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This paper shows that food price inflation varies across rural, urban, and metro counties in the United States. To quantify this disparity, we calculate food price indices using retail scanner data. Our indices suggest that between 2006 and 2020, rural areas had an overall higher food price inflation compared to urban and metro regions, with food price inflation averaging 0.7 percent lower in urban areas and 1.6 percent lower in metro areas. Additionally, we examine shifts in these disparities during key periods. We find that during the Great Recession, these differences were negligible, but in the post-Great Recession years, urban and metro areas consistently had lower food price inflation. However, the onset of the COVID-19 pandemic in 2020 led to a shift, with both urban and metro areas experiencing higher food price inflation, surpassing rural regions. [ABSTRACT FROM AUTHOR]

In micro-level data concerning the housing market, the apartment quality may be signaled via textual statements or the attached descriptions/photos. It may be done using hard information related to the easier-to-measure structural characteristics or soft information related to the apartment condition and design - soft quality. This paper checks whether the choice of the approach to handling the issue of soft quality of apartments influences the properties of hedonic models and the course of hedonic rent indices. The study shows that hedonic models that account for soft quality have better statistical properties than those without soft-quality-related variables. Among them, the models that include the information on quality extracted from descriptions of apartments prove to be the best. Still, considerable differences in the indicated course of hedonic rent indices have not been detected. However, the paper concludes that utilizing information on apartments’ soft quality may be crucial to understanding the market adjustment process to economic shocks. It has been proven that the price reaction of the Poznań (Poland) rental market to the COVID-19 pandemic and the Russian aggression on Ukraine has been diversified in the quality-related market segments.

Copyright of Hitit Journal of Economics & Politics / Hitit Ekonomi ve Politika Dergisi is the property of Hitit Journal of Economics & Politics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In input-output analysis, the Leontief and Ghosh models can be used to determine the price indexes of goods, which is convenient for analyzing inter-industry inflation. Their respective merits are debated, but both provide the same solution. We demonstrate that, contrary to common belief, it is superfluous to use the Leontief or Ghosh model to calculate price indexes: the price index vector alone satisfies the accounting identities without assuming constant coefficients. So, in contrast to the Leontief and Ghosh models, price indexes can be derived 'instantly', without a round-by-round process. Conducting research on price indexes deduce from the Leontief or Ghosh model becomes pointless: it suffices to study price indexes deduced from the data. We illustrate these findings with an application for France 2018. The same is demonstrated for prices with the data given in physical quantities. [ABSTRACT FROM AUTHOR]

Purpose: Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely, gross domestic product (GDP), consumer confidence index (CF), existing stocks (ES), incoming supply (IS) and completed project (CP) on serviced apartment price changes. Design/methodology/approach: To achieve more accurate, quality price changes, a serviced apartment price index (SAPI) was constructed through a self-developed hedonic price index model. This study has collected 1,567 transaction data in Kuala Lumpur, covering 2009Q1–2018Q4 for price index construction and data were analysed using the vector autoregressive model, the vector error correction model and the fully modified ordinary least squares (OLS) (FMOLS). Findings: Results of the regression model show that only GDP, ES and IS were significantly associated with SAPI, with an R2 of 0.7, where both ES and IS have inverse relationships with SAPI. More precisely, it is predicted that the price of serviced apartments will be reduced by 0.56% and 0.21% for every 1% increase in ES and IS, respectively. Practical implications: Therefore, government monitoring of serviced apartments' future supply is crucial by enforcing land use-planning regulations via stricter development approval of serviced apartments to safeguard and achieve more stable property prices. Originality/value: By adopting an innovative approach to estimating the response of price change to supply and demand in a situation where there is no price indicator for serviced apartments, the study addresses the knowledge gap, especially in terms of understanding what are the key determinants of, and to what extent they influence, the SAPI. [ABSTRACT FROM AUTHOR]

Using 1.7 million consumers' purchasing records in Japan, this study constructs two types of price indexes at the consumer level. The first measures the relative price level of each consumer in a given time period (i.e., cross-sectional price-level comparison), while the other captures the change in prices between two different time periods for a given consumer (i.e., individual inflation rate). This study shows that these price indexes do not comove over the life cycle. In particular, older consumers who have retired pay higher prices for identical goods than working-age consumers, while facing the lower inflation rate. This difference in inflation rates stems from the fact that retired consumers tend to adjust their shopping baskets. Life-cycle variation in individual inflation rates is consistent with the argument that older consumers tend to increase the shopping frequency and search for low-priced goods. [ABSTRACT FROM AUTHOR]

This paper examines the critical role of inflation accounting in adjusting financial statements to accurately reflect the impact of inflation on the economy. The primary objectives are twofold: examine the process of restating balance sheets and income statements, emphasizing the limitations inherent in historical cost accounting; and investigate the practical usefulness of price indices in identifying complex changes in the value of monetary and non-monetary assets and liabilities. It uses a systematic analysis of the restatement process, delving into the application of the Constant Purchasing Power Accounting (CPPA) method. The study used Royal Dutch Airlines Company for the years 2018-2019 financial data, including varying different inflation levels. The results of the analysis reveal that indexing revenues under the CPPA method improves liquidity, profitability, and solvency ratios. This improvement is particularly evident in the cash flow statement analysis, where corrections are minimized compared to historical cost accounting. The CPPA method appears to be a powerful solution to the limitations imposed by historical costing in inflationary environments. It is worth noting that the research reveals differences in the practical application of inflation calculations between countries, depending on economic and regulatory factors. This paper calls for continued research efforts to delve deeper into the implications of inflation for different industries, economies and financial reporting frameworks.

In this article, key indicators have been examined for the commercial real estate market in Europe. A comparative analysis has been made of the dynamics of the indicators by countries and cities. The major trends of development of the commercial real estate market in the European Union member countries have been outlined. [ABSTRACT FROM AUTHOR]

[Purpose/Significance] China is a major agricultural country, and the stability of agricultural product prices directly determines the development of China's economy. Developing an agricultural product price index is of great significance for establishing a sound agricultural product price index system, providing participants with a clear understanding of the development status of the agricultural product market, and improving levels for market monitoring and early warning. [Method/Process] Based on the current research results on agricultural product prices and price indices, this study explores the principles of constructing agricultural product price indices, the framework of agricultural product price index system, index classification and grading, calculation models, and weight determination methods, in order to develop a set of agricultural product price index construction methods that are in line with the operational characteristics of agricultural products in the current wholesale market. Based on statistical data and industry research data, an empirical study was conducted on the construction of agricultural product price indices. The five major categories of agricultural product price indices, sub-categories of agricultural product price indices, large variety of agricultural product price indices, and single variety of agricultural product price indices are weighted based on the market volume of each variety of agricultural product during the reporting period of the wholesale market, using the Pap index as the principle, and given weights based on the market volume during the reporting period. The weight of the overall agricultural product price index has been optimized and adjusted, and the model has been constructed using the basis principle of the Laplace index. The weight of major categories of agricultural products such as meat, poultry, eggs, aquatic products, grain and oil, fresh fruits and vegetables is based on per capita agricultural product expenditure data from the Beijing Municipal Bureau of Statistics, while the weight of major categories of agricultural products is based on research data from the Beijing agricultural industry, avoiding the problem of imbalanced weight. [Results/Conclusions] The empirical results indicate that the framework and classification of the agricultural product price index system are reasonable, and the index calculation model and weight determination method are scientific and feasible. This not only enriches and improves the theory and method of constructing the agricultural product price index system, but also provides useful reference for the construction of other circulation chain price indexes of agricultural products, to develop the Beijing agricultural product wholesale price series index. It also plays a positive role in market monitoring and early warning of the operation of the Beijing agricultural product market, enhancing the influence of agricultural product brands, and implementing agricultural insurance.

This article analyzes the impact of the availability of scanner data, resulting from the computerization of retail stores, on the practices of national statistical institutes concerning the construction of price indexes. Notably, it details the methodological shift in the construction of price indexes allowed by the availability of scanner data and analyzes the technical constraints which can explain the (still) current low mobilization of scanner data by national statistical institutes.

In the modern world, consumer preferences and demand for agricultural products are constantly changing. Meeting these demands efficiently and effectively is crucial for the sustainability and profitability of the agricultural sector. That is why it remains important to study the demand for agricultural products and find methods to predict it. The research aims to investigate the main factors that influence the demand for agricultural products. The main methods used in this study were analysis, abstraction, forecasting and modelling. The article examines the level of demand satisfaction, the current situation and opportunities depending on the scale of the market, the volume of goods and services, based on the fact that the satisfaction of consumer demand is one of the current problems in the world. The relationship between the development of agriculture and meeting the demand for food products and solving the problem of starvation was emphasized. Factors affecting consumer demand in agriculture – consumption costs, number of consumers, gross agricultural product, consumer price index, consumer incomes were analysed. On the basis of econometric analysis, the dependence between the optimization of consumer demand and the indicators related to it was determined. Using multi-factor linear correlation and multi-factor linear regression models, were described the level of actual and regression model consumption costs, as well as the forecast for the next years. The study contributes new knowledge to assess the level of demand for agricultural products

