW - Economics KW - Government policy KW - Money supply KW - Russian Federation UR - https://www.unicat.be/uniCat?func=search&query=sysid:84540333 AB - When a formerly centrally-planned economy frees prices and allows or compels producers to respond to market signals, conventional measures tend to severely overstate short–run output decline and inflation. In part the overstatement stems from neglect of private sector activity, or from belated recognition of inflation previously disguised as quality improvements. Even when individual prices and outputs are correctly measured, however, shifts in relative prices consequent to price decontrol create a serious aggregation problem. Moreover, the standard indices ignore the deflationary trends in black markets. Superior growth and inflation indices are devised using a combination of official and black market prices. ER -