The U.S. CPI is based on the Laspeyres price index, an index type that has an upward "substitution bias." Thus, the CPI … Price Index recommended adopting for the CPI a "superlative" price index, e.g., the Fisher or Tornqvist indices. Under the …" cost-of-living index (COLI)--than the Laspeyres index, but this assumption implies that: all income elasticities equal 1 …

Chapter 1: Introduction -- Chapter 2: The Early History of Inflation Measurement -- Chapter 3: The Launch of the Index … of Retail Prices -- Chapter 4: Improving the Index -- Chapter 5: The RPI in the Political Sphere -- Chapter 6: Reviews of …This Palgrave Pivot reviews the history of the UK's Retail Prices Index (RPI) from its origins just after the Second …