- 11 July 2016
- STATISTICS PAPER SERIES - No. 14Details
- Integrated quarterly sector accounts (QSA) provide an analytical tool to understand the generation, allocation and use of income for all institutional sectors in the economy. They also provide a tool to analyse production from a sectoral point of view instead of an industry point of view. However, since QSA are published in current prices only, sectoral volume and price measures are lacking as an important toolkit for economic analysis and forecasting, notably in the case of gross value added. This paper introduces a methodology to estimate sectoral price and volume measures for euro area value added at a quarterly frequency and provides a comparison of alternative estimation methods. It presents a benchmark method which yields robust estimates of sectoral volumes and prices in the euro area.
- JEL Code
- C33 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Panel Data Models, Spatio-temporal Models
C82 : Mathematical and Quantitative Methods→Data Collection and Data Estimation Methodology, Computer Programs→Methodology for Collecting, Estimating, and Organizing Macroeconomic Data, Data Access
E01 : Macroeconomics and Monetary Economics→General→Measurement and Data on National Income and Product Accounts and Wealth, Environmental Accounts
E30 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→General
- 3 February 2021
- STATISTICS PAPER SERIES - No. 40Chain linking over December and methodological changes in the HICP: view from a central bank perspectiveDetails
- Consumer price inflation, as measured by the year-on-year increase in the Harmonised Index of Consumer Prices (HICP), is used by the European Central Bank (ECB) for assessing its monetary policy. The European Statistical System regularly introduces methodological improvements into this chain-linked price index in the linking month (December). If the outcome of such changes is a new series with a very different profile in December – either due to changed seasonality or one-off (sampling) effects – significant statistical distortions may arise when the new index series is chain-linked to the existing series. This paper explains the mechanism behind statistical distortions due to chain linking and provides some recent examples from European price statistics. Several alternative chain-linking practices, as well as recommendations for data users on how to deal with such statistical breaks in the HICP, are presented.
- JEL Code
- C43 : Mathematical and Quantitative Methods→Econometric and Statistical Methods: Special Topics→Index Numbers and Aggregation
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation