A Short Note on Updating the Grilli and Yang Commodity Price Index
By Stephan Pfaffenzeller, P. Newbold, A. Rayner. 2007
168 citations recorded by the source corpus.
The Grilli and Yang commodity price index is one of the most widely used commodity price series in the applied economics literature. This note provides some practical advice on updating this data series by listing the base period index values, identifying relevant data sources, and describing a method for computing subindex weights. In 1988, Enzo Grilli and Maw Cheng Yang published their seminal article on the long-run development of an index of 24 primary commodity prices (GYCPI) deflated by an index of manufactured goods' unit values. The sample of average annual primary commodity prices covers about 54 percent of the primary commodity trade in the index reference period, 1977-79. The deflators considered for manufacturing prices were the U.S. manufacturing price index (USMPI) and the manufacturing unit value index (MUV).1Widely used and discussed, the Grilli and Yang data set has been extended by a number of researchers. The data have been employed in a variety of contexts in later studies. Thus, the GYCPI data continue to enjoy wide popularity in their own right and as a benchmark for new approaches to empirical studies.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/66c07c0e77080841d9860e4f7c8e342358a294bf
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In Economics and Econometrics
Citations in the corpus
- Super Cycles of Commodity Prices Since the Mid-Nineteenth Century (2013, background): “Pfaffenzeller , Newbold , and Rayner ( 2007 ) extended the Grilli – Yang dataset providing detailed information on the construction of commodity price indices .”
- Commodity Booms and Busts in Emerging Economies (2017, unknown): “Our approach here is to embed the relation between rt − r∗ and p̃t in a reduced-form fashion, similar to Shousha (2016) and Fernández et al.”
- Was this Time Different? Fiscal Policy in Commodity Republics (2011, unknown): “Price series reported in the database provided by Pfaffenzeller et al. (2007) have been extended using information from the U.”