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How to measure inflation in India?

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Author Info

  • Patnaik, Ila

    ()
    (National Institute of Public Finance and Policy)

  • Shah, Ajay

    ()
    (National Institute of Public Finance and Policy)

  • Veronese, Giovanni

    (Bank of Italy)

Abstract

What is the best inflation measure in India? What inflation measure is most relevant for monetary policy making in India? Questions of timeliness, weights in the price index, accuracy of food price measurement, and inclusion of services prices are relevant to the choice of measure. We show that under present conditions of measurement, the Consumer Price Index for Industrial Workers (CPI-IW) is preferable to either the Wholesale Price Index or the GDP deflator.

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File URL: http://www.nipfp.org.in/newweb/sites/default/files/wp_2011_83.pdf
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Bibliographic Info

Paper provided by National Institute of Public Finance and Policy in its series Working Papers with number 11/83.

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Length: 29
Date of creation: Feb 2011
Date of revision:
Handle: RePEc:npf:wpaper:11/83

Note: Working Paper 83, 2011
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Web page: http://www.nipfp.org.in

Related research

Keywords: Monetary policy ; Inflation measure ; Statistical system;

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References

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  1. Pierpaolo Benigno & Michael Woodford, 2005. "Inflation Stabilization And Welfare: The Case Of A Distorted Steady State," Journal of the European Economic Association, MIT Press, MIT Press, vol. 3(6), pages 1185-1236, December.
  2. N. Gregory Mankiw & Ricardo Reis, 2006. "Sticky Information in General Equilibrium," NBER Working Papers 12605, National Bureau of Economic Research, Inc.
  3. Roberto Chang & Luis Catão, 2010. "World Food Prices and Monetary Policy," IMF Working Papers 10/161, International Monetary Fund.
  4. Emi Nakamura & Jón Steinsson, 2008. "Five Facts about Prices: A Reevaluation of Menu Cost Models," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 123(4), pages 1415-1464, November.
  5. Stefano Eusepi & Bart Hobijn & Andrea Tambalotti, 2011. "CONDI: A Cost-of-Nominal-Distortions Index," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(3), pages 53-91, July.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Slamming the accelerator while hitting the brakes
    by Ajay Shah in Ajay Shah's blog on 2011-05-19 08:24:00
  2. Kicking the wheels of the new CPI
    by Ajay Shah in Ajay Shah's blog on 2011-04-28 10:29:00
  3. Slamming the Accelerator While Hitting the Brakes
    by Ajay Shah in Citizen Economists on 2011-05-19 14:15:19
  4. Kicking the Wheels of the New CPI
    by Ajay Shah in Citizen Economists on 2011-04-29 14:35:45

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