Citing the DataUsers of these data are required to acknowledge they were obtained from the Centers for International Price Research at Vanderbilt University and to cite: “Dollarization and Price Dynamics,” by Roberto Vicente Penaloza Pesantes, Ph.D. Dissertation, Vanderbilt University, 2005. Original Sources The original source for this archive is The National Institute of Statistics and Censuses of Ecuador (with acronym INEC in Spanish.) Acknowledgements These data were obtained by Roberto Penaloza from INEC, the National Statistical Agency of Ecuador. Description The data consist of monthly prices of 223 goods and services for 12 Ecuadorian cities, including the capital city Quito, for the 76 months from January 1997 to April 2003. The commodity-level time series are also available for the national average city. The data are what is used to construct the official Ecuadorian CPI index.Details about the data and relevant economic history of Ecuador over the sample period of the data are well described in Penaloza’s dissertation. The dissertation shows that the long-run PPP level of Ecuador vis a vis the US is not materially affected by dollarization, however micro-price inflation and real exchange rate changes are less volatile as a consequence of dollarization.The figure below compares the official monthly CPI of Ecuador and a simple average of monthly inflation across goods and cities from the micro data. As is obvious, even without expenditure weights the micro-data average track the official CPI very closely. For more detail on this figure, the regimes and a model of state dependent pricing see, Benedict, Crucini and Landry (2014).
Research papers referencing current micro price data:
- Pesantes, Roberto V. P.: Dollarization and Price Dynamics - 2005
- Benedict, C., Crucini, M. J., & Landry: On What States Do Prices Depend? Answers From Ecuador - 2015
Cities in current dataset: