index. We use household-level data on quantities purchased and prices paid to construct a measure of the savings made by … ignoring timing and quantity decisions, when computing a price index, can generate biases on the order of magnitude of …

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 …

indices. Since the matched model index does not incorporate price changes for goods which exit, and the goods that exited tend … to be those goods whose prices fall, the matched model index has a selection problem which biases it upwards. The hedonic … index does not have this problem. We illustrate with a new study of price indices for PC's. The hedonic index shows steep …

forecasts based on the estimated factors are efficient. In an application to forecasting U.S. inflation and industrial …

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 …

Researchers constructing index number frequently face the problem of new (or disappearing) goods, for which the price … and quantity are not available in some periods. In theory, the correct way to handle a new good is to treat its price … that the corresponding price index takes on a very sensible form. We apply this formula to measure the price index for six …

In a previous attempt to articulate the costs of inflation (Leigh-Pemberton (1992)), the Bank of England outlined the … following costs of a fully-anticipated inflation: - the cost of economising on real money balances -- so-called shoe … these costs when moving from 2% inflation to price stability in the U.S. Feldstein concluded that the permanent welfare …

-market economies. The chapter discusses the history, macroeconomic effects, theory, practice, and future of inflation targeting …Inflation targeting is a monetary-policy strategy that is characterized by an announced numerical inflation target, an … implementation of monetary policy that gives a major role to an inflation forecast and has been called forecast targeting, and a high …

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …