Bryan, Michael F.; Cecchetti, Stephen G. - 2021
As inflation approaches zero, it becomes increasingly important to examine the price indices on which monetary policy … is based. The most popularly used aggregate price statistic in the U.S. is the Consumer Price Index (CPI), a statistic … index of the cost-of-living, is that there are likely to be biases in the index as a measure of inflation. In this paper we …