For two years in a row, the economy of Georgia has undoubtedly achieved good results in various directions of the national economy. The country has achieved double-digit economic growth, the volume of investments is increasing, the tourism sector has regained the positions lost due to the coronavirus and their number is increasing, and the GEL is strengthening intensively. The support of the Western partners is great in this. There is no alternative to European orientation for Georgia, but we must go through this path with as few losses as possible and efficiently. Against the background of the difficult situation created in the world, the increased risks, the Russia-Ukraine war, the stable economic growth of Georgia is clearly outstanding and provides a basis for solid optimism. At the same time, the strengthening of the lari in the recent period helped to slow down the inflation of imported goods. However, although the growth rate of nominal wages has increased recently, the total productivity has the dynamics of recovery, which means that at this stage there is no significant pressure on inflation from the labor market. The aggression shown by Russia towards Ukraine and the start of hostilities in the region have a significant impact on the economy of Georgia. The war started by Russia against Ukraine gave rise to new risks, in particular, the sanctions and supply restrictions imposed on Russia due to the hostilities significantly increased the prices of certain categories of goods on the world markets. Consequently, inflation has increased significantly in both developed and developing economies. The harmful influence of the Kremlin at the international level includes many aspects, in which, along with military and political, economic and informational directions are no less important. In the background of the aggressive invasion of the Russian Federation in Ukraine in February 2022 and the unprecedented package of sanctions imposed after the war, the economic aspect has acquired special importance. Among the relations between Russia and Europe, the energy issues came forward with particular intensity. In the recent period, significant positive changes have been made in the economic growth of Georgia, and in these positive changes, construction, financial and insurance activities, transport and warehousing and trade sectors. A special contribution was made by the field of foreign trade. According to him, trends in foreign trade and tourism contributed to economic growth. In particular, in the month of March 2023, we have an approximately 33 percent increase in exports. Georgia is convincingly increasing its export figures, although the country has better utilized its neighbors and is less represented in the western markets. Besides, a large share in the statistics is re-export, i.e. products imported from other countries and then exported from there. Compared to the previous years, the recent growth is in the direction of net exports, but the economics of these indicators show that more can be done in this direction. In January-March of this year, the volume of goods exported from Georgia amounted to $1.5 billion, which is 24.7% more than the corresponding period last year. Local exports (exports without re-exports) make up 52.4% of total exports. This indicator decreased by 13.5% compared to the corresponding period of the previous year and equaled $766.3 million. Along with net exports, the growth of re-exports is also important, because at this time Georgia leaves the role and impression of a reliable partner. Exports have increased, although the indicator has increased mainly at the expense of re-exports. Increasing re-exports means that our trade partners, harmless and not so direct land neighbors, show a certain interest and, most importantly, trust in Georgia. In this regard, our country leaves the role and impression of a reliable partner. Georgia is more actively represented in the neighborhood than in Western countries. Western markets mean EU and America. Of course, we have growth in this direction, but it is desirable to be represented in these markets with higher figures, because they are characterized by a fairly high purchasing power and payment capacity. This requires high quality, safety and price. Net exports, which are very important for the country, have declined relatively, although the figure is better than in previous periods. Local exports make up 54.3 percent of total exports. The mentioned indicator decreased by 10.6% compared to the corresponding period of the previous year and equaled 497.2 million US dollars. -We expect that the positive trend in terms of economic growth will continue in the coming period as well, and we will be able to ensure higher economic growth than was predicted at the beginning of the year, including by international financial institutions. The positive trends and high economic growth observed in the Georgian economy clearly indicate that despite external shocks, geopolitical tensions and challenges, the Georgian economy maintains its stability.

The war in Ukraine in 2022 significantly shook not only the Ukrainian economy, but also left a negative impression on the whole world. An increase in the level of hunger, a jump in prices, the introduction of restrictions on supplies, a change in approaches to foreign economic activity – similar headlines can be found more and more often, which indicates an increased interest and the need to analyze the impact of Ukraine on the dynamics of consumer goods prices in the world. Moreover, this war is the largest full-scale war in Europe since the Second World War. The work analyzed Ukraine's position on consumer goods markets, divided into 3 periods, for each of which the structure of export and import, their dynamics, and key features of Ukraine's foreign economic activity at that time were characterized. To visualize data on the dynamics of prices for consumer goods in the world, the Global Food Prices Database dataset was processed, followed by the creation of consolidated tables and construction of histograms with grouping, which revealed the main trends in price changes for the main categories of products. A dataset of 105 countries was also created and processed, with their distribution into the main world regions: Asia-Pacific and Central Asia, Sub-Saharan Africa, Middle East and North Africa, Latin America and the Caribbean, Europe and North America. Self-organizing maps and clustering models made it possible to identify 5 clusters, each of which corresponds to a set of countries with similar characteristics regarding the impact of the war in Ukraine on these countries. Four quantitative variables were used for clustering: average salary, GDP per capita, price index, % of imports from Ukraine.

