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 …

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 …

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 …

case, both the marginal value of characteristics and a fixed-weight price index can be estimated from a hedonic regression …. Using the marginal value of characteristics, we show how to construct bounds on the exact hedonic price index. When prices …

No cross-sectional consumer price index is currently available by state, and the BLS's cross-sectional "family budget …" index for metropolitan areas is not well-suited for cross-state analyses. In this paper we propose an algorithm for … constructing a state-specific Laspeyres price index using conveniently available information from the Census of Business and the …

In this paper we derive a new measure of openness--trade potential index--that quantifies potential gains from trade as …. This leads us to infer that rich countries are more open to trade. Our trade potential index correlates strongly with …

purchases, while Bargain Hunters always pay the lowest price available, the "best price". We derive the exact price index and … aggregation strategies and actual prices paid by consumers. We demonstrate that our methodology improves inflation measurement …

economics to build a Törnqvist inflation index for Japan between 1989 and 2010. Our comparison of this true inflation index with ….S. PCE Deflator methodology is superior to the Japanese CPI methodology but still exhibits substantial measurement error and …