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 … use a simple statistical framework to compute a price index that is immune to one of the potentially important biases …

lessons for both inflation measurement and some fundamental research questions in macro and international economics. In … particular, we show how online prices can be used to construct daily price indexes in multiple countries and to avoid measurement …

In this paper we derive the standard error of a price index when both prices and tastes or technology are treated as … stochastic. Changing tastes or technology are a reason for the weights in the price index to be treated as stochastic, which can … function (with Sato-Vartia price index), and also the translog function (with Törnqvist price index), which proves to be more …

A major shortcoming of the U.S. leading index is that it does not use the most recent information for stock prices and … yield spreads. The index methodology ignores these data in favor of a time-consistent set of components (i.e., all of the … forecasts and create an index with a complete set of most recent components. This study uses tests of ex-ante predictive ability …

We review in considerable detail the conceptual and measurement issues that underlie construction of medical care price … treatment, rather than prices of fixed bundles of inputs. We outline features of a proposed new experimental price index -- a … medical care expenditure price index -- that is more suitable for evaluation and analyses of medical care cost changes, than …