The Average Earnings Index
Chambers, Ray, Weale, Martin and Youll, Robin (2000) The Average Earnings Index. The Economic Journal, 110, (461), 100-121. (doi:10.1111/1468-0297.00509).
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Survey data are widely used to provide indicators of economic activity ahead of the publication of offcial data. This paper proposes an indicator based on a theoretically consistent procedure or quantifying firm-level survey responses that are ordered and categorical. Firms' survey responses are assumed to be triggered by a latent continuous random variable as it crosses thresholds.
Breaking tradition these thresholds are not assumed time invariant. An application to firm-level survey data from the Confederation of British Industry shows that the proposed indicator of manufacturing output growth outperforms traditional indicators that assume timeinvariant thresholds.
|Subjects:||H Social Sciences > HB Economic Theory
H Social Sciences > HA Statistics
|Divisions:||University Structure - Pre August 2011 > School of Social Sciences > Social Statistics
|Date Deposited:||26 Jul 2006|
|Last Modified:||06 Aug 2015 02:31|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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