The consumer price of food products is an important economic factor that significantly affects the level of food consumption. In this paper it is analysed the development of consumption and prices of selected types of meat in the Slovak Republic in the period 2012 - 2021, specifically pork, beef, and poultry. The basic hypothesis in examining the impact of price changes on consumption was the claim that an increase in the price of a particular meat will be reflected in a decrease in its consumption. Analysed data proved that Slovak consumers prefer pork and poultry to beef. The average Slovak household spends about 30% of total food expenditure on meat. In Slovak households the development of the share of expenditure on food, beverages and tobacco in total household expenditure showed an increasing trend. Slovak households spent 23.79% of their total expenditure on food in 2021, which was 27.02 percentage points (p.p.) more than in 2012. Poultry meat contributed the most to the increase in consumption, which since 2012 has recorded an average year-on-year increase in consumption of 106.02 p.p., beef with an average year-on-year increase in consumption of 105.1 p.p., and pork 102.69 p.p. The consumption of these three main types of meat increased by 37.52% from 2012 to 2021. Based on the development on the meat market in the current period, it can be assumed that inhabitants will prefer fine types of meat, while the price relationships of individual types continue to play an important role.

Copyright of Journal of Finance Letters / Maliye Finans Yazıları Dergisi is the property of Maliye Finans Yazilari Yayimcilik Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

[Purpose/Significance] China is a major agricultural country, and the stability of agricultural product prices directly determines the development of China's economy. Developing an agricultural product price index is of great significance for establishing a sound agricultural product price index system, providing participants with a clear understanding of the development status of the agricultural product market, and improving levels for market monitoring and early warning. [Method/Process] Based on the current research results on agricultural product prices and price indices, this study explores the principles of constructing agricultural product price indices, the framework of agricultural product price index system, index classification and grading, calculation models, and weight determination methods, in order to develop a set of agricultural product price index construction methods that are in line with the operational characteristics of agricultural products in the current wholesale market. Based on statistical data and industry research data, an empirical study was conducted on the construction of agricultural product price indices. The five major categories of agricultural product price indices, sub-categories of agricultural product price indices, large variety of agricultural product price indices, and single variety of agricultural product price indices are weighted based on the market volume of each variety of agricultural product during the reporting period of the wholesale market, using the Pap index as the principle, and given weights based on the market volume during the reporting period. The weight of the overall agricultural product price index has been optimized and adjusted, and the model has been constructed using the basis principle of the Laplace index. The weight of major categories of agricultural products such as meat, poultry, eggs, aquatic products, grain and oil, fresh fruits and vegetables is based on per capita agricultural product expenditure data from the Beijing Municipal Bureau of Statistics, while the weight of major categories of agricultural products is based on research data from the Beijing agricultural industry, avoiding the problem of imbalanced weight. [Results/Conclusions] The empirical results indicate that the framework and classification of the agricultural product price index system are reasonable, and the index calculation model and weight determination method are scientific and feasible. This not only enriches and improves the theory and method of constructing the agricultural product price index system, but also provides useful reference for the construction of other circulation chain price indexes of agricultural products, to develop the Beijing agricultural product wholesale price series index. It also plays a positive role in market monitoring and early warning of the operation of the Beijing agricultural product market, enhancing the influence of agricultural product brands, and implementing agricultural insurance. [ABSTRACT FROM AUTHOR]

This paper revisits the New Keynesian framework, theoretically and quantitatively, in an economy with multiple sectors and input‐output linkages. Analytical expressions for the Phillips curve and welfare, derived as a function of primitives, show that the slope of all sectoral and aggregate Phillips curves is decreasing in intermediate input shares, while productivity fluctuations endogenously generate an inflation‐output tradeoff—except when inflation is measured according to the novel divine coincidence index. Consistent with the theory, the divine coincidence index provides a better fit in Phillips curve regressions than consumer prices. Monetary policy can no longer achieve the first‐best, resulting in a welfare loss of 2.9% of per‐period GDP under the constrained‐optimal policy, which increases to 3.8% when targeting consumer inflation. The constrained‐optimal policy must tolerate relative price distortions across firms and sectors in order to stabilize the output gap, and it can be implemented via a Taylor rule that targets the divine coincidence index. [ABSTRACT FROM AUTHOR]

