Price Index for Soviet Machinery, 1965-1986

by Vladimir G. Treml


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A weighted aggregate price index of Soviet machine-building and metalworking (MBMW) in the period 1965-1986 is offered as an alternative to the Soviet official index, whose defects make it useless for analysis. The study index is constructed from 1981 wholesale machinery prices, physical-unit outputs in 1965-1986, independently estimated value of gross output for MBMW in the same period, and the structure of MBMW value of gross output in 1972. This yields a set of indexes with shifting weights, measuring change between 1981 and any given year in the series. The results indicate monotonic price rise over the period studied, except for short intervals in the early and late 1970s, in sharp contrast to the behavior of the official index.

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