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Potenziale und Grenzen eines nutzenbasierten ökonomischen Leitbildes für die amtliche Inflationsmessung / What Role Should Economic Reasoning Play in the Compilation of the Official Consumer Price Index?

  • Auer Ludwig von

    ()

    (Otto-von-Guericke-Universität Magdeburg, Fakultät für Wirtschaftswissenschaft, Postfach 4120, D-39016 Magdeburg, Germany)

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    This paper addresses the question, What role should economic reasoning play in the compilation of the official consumer price index (CPI) ? It is argued that economic theory has developed some extremely helpful techniques such as the economic cost of living index (COLI). However, by contending that the COLI should provide the only conceptual framework for a CPI, too much is expected from it. The COLI’s theoretical and practical limitations require us to find supplementary guidance outside the COLI framework. Furthermore, a consistent, fast, and reliable computational method for a COLI is not yet in sight. Therefore, the CPI must be computed by some sort of statistical price index (SP).

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    File URL: http://www.degruyter.com/view/j/jbnst.2005.225.issue-3/jbnst-2005-0304/jbnst-2005-0304.xml?format=INT
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    Article provided by De Gruyter in its journal Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik).

    Volume (Year): 225 (2005)
    Issue (Month): 3 (June)
    Pages: 283-302

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    Handle: RePEc:jns:jbstat:v:225:y:2005:i:3:p:283-302
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    1. Samuelson, Paul A & Swamy, S, 1974. "Invariant Economic Index Numbers and Canonical Duality: Survey and Synthesis," American Economic Review, American Economic Association, vol. 64(4), pages 566-93, September.
    2. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    3. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
    4. Hoffmann, Johannes, 1998. "Probleme der Inflationsmessung in Deutschland," Discussion Paper Series 1: Economic Studies 1998,01, Deutsche Bundesbank, Research Centre.
    5. Triplett, Jack E, 2001. "Should the Cost-of-Living Index Provide the Conceptual Framework for a Consumer Price Index?," Economic Journal, Royal Economic Society, vol. 111(472), pages F311-34, June.
    6. Auer Ludwig von, 2004. "Consistency in Aggregation / Aggregationskonsistenz," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 224(4), pages 383-398, August.
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