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Abstract
This paper examines the behaviour of the Chinese official CPI relative to a market-based index. The empirical results indicate that the official index underestimates the actual inflation rate and that the bias is time-varying. The biasedness of the official index is attributed to covert price rises induced by the presence of price controls and quantity rationing.
1An earlier version of this paper was presented at the conference on china's economy towards 2000 which was held in Melbourne in February 1995. Iam grateful to the participants in this conference for their comments.
1An earlier version of this paper was presented at the conference on china's economy towards 2000 which was held in Melbourne in February 1995. Iam grateful to the participants in this conference for their comments.
Notes
1An earlier version of this paper was presented at the conference on china's economy towards 2000 which was held in Melbourne in February 1995. Iam grateful to the participants in this conference for their comments.
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