Price Index Concepts and Measurement

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W. Erwin Diewert, John Greenlees, Charles R. Hulten
University of Chicago Press, Feb 15, 2010 - Business & Economics - 536 pages

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 Measurements brings 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.

 

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Contents

What are the Issues? W Erwin Diewert John Greenlees and Charles Hulten
1
Ninety Years of Professional Thinking About the Consumer Price Index Marshall Reinsdorf and Jack E Triplett
17
2 Apparel Prices 19141993 and the HultenBruegel Paradox Robert J Gordon
85
The Role of Durability and Changing Software Robert C Feenstra and Christopher R Knittel
129
4 Hedonic Imputation versus Time Dummy Hedonic Indexes W Erwin Diewert Saeed Heravi and Mick Silver
161
Does the BLS Know That WalMart Exists? Jerry Hausman and Ephraim Leibtag
203
6 Incorporating Financial Services in a Consumer Price Index Dennis Fixler
239
7 A General Equilibrium AssetPricing Approach to the Measurement of Nominal and Real Bank Output J Christina Wang Susanto Basu and John G ...
273
Exploratory Estimates for Primary and Secondary Education Barbara M Fraumeni Marshall Reinsdorf Brooks B Robinson and Matthew P Williams
373
An Application of Implicit Expected Utility Theory Kam Yu
405
11 Consumption of Own Production and CostofLiving Indexes T Peter Hill
429
12 Durables and OwnerOccupied Housing in a Consumer Price Index W Erwin Diewert
445
Contributors
507
Author Index
511
Subject Index
517
Copyright

8 Can A DiseaseBased Price Index Improve the Estimation of the Medical Consumer Price Index? Xue Song William D Marder Robert Houchens Jo...
329

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About the author (2010)

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.

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