I am sorry. Last time, I did not read your paper completely, and asked some silly questions. After reading your paper, I think it is a very interesting paper, raising an important issue that is how to find a reference to measure and to compare the changes of real value after inflation under the diversified world monetary system. It seems to be an impossible task as Professor Ho said. However, we, scholars should have some big dreams.
Here, I have a question to ask after reading your paper. That is how to deal with the technical innovations, which also change purchase power and value, resulting in "deflation" if money supply is constant, contrast to the inflation of monetary policies. However, it is not mentioned in your paper.
The speed of technical innovations for different sectors, different countries and regions may be different.Of course, the speed may vary over time.Different from monetary policies, the paces of technical innovations are not predictable, therefore are not controllable.
Then how to incorporate the technical innovation into your models to measure the purchase power??
By the way,you said "我已经按2000年作为基础年算出了WCU 打从70年代初期到2004年的美元价."
It seems that discounted dollar can act as the roles as WCU....then do we need another WCU?
[此贴子已经被作者于2006-10-16 1:09:06编辑过]