In connection with the current trends in the agro-industrial conjuncture, it is becoming increasingly urgent to solve the problem of ensuring the economic security of the state, the financial and economic recovery of industry-forming enterprises and the welfare of the population. Taking into account the high interest in the transformation of food markets, the object of this study was the internal management strategies of large agro-industrial companies. The subject of the study is the mechanism of food pricing by regulating the value chain in agricultural holdings of the full production cycle (having a vertically integrated organization of the operational and production process). The article provides an analysis of changes in the price index for socially significant food products for the period 2020–2021 and its impact on the cost of a minimum set of food products, which is considered an important indicator of the standard of living of the population and in the current situation accounts for an excessively high proportion of the average income of citizens. To solve the identified problems and ensure a high level of food security, a mechanism for managing the development strategy of vertically integrated agro-industrial companies is proposed as a way to achieve the minimum cost of finished products and rational management of its creation chain. Due to the closed production cycle, agro-industrial companies offset the negative impact of external factors on pricing, and are also more independent of suppliers of raw materials and in matters of the organization of operational activities. The practical significance of the research is to develop and substantiate ways to reduce social tension and provide the population with socially significant, high-quality and affordable food by reducing the cost of producing agro-industrial products while creating and developing a vertically integrated organization of the production process.

A global threat to food supplies has emerged in the wake of the Russia-Ukraine war. A number of developing countries are already pointing to shortages of basic consumer goods such as wheat, corn, buckwheat, sunflower. Food supply risks are significantly linked to and exacerbate global inflation, which began in the second half of 2021 amid a pandemic and is already approaching double-digit levels even in developed economies. Annual growth in consumer price indices last month was 8% in the US, the Eurozone, the UK and other developed economies, and as output price indices range in the 10-20% range, inflation is not expected to slow in the near future. This phenomenon is known as supply-side inflation and poses an additional challenge not only to economic policy makers, but also primarily to producers and consumers. The developments due to the Russia-Ukraine war and the sanctioning of Russia have significantly increased the demand for the Georgian corridor, which is both an opportunity and a challenge. Amid rising inflation risks, monetary policy is in a tightened phase as a result of the gradual increase in the monetary policy rate over the past year. The National Bank of Georgia is expected to tighten monetary policy until the risks to rising inflation expectations are sufficiently mitigated. The double-digit economic growth achieved by Georgia recently is significant. In the first quarter of this year, Georgia's economic growth amounted to 14.4%. Our country has dealt with the challenges with dignity, has maintained the stability and development of the economy in the light of current events in the world. It is noteworthy that according to the International Monetary Fund, the Ukrainian economy is expected to shrink by 44% and the Russian economy by 13%. In our neighboring countries, the economic growth rate is a single digit. The data against the background of those hostilities unequivocally confirm, on the one hand, the resilience of the Georgian economy to the increased negative exogenous political and economic factors, on the other hand, the growing diversification of the national economy and the more active involvement of Georgian business in the global economy. Russia's aggression against Ukraine and the start of hostilities in the region have a significant impact on the Georgian economy. Increased inflation and inflationary risks remain a recent global challenge. While 2022 was considered a period of global inflation, Russia's war against Ukraine posed new risks, in particular sanctions against Russia over hostilities and restrictions on supplies, which significantly increased the prices of certain categories of goods on world markets. Consequently, in both developed and emerging economies, inflation has risen significantly. After the battles that have developed in neighboring countries, there is a possibility of attracting 16-20 million tons of cargo, and if Georgia is able to absorb at least 60%, the country will transit 10-12 million tons of cargo. An example of this is Kazakhstan, which has developed alternative routes according to which it is possible to load the Baku-Tbilisi-Ceyhan pipeline with maximum capacity. In order to further popularize Georgia's transport corridor, it is necessary to have a more coordinated work of the public as well as the private sector. The situation in the region allows us to predict a significant increase in cargo turnover. Therefore, the Ministry of Economy and Sustainable Development together with the Maritime Transport Agency, the Department of Roads, JSC "Georgian Railway" need to take care of further popularization of the Georgian corridor and development of infrastructure to ensure timely and safe transportation of cargo; Inflation is rising around the world, even before the Russia-Ukraine war. Supply - mismatch of demand, rising prices of goods (fuel and food) stimulate growth in inflation since the beginning of 2021. That is why the Central Bank of Georgia should be more vigilant now, because long-standing high inflation can have quite high costs and therefore the monetary authority may have to react more strongly; It is necessary for the country to accelerate its integration with the European Union and take effective steps to improve the investment environment in response to socio-economic challenges. It is important to establish strict monitoring of the free movement of capital in relation to the aggressor country and appropriate restrictions in response to existing threats. The National Bank of Georgia should continuously monitor the current economic processes and financial markets and use all the tools at its disposal to ensure price stability; Despite the Russia-Ukraine war, Georgia's financial sector must remain resilient and respond adequately to this challenge.

