Aspects of Monetary Theory: 352. Sitzung am 5. Oktober 1988 by Frank H. Hahn

By Frank H. Hahn

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The selection of a suitable method, however, is not trivial and deserves special attention to eventual scale adjustments (Ebert & Welsh, 2004) or transformation or highly skewed indicators. The normalisation method should take into account the data properties, as well as the objectives of the composite indicator. Robustness tests might be needed to assess their impact on the outcomes. 30 HANDBOOK ON CONSTRUCTING COMPOSITE INDICATORS: METHODOLOGY AND USER GUIDE – ISBN 978-92-64-04345-9 - © OECD 2008 By the end of Step 5 the constructor should have: • Selected the appropriate normalisation procedure(s) with reference to the theoretical framework and to the properties of the data.

These links can be used to test the explanatory power of a composite. Simple cross-plots are often the best way to illustrate such links. An indicator measuring the environment for business start-ups, for example, could be linked to entry rates of new firms, where good performance on the composite indicator of business environment would be expected to yield higher entry rates. For example, the Technology Achievement Index helps to assess the position of a country relative to others concerning technology achievements.

Norway is an outlier due to revenues from oil reserves, while Korea has long prioritised technology development as an industrial strategy to catch up with high-income countries. Figure 5. 47. Only OECD countries are included in the correlation, as correlation with very heterogeneous groups tends to be misleading. HANDBOOK ON CONSTRUCTING COMPOSITE INDICATORS: METHODOLOGY AND USER GUIDE – ISBN 978-92-64-04345-9 - © OECD 2008 39 One remark is worthwhile at this point. Correlation analysis should not be mistaken with causality analysis.

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