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- Chained_volume_series abstract "A chained volume series is a series of economic data (such as GDP, GNP or similar kinds of data) from successive years, put in real (or constant, i.e., inflation- and deflation-adjusted) terms by computing the production volume for each year in the prices of the preceding year, and then 'chain linking' the data together to obtain a time-series of production figures from which the effects of price changes (i.e., monetary inflation or deflation) have, at least in theory, been removed. In other words, from the raw GDP or GNP data, which reflect changes in both production volume and prices, a series is obtained which reflects only production volume.The year-by-year chain linking method differs from some other techniques for compensating for monetary inflation and deflation that are used in economics, such as the consumer price index. The consumer price index uses the observed price of a set 'market basket' of goods and services in any two given years to determine the relative prices in those two years; it does not rely on a cumulative accounting of changes in the intervening years. The consumer price index is thus an example of a fixed-weight compensation method; fixed weight methods relate prices in all years to some single base year. The problem is that the compensation factor derived from any index depends on the weights given to the various items in the market-basket — or the proportions of each item in whatever aggregate amount is being looked at — and the weights that were correct for one time may not be correct for other times. For example, in 1850 the price of horse-fodder would have been an important component of overall price levels, but now it is not. If one is comparing 1850 price levels to present ones, then, the question arises, what weight to give to horse-fodder? It is difficult to know. The chain linking method attempts to avoid this conundrum by never making large leaps in time. The United Kingdom presently uses chain linking to put its national accounts aggregates (e.g., GDP, GNP) in constant-price terms. From the GDP figures thus obtained can be derived an implicit GDP deflator which gives a good indication of inflation or deflation in the economy as a whole.The United States switched to using chained volume series in 1996 as its featured method of putting GDP in constant-price terms. Before that it had used the Laspeyres index, a fixed-weight method.".
- Chained_volume_series wikiPageID "24929135".
- Chained_volume_series wikiPageLength "3336".
- Chained_volume_series wikiPageOutDegree "9".
- Chained_volume_series wikiPageRevisionID "659737229".
- Chained_volume_series wikiPageWikiLink Category:Index_numbers.
- Chained_volume_series wikiPageWikiLink Category:National_accounts.
- Chained_volume_series wikiPageWikiLink Chain_linking.
- Chained_volume_series wikiPageWikiLink Consumer_price_index.
- Chained_volume_series wikiPageWikiLink Gross_Domestic_Product.
- Chained_volume_series wikiPageWikiLink Gross_National_Product.
- Chained_volume_series wikiPageWikiLink Gross_domestic_product.
- Chained_volume_series wikiPageWikiLink Gross_national_product.
- Chained_volume_series wikiPageWikiLink Laspeyres_index.
- Chained_volume_series wikiPageWikiLink Price_index.
- Chained_volume_series wikiPageWikiLink United_Kingdom.
- Chained_volume_series wikiPageWikiLink United_States.
- Chained_volume_series wikiPageWikiLinkText "Chained volume series".
- Chained_volume_series wikiPageWikiLinkText "chained volume series".
- Chained_volume_series hasPhotoCollection Chained_volume_series.
- Chained_volume_series wikiPageUsesTemplate Template:Cleanup.
- Chained_volume_series subject Category:Index_numbers.
- Chained_volume_series subject Category:National_accounts.
- Chained_volume_series hypernym Series.
- Chained_volume_series type Article.
- Chained_volume_series type TelevisionShow.
- Chained_volume_series type Type.
- Chained_volume_series type Article.
- Chained_volume_series type Datum.
- Chained_volume_series type Page.
- Chained_volume_series type Type.
- Chained_volume_series comment "A chained volume series is a series of economic data (such as GDP, GNP or similar kinds of data) from successive years, put in real (or constant, i.e., inflation- and deflation-adjusted) terms by computing the production volume for each year in the prices of the preceding year, and then 'chain linking' the data together to obtain a time-series of production figures from which the effects of price changes (i.e., monetary inflation or deflation) have, at least in theory, been removed.".
- Chained_volume_series label "Chained volume series".
- Chained_volume_series sameAs m.09gff6w.
- Chained_volume_series sameAs Q5067985.
- Chained_volume_series sameAs Q5067985.
- Chained_volume_series wasDerivedFrom Chained_volume_series?oldid=659737229.
- Chained_volume_series isPrimaryTopicOf Chained_volume_series.