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The Theory of the Cost-of-Living Index


  • Pollak, Robert A.

    (University of Pennsylvania)


This is a collection of papers by leading theorist Robert A Pollak - four of them previously unpublished - exploring the theory of the cost of living index. The unifying theme of these papers is that, when suitably elaborated, the theory of the cost of living index provides principled answers to many of the practical problems that arise in constructing consumer price indexes. In addition to Pollak's classic paper The Theory of the Cost of Living Index, the volume includes papers on subindexes, the intertemporal cost of living index, welfare comparisons and equivalence scales, the social cost of living index, the treatment of `quality', and consumer durables in the cost of living index.

Suggested Citation

  • Pollak, Robert A., 1989. "The Theory of the Cost-of-Living Index," OUP Catalogue, Oxford University Press, number 9780195058703.
  • Handle: RePEc:oxp:obooks:9780195058703

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    References listed on IDEAS

    1. Richard Portes & Hélène Rey, 1998. "The emergence of the euro as an international currency," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 305-343, April.
    2. Krugman, Paul, 1980. "Vehicle Currencies and the Structure of International Exchange," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(3), pages 513-526, August.
    3. Menzie Chinn & Jeffrey A. Frankel, 2007. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," NBER Chapters,in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 283-338 National Bureau of Economic Research, Inc.
    4. Eichengreen, Barry & Livia, Chitu & Mehl, Arnaud, 2014. "Stability or upheaval? The currency composition of international reserves in the long run," Globalization and Monetary Policy Institute Working Paper 201, Federal Reserve Bank of Dallas.
    5. Rousseau, Peter L. & Sylla, Richard, 2005. "Emerging financial markets and early US growth," Explorations in Economic History, Elsevier, vol. 42(1), pages 1-26, January.
    6. Decorzant, Yann & Flores, Juan-Huitzi, 2012. "Public borrowing in harsh times : the League of Nations Loans revisited," IFCS - Working Papers in Economic History.WH wp12-07, Universidad Carlos III de Madrid. Instituto Figuerola.
    7. Jong-Wha Lee, 2014. "Will the Renminbi Emerge as an International Reserve Currency?," The World Economy, Wiley Blackwell, vol. 37(1), pages 42-62, January.
    8. Chiţu, Livia & Eichengreen, Barry & Mehl, Arnaud, 2014. "When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets," Journal of Development Economics, Elsevier, vol. 111(C), pages 225-245.
    9. Barry Eichengreen & Livia Chiu & Arnaud Mehl, 2016. "Network effects, homogeneous goods and international currency choice: New evidence on oil markets from an older era," Canadian Journal of Economics, Canadian Economics Association, vol. 49(1), pages 173-206, February.
    10. Eswar S. Prasad, 2015. "The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance," Economics Books, Princeton University Press, edition 1, number 10182-2.
    11. Barry Eichengreen, 2013. "ADB Distinguished Lecture Renminbi Internationalization: Tempest in a Teapot?," Asian Development Review, MIT Press, vol. 30(1), pages 148-164, March.
    12. Vincent Castel & Martha Phiri & Marco Stampini, 2010. "Working Paper 110 - Education and Employment in Malawi," Working Paper Series 247, African Development Bank.
    13. Yung Chul Park & Chi-Young Song, 2011. "Renminbi Internationalization: Prospects and Implications for Economic Integration in East Asia," Asian Economic Papers, MIT Press, vol. 10(3), pages 42-72, Fall.
    14. Subramanian Arvind & Kessler Martin, 2013. "The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?," Journal of Globalization and Development, De Gruyter, vol. 4(1), pages 49-94, August.
    15. Paul R. Krugman, 1984. "The International Role of the Dollar: Theory and Prospect," NBER Chapters,in: Exchange Rate Theory and Practice, pages 261-278 National Bureau of Economic Research, Inc.
    16. Joseph E. Gagnon & Kent Troutman, 2014. "Internationalization of the Renminbi: The Role of Trade Settlement," Policy Briefs PB14-15, Peterson Institute for International Economics.
    17. Agnès Bénassy-Quéré & Jean Pisani-Ferry, 2011. "The Long March Towards a Multipolar Monetary Regime," La Lettre du CEPII, CEPII research center, issue 308.
    18. David, Paul A. & Bunn, Julie Ann, 1988. "The economics of gateway technologies and network evolution: Lessons from electricity supply history," Information Economics and Policy, Elsevier, vol. 3(2), pages 165-202.
    19. AfDB AfDB, 2010. "Working Paper Series – Author Guidelines," Working Paper Series 357, African Development Bank.
