01739cas a2200241 a 4500 AALejournalIMF002758 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451849776 1018-5941 BD-DhAAL BD-DhAAL Osband, Kent. Index Number Biases During Price Liberalization / Kent Osband. Washington, D.C. : International Monetary Fund, 1991. 1 online resource (33 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1991/076 Full text available on IMF http://elibrary.imf.org/view/journals/001/1991/076/001.1991.issue-076-en.xml IMF e-Library