This study introduces the most important energy trends and global food systems, as well as the relationship between the human development index (HDI) and energy supply and the relationship between energy prices and food prices. Based on seven important indicators as variables in 18 relevant countries worldwide, before and after the pandemic, with the help of cluster analysis and comparative analysis, five different primary energy clusters were created and analyzed. Our results prove the high volatility of the composition of these clusters within a short period. Another important finding is that renewable energy sources (RES) are probably not viable options for the largest (developed and developing) countries in the short term. The human development index and food production per capita are the lowest in the renewable energy cluster and the highest in countries dominated by nuclear energy and oil with typically the highest GDP, since they are able to finance the price hike in both food and energy markets. Generally, it can be stated that although there is a relationship between the measured indicators, it is not constant in all cases. Our results and methodology may be a good basis for further research to examine the relationship between the most important relevant indicators in different countries, as well as the effect of a global crisis on strengthening food and energy security. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Central European Agriculture is the property of Journal of Central European Agriculture and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study analyzed the market price dynamics of farmed fish using a price index in Turkey. A specific "Price Index" incorporating the leading aquaculture species produced by Turkish aquaculture, has been calculated for a five-year period spanning from 2016 to 2020. The empirical analysis is based on 60-month price and quantity data of chosen aquaculture species traded in a major wholesale fish market. Calculated prize index clearly indicates the noticeable effects of unusual economic and market dynamics on farmed fish prices. The significant increase in prices of agricultural inputs including aquafeed, electricity, fuel, maintenance of materials, and maintenance of buildings, as well as the impact of the Covid-19 pandemic in 2020, are the major factors influencing upward changes in price index. The "Turkish Aquaculture Price Index" is a practical tool that uses numerical expressions to reflect the periodic increase or decrease in the price of the aquaculture product commodity and makes significant contributions to understanding the price patterns and factors that have a cointegrated relation with the price changes in aquaculture market. [ABSTRACT FROM AUTHOR]

We study the events alleged in recent Norwegian salmon industry antitrust cases to explore the relationship between vertical integration, public price indexes, and collusion. The salmon market provides an intriguing opportunity to study these issues, as there was a vertical merger followed by a reformulation of the methodology by which prices were reported for a new price index. We explore whether the confluence of the merger and the creation of the Nasdaq price index is associated with evidence consistent with collusion. JEL codes : L13, L41, L42, Q22 [ABSTRACT FROM AUTHOR]

Hydrogen will be an important part of China's energy system in the future and an important carrier for energy-using terminals to realize green and low-carbon transformation. It is important to establish a nationwide hydrogen market to promote the healthy and orderly development of the hydrogen industry chain. The core is to form a complete hydrogen price mechanism and play a decisive role in the process of resource allocation by the market. In this paper, we have developed the framework of the 'China Hydrogen Price Index' system by establishing the 'Assessment + Collection' model, which covers four types of hydrogen: hydrogen, clean hydrogen, renewable hydrogen and high-purity hydrogen. The model considers the raw materials required for hydrogen production, fixed equipment, engineering construction costs and carbon prices, and conducts sensitivity analysis on the trends and influencing factors of national and regional hydrogen prices of multiple categories since 2018. The results show that, with respect to the level of hydrogen prices, fossil-energy-rich and renewable-energy-rich areas have more advantages than other regions. The price of raw materials is the main factor of the hydrogen price change, and the utilization hours of renewable energy and hydrogen production equipment have a key influence on the price of renewable hydrogen. Next, by establishing an index update mechanism, improving the standard system and building a trading platform, we can further exert the role of price signals and continue to promote the efficient and smooth expansion of the domestic hydrogen market. [ABSTRACT FROM AUTHOR]

