Naoyuki Yoshino, Keio University: This paper addresses issues regarding the collection and disclosure of data. GDP gap ([actual GDP] − [full employment level of GDP]) and rate of inflation are commonly used as targets of monetary policy based on the Taylor rule. Central bank and ministries are watching the fluctuation of economic growth by use of GDP, price fluctuations by use of the consumer price index, unemployment rate, wage rate, and so forth. The wage rate of Japan is currently computed by selected samples rather than examining the entire range of data, where sample selection is an important factor. An important question is whether all samples of individuals should be used to compute the wage rate or if only a selected sample data should be used. If a selected sample data were used, would it represent average workers, or would it be unbiased data?
The rate of inflation in many...