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Does One Size Fit All? The CPI and Canadian Seniors

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  • Matthew Brzozowski
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    Abstract

    The paper shows that the consumer price index (CPI) is often a very poor measure of inflation rates relevant to individual senior households. A high proportion of the inflation rates measured by household-specific price indexes falls more than one percentage point above or below the CPI inflation rate. Moreover, I use the Engel method proposed by Hamilton and Costa and demonstrate that the CPI inflation rate overestimated the average inflation rate faced by Canadian senior households during the 1970s and the 1980s but has accurately measured average inflation for such households during the 1990s. Finally, I estimate costs of oversta ting inflation adjustments to Canada Pension Plan.

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    File URL: http://www.jstor.org/stable/4128714
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    Bibliographic Info

    Article provided by University of Toronto Press in its journal Canadian Public Policy.

    Volume (Year): 32 (2006)
    Issue (Month): 4 (December)
    Pages: 387-412

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    Handle: RePEc:cpp:issued:v:32:y:2006:i:4:p:387-412

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    Postal: University of Toronto Press Journals Division 5201 Dufferin Street Toronto, Ontario, Canada M3H 5T8
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    Cited by:
    1. Garry F. Barrett & Matthew Brzozowski, 2010. "Using Engel Curves to Estimate the Bias in the Australian CPI," The Economic Record, The Economic Society of Australia, vol. 86(272), pages 1-14, 03.

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