Economic supply shocks and fiscal expansion coupled with monetary expansion are suspected causes of the rise in inflation that we observe in most of the developed and developing economies today. In this paper we look at the effect of the government budget deficit(surplus) or fiscal policy stance, and quantitative easing on inflation while controlling for economic shocks using the method of cointegration as we find data series in our model to be integrated of order one and having support of one cointegrating equation between the variables. Our analysis is performed using Federal Reserve monthly data from 1994 to 2022 using Two-Step Engle-Granger (1987) method and Fully Modified OLS by Phillips and Hansen (1990). We compare these models to Auto Regressive Distributed Lag model of Pesaran and Shin (1998) which allows for analysis irrespective of the order of integration to provide for more robustness regarding the estimated relationships in cases of misspecification of stationary properties in our time series. Both cointegrating models lend support to the initial postulated relationship where expansionary fiscal policy has significant positive impact on the price level during the long run but also enhances the effect of the Quantitative Easing on the price level as the interaction term between these variables is significant, indicating that during the periods of expansionary fiscal policy, expansionary monetary policy through Quantitative easing has bigger effect. Our analysis is performed controlling for effect of economic shocks and price of real exchange rate on the price level. Stability of the cointegration model tests reveal presence of structural breaks which when included in the cointegrating equation change the importance of the impact that fiscal stance has on inflation and reveal that inflation is mainly result of the expansion in central bank assets after 2008, which coincides with period of unconventional monetary policy. [ABSTRACT FROM AUTHOR]

In the nineties of the last century, researchers have applied several indicators to study reference literature of scientific articles. Glänzel and Schoepflin (1999) was the first time to capture and understand the subject characteristics in terms of structure and ageing of cited literature in the sciences and social sciences. Following and extending the pioneer study two decades ago, the present study focuses on how to build efficient instruments for the measurement of relevant aspects related to the 'hardness' of science. Apart from the observed general shift towards the use of more recent and indexed literature, the need of more than one single indicator is also detected in this study. [ABSTRACT FROM AUTHOR]

The main attention in the article is given to the development of the method of nodal transformation of the pricing process in the electricity market. The sequence of implementation of the main constructive stages of its development and further use is given, such as: descriptions of the pricing process; formalization of the pricing process; development of computational procedures for building a simulation model of the pricing process. A distinctive feature of this method from the known and described in the scientific literature is the direct connection of the dynamic energy flow at all stages of the technological process of production, transmission and distribution of electricity with the economic flow. The computational procedures of the method are implemented using the discrete-event approach. The method is designed to build a simulation model of the pricing process in the electricity market, which along with a system of short-term price forecasting models in different market segments, becomes the key in the information and methodological support of multi-agent environment for the market agents interaction. References 13, figures 2. [ABSTRACT FROM AUTHOR]

Copyright of Agricultural Outlook (1673-3908) is the property of Institute of Agricultural Information, Chinese Academy of Agricultural Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Agricultural Outlook (1673-3908) is the property of Institute of Agricultural Information, Chinese Academy of Agricultural Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study introduces the most important energy trends and global food systems, as well as the relationship between the human development index (HDI) and energy supply and the relationship between energy prices and food prices. Based on seven important indicators as variables in 18 relevant countries worldwide, before and after the pandemic, with the help of cluster analysis and comparative analysis, five different primary energy clusters were created and analyzed. Our results prove the high volatility of the composition of these clusters within a short period. Another important finding is that renewable energy sources (RES) are probably not viable options for the largest (developed and developing) countries in the short term. The human development index and food production per capita are the lowest in the renewable energy cluster and the highest in countries dominated by nuclear energy and oil with typically the highest GDP, since they are able to finance the price hike in both food and energy markets. Generally, it can be stated that although there is a relationship between the measured indicators, it is not constant in all cases. Our results and methodology may be a good basis for further research to examine the relationship between the most important relevant indicators in different countries, as well as the effect of a global crisis on strengthening food and energy security.

A large economics literature has debated the best formula to estimate a cost‐of‐living index (COLI). This study shows that formula does not matter for many purposes for an index chained at a monthly frequency once chain drift has been removed. Spurious chain drift is removed with a new method revealing the large majority of the difference between the CPI‐U and the C‐CPI‐U (a COLI) is due to the CPI‐U weights effectively chaining at the biennial frequency, rather than the difference in formula assumptions. This sufficiently justifies the C‐CPI‐U and similar chained indexes while also showing their assumptions are not critical. [ABSTRACT FROM AUTHOR]

This paper compares conditional and unconditional cost-of-living indexes (COLI) when tastes change, focusing on the Constant Elasticity of Substitution model. A consumer price index typically targets a conditional COLI, which evaluates price change given set of preferences. An unconditional COLI aims to also capture the welfare effects of changing tastes, but it requires stronger assumptions. Using retail scanner data for food and beverage products, I find COLIs conditioning on current period tastes exceed those conditioning on prior period tastes. Consistent with previous studies, I find an unconditional COLI tends to reflect negative direct contributions from taste change. [ABSTRACT FROM AUTHOR]

