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The consumer price index (CPI) is the most commonly used measure of inflation in Canada. As an indicator of changes in the cost of living, however, the CPI is subject to various types of measurement bias. The author updates previous Bank of Canada estimates of the bias in the Canadian CPI by examining four different sources of potential bias. He finds that the total measurement bias has increased only slightly in recent years to 0.6 percentage points per year, and is low when compared with other countries.
"The Consumer Price Index (CPI) is the most commonly used measure of inflation in Canada. The CPI is used to make cost-of-living adjustments in wages and salaries and to index the income tax system and social benefits such as pensions. So it is important that the CPI be as accurate a measure of inflation as possible"--Page [1].
The official CPI may mismeasure the cost of living for different groups of people. This paper investigates the factors that might explain the size of the CPI bias measured by Emery and Guo (2019) for the years 1999 to 2015. We apply the partial least squares method (PLS) estimates of CPI bias for 10 provinces and 14 sub-groups to determine which subcomponents of the CPI are influential on the CPI bias. The result shows that gasoline, fuel and clothing are important factors affecting the CPI bias of each group. However, when we group the samples in 2010 as the cutoff point, this effect is more significant in the later stage, while the influence factors of each group in the early stage have a large inter-group difference and the exchange rate has an important impact on the CPI bias of each group, especially in the later stage.
Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.
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The #1 bestselling intermediate macroeconomics book, Mankiw's masterful text covers the field as accessibly and concisely as possible, in a way that emphasizes the relevance of both macroeconomics's classical roots and its current practice. Featuring the latest data, new case studies, and a number of significant content updates, the new Sixth Edition takes the Mankiw legacy even further.