Price Index Concepts and Measurement

Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurementsbrings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.

W. Erwin Diewert is professor in the Department of Economics at the University of British Columbia and a research associate of the National Bureau of Economic Research.

John Greenlees is a Research Economist and former Associate Commissioner for Prices and Living Conditions at the Bureau of Labor Statistics.

Charles R. Hulten is professor of economics at the University of Maryland and a research associate of the National Bureau of Economic Research.

Prefatory Note	p. ix
Introduction: What are the Issues?	p. 1
A Review of Reviews: Ninety Years of Professional Thinking About the Consumer Price Index	p. 17
Apparel Prices 1914-1993 and the Hulten/Bruegel Paradox	p. 85
Reassessing the U.S. Quality Adjustment to Computer Prices: The Role of Durability and Changing Software	p. 129
Hedonic Imputation versus Time Dummy Hedonic Indexes	p. 161
CPI Bias from Supercenters: Does the BLS Know That Wal-Mart Exists?	p. 203
Incorporating Financial Services in a Consumer Price Index	p. 239
A General Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output	p. 273
Can A Disease-Based Price Index Improve the Estimation of the Medical Consumer Price Index?	p. 239
Price and Real Output Measures for the Education Function of Government: Exploratory Estimates for Primary and Secondary Education	p. 373
Measuring the Output and Prices of the Lottery Sector: An Application of Implicit Expected Utility Theory	p. 405
Consumption of Own Production and Cost-of-Living Indexes	p. 429
Durables and Owner-Occupied Housing in a Consumer Price Index	p. 445
Contributors	p. 507
Author Index	p. 511
Subject Index	p. 517
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Price Index Concepts and Measurement

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Price Index Concepts and Measurement

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Author Biography

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