| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4505 |
| 来源ID | Working Paper 4505 |
| The Consumer Price Index as a Measure of Inflation | |
| Michael F. Bryan; Stephen G. Cecchetti | |
| 发表日期 | 1993-10-01 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | As inflation approaches zero, it becomes increasingly important to examine the price indices on which monetary policy is based. The most popularly used aggregate price statistic in the U.S. is the Consumer Price Index (CPI), a statistic that appears to be a focal point in monetary policy deliberations. A problem associated with using the CPI, a fixed weight 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 inherent in the CPI as a measure of inflation--weighting bias. Utilizing a dynamic factor model we are able to compute the common inflation element in a broad cross-section of consumer price changes. Our conclusion is that, although there was a large positive weighting bias during the fifteen years beginning in 1967, since 1981 the weighting bias in the CPI as a measure of inflation has been insignificant. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w4505 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561882 |
| 推荐引用方式 GB/T 7714 | Michael F. Bryan,Stephen G. Cecchetti. The Consumer Price Index as a Measure of Inflation. 1993. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4505.pdf（271KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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