Diewert and Fox (2022) examine various implications of the 2020 COVID-19 pandemic for constructing consumer price indexes. The authors state that the pandemic caused major changes in consumption expenditures and shares which makes fixed basket index number formulae inapplicable. They emphasize the need for more frequent surveys of consumer expenditure which will enable compilation of the Fisher index which is considered superior to the traditional Laspeyres or Young indexes. In addition, Diewert and Fox discuss the use of various "new" technologies such as web scraping, scanner data, and information from transactions through credit cards to estimate consumption expenditure. [ABSTRACT FROM AUTHOR]

We investigate the prices and quantities of face masks when the 2020 COVID-19 pandemic was particularly serious to understand the impact of demand shocks on the cost of living index (COLI). Using a recently developed index number formula that is exact for the constant elasticity of substitution utility function with variable preferences, we quantified the degree of demand shock caused by the pandemic. Our empirical analysis revealed that shifts in preferences during the pandemic were so large that the COLI with variable tastes became very different from the standard superlative indexes. While the prices of face masks decreased in the Fisher index in May 2020 by 0.76% per week, the COLI increased by 1.92% per week. [ABSTRACT FROM AUTHOR]

In recent years, there has been much interest among national statistical agencies in using web-scraped data in consumer price indices, potentially supplementing or replacing manually collected price quotes. Yet one challenge that has received very little attention to date is the estimation of expenditure weights in the absence of quantity information, which would enable the construction of weighted item-level price indices. In this article we propose the novel approach of predicting sales quantities from their ranks (for example, when products are sorted 'by popularity' on consumer websites) via appropriate statistical distributions. Using historical transactional data supplied by a UK retailer for two consumer items, we assessed the out-of-sample accuracy of the Pareto, log-normal and truncated log-normal distributions, finding that the last of these resulted in an index series that most closely approximated an expenditure-weighted benchmark. Our results demonstrate the value of supplementing web-scraped price quotes with a simple set of retailer-supplied summary statistics relating to quantities, allowing statistical agencies to realise the benefits of freely available internet data whilst placing minimal burden on retailers. However, further research would need to be undertaken before the approach could be implemented in the compilation of official price indices. [ABSTRACT FROM AUTHOR]

This article finds that the shift from buying music as a physical product towards subscribing to music services implies an unmeasured decrease of 85% in the price paid per song. Traditionally, price indexes have focused on tangible prices on CDs. These price indexes have partly become obsolete as more of the consumption of music is streamed. However, the price indexes for streamed music still do not capture the price paid per song. We estimate that the shift from buying CDs to streaming music online generates a price decrease of 85% per song. This implies that in 2019 the global quality-adjusted value from streamed music was $76 billion compared to current revenues of $11 billion. Thus, the shift from consuming music in physical form towards subscribing to music services creates an enormous consumer surplus that is not recorded in GDP. [ABSTRACT FROM AUTHOR]

More than two decades ago, a well‐known study on heart attack treatments provided evidence suggesting that, when appropriately adjusted for quality, medical care prices were actually declining (Cutler, McClellan, Newhouse, and Remler (1998)). Our paper revisits this subject by leveraging estimates from more than 8000 cost‐effectiveness studies across a broad range of conditions and treatments. We find large quality‐adjusted price declines associated with treatment innovations. To incorporate these quality‐adjusted indexes into an aggregate measure of inflation, we combine an unadjusted medical‐care price index, quality‐adjusted price indexes from treatment innovations, and proxies for the diffusion rate of new technologies. In contrast to official statistics that suggest medical care prices increased by 0.53 percent per year relative to economy‐wide inflation from 2000 to 2017, we find that quality‐adjusted medical care prices declined by 1.33 percent per year over the same period. [ABSTRACT FROM AUTHOR]

The disruption of natural disasters in agriculture is often seen to have influenced price indices to some extent over a certain period, especially in a relatively isolationist, predominantly agricultural economy such as ancient China. Here we use the information about historical disasters kept in Qing History - Treatise on Famine and Relief and the price indices for each year from 1644 to 1911, exploring the correlation between natural disasters and price indices. We next discuss the other factors that have an impact on the price index to reveal the dynamics of the influence of natural disasters on the price index. Results show that there is a weak correlation between natural disasters and price indices in general, but we find a strong correlation over a long time, and the correlation coefficient rises somewhat in the early Qing, and then decreases with time. We further show that factors such as production capacity, foreign trade and silver flows also had an impact on the price indices no less than natural disasters, and it is clear that the impact of these factors caused the correlation coefficient to change over time. [ABSTRACT FROM AUTHOR]