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Index Number Issues in the Consumer Price Index

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Diewert, W Erwin

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Abstract

This paper addresses the following issues: what is an appropriate theoretical consumer price index that statistical agencies should attempt to measure; what are some of the possible sources of biases between the fixed base Laspeyres price index that statistical agencies produce and the theoretical cost-of-living index; and what factors will make the biases larger or smaller and how will the biases change as the general inflation rate changes? This paper addresses all of the issues mentioned above and discusses what statistical agencies can do to reduce the biases. Copyright 1998 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 12 (1998)
Issue (Month): 1 (Winter)
Pages: 47-58
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Handle: RePEc:aea:jecper:v:12:y:1998:i:1:p:47-58

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Lloyd, P J, 1975. "Substitution Effects and Biases in Nontrue Price Indices," American Economic Review, American Economic Association, vol. 65(3), pages 301-13, June. [Downloadable!] (restricted)
  2. D. J. E. Baestaens, 1997. "Comment," European Journal of Finance, Taylor and Francis Journals, vol. 3(3), pages 203-224, September. [Downloadable!] (restricted)
  3. Jerry Hausman, 1997. "Cellular Telephone, New Products and the CPI," NBER Working Papers 5982, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Diewert, Erwin, 2007. "Index Numbers," UBC Departmental Archives diewert-07-01-03-08-17-23, UBC Department of Economics, revised 31 Jan 2007. [Downloadable!]
  5. W. Erwin Diewert, 1995. "Axiomatic and Economic Approaches to Elementary Price Indexes," NBER Working Papers 5104, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Jerry A. Hausman, 1996. "Valuation of New Goods under Perfect and Imperfect Competition," NBER Chapters, in: The Economics of New Goods, pages 207-248 National Bureau of Economic Research, Inc. [Downloadable!]
  7. Diewert, W Erwin, 1978. "Superlative Index Numbers and Consistency in Aggregation," Econometrica, Econometric Society, vol. 46(4), pages 883-900, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Timothy K.M. Beatty, Erling Røed Larsen and Dag Einar Sommervoll, 2005. "Measuring the Price of Housing Consumption for Owners in the CPI," Discussion Papers 427, Research Department of Statistics Norway. [Downloadable!]
  2. Thomas F. Crossley & Krishna Pendakur, 2006. "The Social Cost-of-Living: Welfare Foundations and Estimation," Social and Economic Dimensions of an Aging Population Research Papers 155, McMaster University. [Downloadable!]
    Other versions:
  3. Olivier Chanel & Stéphanie Vincent, 2004. "Computing price trends in sequential auctions," Recherches économiques de Louvain, De Boeck Université, vol. 70(4), pages 443-460. [Downloadable!]
    Other versions:
  4. M. Fase, 2007. "Notes and Communications," De Economist, Springer, vol. 155(2), pages 221-238, June. [Downloadable!] (restricted)
  5. Matthew Brzozowski, 2005. "Does One Size Fit All? The CPI and Canadian Seniors," Social and Economic Dimensions of an Aging Population Research Papers 130, McMaster University. [Downloadable!]
  6. Robert J. Gordon, 2006. "The Boskin Commission Report: A Retrospective One Decade Later," NBER Working Papers 12311, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Robert J. Gordon, 2000. "The Boskin Commission Report and its Aftermath," NBER Working Papers 7759, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. W. Michael Cox, 2007. "Globalization, aggregate productivity, and inflation," Staff Papers, Federal Reserve Bank of Dallas, issue Mar. [Downloadable!]
  9. R. A. Somerville, 2004. "Changes in Relative Consumer Prices and the Substitution Bias of the Laspeyres Price Index - Ireland, 1985-2001," The Economic and Social Review, Economic and Social Studies, vol. 35(1), pages 55-82. [Downloadable!]
  10. Petter Frenger, 2006. "The substitution bias of the consumer price index," Discussion Papers 451, Research Department of Statistics Norway. [Downloadable!]
  11. Karl Whelan, 2000. "A guide to the use of chain aggregated NIPA data," Finance and Economics Discussion Series 2000-35, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  12. Goni, Edwin & Lopez, Humberto & Serven, Luis, 2006. "Getting realabout inequality : evidence from Brazil, Colombia, Mexico, and Peru," Policy Research Working Paper Series 3815, The World Bank. [Downloadable!]
  13. Leonard I. Nakamura, 2008. "Intangible assets and national income accounting," Working Papers 08-23, Federal Reserve Bank of Philadelphia. [Downloadable!]
  14. Javier Ruiz-Castillo & Mario Izquierdo & Eduardo Ley, . "The plutocratic bias in the CPI: Evidence from Spain (El sesgo plutocrático del IPC: Evidencia española.)," Working Papers 99-15, FEDEA. [Downloadable!]
  15. Meijers,Huub & Hollanders,Hugo, 2003. "Sources of Growth: Measuring the Knowledge Based Economy," Research Memoranda 032, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  16. Leonard I. Nakamura, 2009. "Intangible assets and national income accounting: measuring a scientific revolution," Working Papers 09-11, Federal Reserve Bank of Philadelphia. [Downloadable!]
  17. Olivier Chanel & Stéphanie Vincent, 1999. "The Declining Price Effect in Sequential Auctions: What Theory Does Not Predict," CIE Discussion Papers 1999-13, University of Copenhagen. Department of Economics. Centre for Industrial Economics. [Downloadable!]
  18. James Rossiter, 2005. "Measurement Bias in the Canadian Consumer Price Index," Working Papers 05-39, Bank of Canada. [Downloadable!]
  19. Alexandru Voicu & Michael L. Lahr, 2004. "Expenditure-based Interarea Cost of Living Index," Urban/Regional 0403006, EconWPA. [Downloadable!]
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