From correlation to dispersion: geometry of the price-value deviation

被引：5
|
作者：
Diaz, Emilio [1 ]
Osuna, Ruben [2 ]
机构：
[1] Univ Seville, Dept Appl Econ, Seville 41018, Spain
[2] Univ Nacl Educ Distancia, Dept Econ Anal, Madrid 28040, Spain
来源：
EMPIRICAL ECONOMICS | 2009年 / 36卷 / 02期
关键词：
Equilibrium prices; Price-value deviation; Indeterminacy; Geometry of least squares; LABOR VALUES; ROBUST CORRELATIONS; ECONOMY; STATISTICS;
D O I：
10.1007/s00181-008-0203-4
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper deals with the problem of measuring the deviation between different vectors of prices. We analyse both conditional and unconditional measures of the price-to-price deviation by using the geometry of least squares as an auxiliary tool. We discuss two fundamental types of measure: the correlation between two different sets of prices, and the dispersion in a set of ratios between pairs of prices. We show that none of these measures can be used to estimate the actual degree of disequilibrium in a real system of prices, due to a problem related to the selection of measurement units.
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页码：427 / 440
页数：14
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