The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Oct, 1969, Volume 37, Issue 4
https://doi.org/0012-9682(196910)37:4<695:ROTTSE>2.0.CO;2-2
p. 695-705
G. S. Tolley, R. G. Fletcher, Y. Wang
The range of admissible price and income elasticity estimates is materially reduced in this investigation of a variety of procedures, including new methods for analyzing deflation bias. Mostly small effects are found for choice of index formula, base year, logarithmic versus linear form, definition of food consumption (e.g., physical versus expenditure measure), procedures related to time, and aggregation. However, the supply elasticity of food is found to be identifiable and to have a value greater than many have believed, providing a basis for deciding whether to favor demand estimates based on consumption-dependent or price-dependent regressions. The most frequently used deflators are inconsistent with the Slutsky-Schultz relation. Estimates are developed of three types of bias due to improper deflation (weight of food in deflator, correlation of deflator with residual, and formula nonconformities).
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
