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008180629s2018    oncd    ob   f000 0 eng d
040 |aCaOODSP|beng
041 |aeng|bfre
0861 |aFB3-5/2018-26E-PDF
1001 |aHolden, Tom D.
24510|aReconciling Jaimovich-Rebelo preferences, habit in consumption and labor supply |h[electronic resource] / |cby Tom D. Holden, Paul Levine and Jonathan M. Swarbrick.
260 |a[Ottawa] : |bBank of Canada, |c2018.
300 |aii, 33 p. : |bcharts (some col.)
4901 |aBank of Canada staff working paper, |x1701-9397 ; |v2018-26
500 |a"June 2018."
504 |aIncludes bibliographical references.
5203 |a"We propose a functional principal components method that accounts for stratified random sample weighting and time dependence in the observations to understand the evolution of distributions of monthly micro-level consumer prices for the United Kingdom (UK). We apply the method to publicly available monthly data on individual-good prices collected in retail stores by the UK Office for National Statistics for the construction of the UK Consumer Price Index from March 1996 to September 2015. In addition, we conduct Monte Carlo simulations to demonstrate the effectiveness of our methodology. Our method allows us to visualize the dynamics of the price distribution and uncovers interesting patterns during the sample period. Further, we demonstrate the efficacy of our methodology with an out-of-sample forecasting algorithm that exploits the time dependence of distributions. Our out-of-sample forecast compares favorably with the random walk forecast"--Abstract, p. ii.
546 |aIncludes abstract in French.
693 4|aConsumerism
693 4|aLabour market
693 4|aEconometric models
7001 |aLevine, Paul.
7001 |aSwarbrick, Jonathan M.
7102 |aBank of Canada.
830#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2018-26.|w(CaOODSP)9.806221
85640|qPDF|s781 KB|uhttps://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-5-2018-26-eng.pdf