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Measuring Durable Goods and Housing Prices in the CPI: An Empirical Assessment

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While the CPI is the most commonly used measure to track inflation, it is not fully consistent with a true cost-of-living index (COLI). Although the official treatment of durable goods and housing in the CPI represents an acceptable compromise in the current environment of low and stable inflation, Sabourin and Duguay suggest that it would be worthwhile to consider treating housing and durables in the same way and bringing the actual CPI closer to a COLI. This could be accomplished by employing an enhanced user-cost approach to calculate the imputed cost of the services provided by the use of durable goods or housing.

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  • Patrick Sabourin & Pierre Duguay, 2015. "Measuring Durable Goods and Housing Prices in the CPI: An Empirical Assessment," Bank of Canada Review, Bank of Canada, vol. 2015(Autumn), pages 24-38.
    • Handle: RePEc:bca:bcarev:v:2015:y:2015:i:autumn15:p:24-38
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    Cited by:

    1. Robert J. Hill & Miriam Steurer & Sofie R. Waltl, 2017. "Owner Occupied Housing in the CPI and Its Impact On Monetary Policy During Housing Booms and Busts," Graz Economics Papers 2017-12, University of Graz, Department of Economics.
    2. Parker, Miles, 2018. "How global is “global inflation”?," Journal of Macroeconomics, Elsevier, vol. 58(C), pages 174-197.
    3. Robert J. Hill & Miriam Steurer & Sofie R. Waltl, 2019. "Owner-Occupied Housing, Inflation, and Monetary Policy," Graz Economics Papers 2019-05, University of Graz, Department of Economics.

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