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

被引：0
|
作者：
Emilio Díaz
Rubén Osuna
机构：
[1] University of Seville,Department of Applied Economics
[2] UNED,Department of Economic Analysis
来源：
Empirical Economics | 2009年 / 36卷
关键词：
Equilibrium prices; Price-value deviation; Indeterminacy; Geometry of least squares; C21; C53; C52; D46;
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学科分类号：
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：13
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