    20. Arvind Subramanian, 2011. "Eclipse: Living in the Shadow of China's Economic Dominance," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6062.
    21. Ronald I. McKinnon, 1996. "The Rules of the Game: International Money and Exchange Rates," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262133180, January.
    22. Marc Flandreau & Stefano Ugolini, 2013. "Where It All Began: Lending of Last Resort and Bank of England Monitoring During the Overend-Gurney Panic of 1866," Post-Print hal-01293916, HAL.
    23. Eichengreen, Barry, 2013. "Currency war or international policy coordination?," Journal of Policy Modeling, Elsevier, vol. 35(3), pages 425-433.
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    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Blacklow, Paul, 2009. "Decomposing the Price Effect on the Cost of Living for Australian Households," Working Papers 10452, University of Tasmania, Tasmanian School of Business and Economics, revised 01 May 2009.
    2. Wynne, Mark A & Sigalla, Fiona D, 1996. " A Survey of Measurement Biases in Price Indexes," Journal of Economic Surveys, Wiley Blackwell, vol. 10(1), pages 55-89, March.
    3. Jerry Hausman, 2003. "Sources of Bias and Solutions to Bias in the Consumer Price Index," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 23-44, Winter.
    4. Shigenori Shiratsuka, 1999. "Measurement errors in Japanese Consumer Price Index," Working Paper Series WP-99-2, Federal Reserve Bank of Chicago.
    5. Paul A. Armknecht & Daniel H. Ginsburg, 1992. "Improvements in Measuring Price Changes in Consumer Services: Past, Present, and Future," NBER Chapters,in: Output Measurement in the Service Sectors, pages 109-157 National Bureau of Economic Research, Inc.
    6. Schröder, Carsten & Bönke, Timm, 2012. "Country inequality rankings and conversion schemes," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 6, pages 1-43.
    7. Dusan Paredes & Víctor Iturra, 2011. "Substitution Bias and the Construction of a Spatial Cost of Living Index," Documentos de Trabajo en Economia y Ciencia Regional 13, Universidad Catolica del Norte, Chile, Department of Economics, revised May 2011.
    8. Robert J Hill, 2004. "Inflation Measurement for Central Bankers," RBA Annual Conference Volume,in: Christopher Kent & Simon Guttmann (ed.), The Future of Inflation Targeting Reserve Bank of Australia.
    9. Jacek Białek, 2014. "Application of the Original Price Index Formula to Measuring the CPI’s Commodity Substitution Bias," Statistics in Transition new series, Główny Urząd Statystyczny (Polska), vol. 15(1), pages 83-96, January.
    10. Paul Schreyer & W. Erwin Diewert, 2014. "Household Production, Leisure, and Living Standards," NBER Chapters,in: Measuring Economic Sustainability and Progress, pages 89-114 National Bureau of Economic Research, Inc.
    11. Matthew D. Shapiro & David W. Wilcox, 1996. "Mismeasurement in the Consumer Price Index: An Evaluation," NBER Chapters,in: NBER Macroeconomics Annual 1996, Volume 11, pages 93-154 National Bureau of Economic Research, Inc.
    12. Irving Shapiro & Matthew D. Shapiro & David Wilcox, 2001. "Measuring the value of Cataract Surgery," NBER Chapters,in: Medical Care Output and Productivity, pages 411-438 National Bureau of Economic Research, Inc.
    13. Balintfy, Joseph L. & Rook, Sarah P. & Taj, Shahram, 1996. "The index of decent subsistence," Socio-Economic Planning Sciences, Elsevier, vol. 30(4), pages 237-244, December.
    14. Hausman, Jerry, 1999. "Cellular Telephone, New Products, and the CPI," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(2), pages 188-194, April.
    15. Seki Asano & Ana Luiza N. H. Barbosa & Eduardo P. S. Fiuza, 2015. "Estimation of the Brazilian Consumer Demand System," Discussion Papers 0099, Instituto de Pesquisa Econômica Aplicada - IPEA.
    16. LaFrance, Jeffrey T., 1999. "U.S. Food and Nutrient Demand and the Effects of Agricultural Policies," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt52h9v4dq, Department of Agricultural & Resource Economics, UC Berkeley.
    17. Griffith, Rachel & Nesheim, Lars, 2013. "Hedonic methods for baskets of goods," Economics Letters, Elsevier, vol. 120(2), pages 284-287.
    18. Manami Ogura, 2016. "Measurement of the Cost-of-Living Index in the Easi Model: Evidence from the Japanese Expenditure Data," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 4(1), pages 28-46, March.
    19. Edgar O. Olsen & Dirk W. Early & Paul E. Carrillo, 2012. "This paper documents the production of a panel of price indices for housing services, other produced goods, and all produced goods for each metropolitan area in the United States and the non-metropoli," Virginia Economics Online Papers 402, University of Virginia, Department of Economics.

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