We develop a new approach to measuring the cost of living for constant elasticity of substitution (CES) preferences. Our approach allows for demand shocks for individual goods (to rationalize micro data) while preserving a money-metric expenditure function (to compare the cost of living over...

Inflation measurement is the process through which changes in the prices of individual goods and services are combined to yield a measure of general price change. This paper discusses the conceptual framework for thinking about inflation measurement and considers practical issues associated with...

I construct the first price index for any region of Canada that spans from the colonial era to the mid-nineteenth century. I use prices collected from the account books of religious congregations with estates throughout the modern-day province of Quebec. The consistency of the type of price...