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This Palgrave Pivot reviews the history of the UK's Retail Prices Index (RPI) from its origins just after the Second World War to its controversial position today. Both the developments in the methodology of the index and the political and social context in which its development took place are closely examined. The authors explain how the RPI went from being the dominant measure of inflation for decades to its current position as an officially discredited index. Despite this status, it is still widely used and attracts much support from a range of stakeholders, including several areas of government. Important reading for anyone interested in both sides of the argument for and against RPI and the likely way forward for the measurement of inflation.
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.
What is Cost of Living Index A cost-of-living index is a theoretical price index that measures relative cost of living over time or regions. It is an index that measures differences in the price of goods and services, and allows for substitutions with other items as prices vary. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Cost-of-living index Chapter 2: Inflation Chapter 3: Consumer price index Chapter 4: GDP deflator Chapter 5: Terms of trade Chapter 6: Cost of living Chapter 7: Real versus nominal value (economics) Chapter 8: Personal consumption expenditures price index Chapter 9: Price index Chapter 10: U.S. Producer Price Index Chapter 11: Price level Chapter 12: Index (economics) Chapter 13: Consumer Expenditure Survey Chapter 14: Employment cost index Chapter 15: United States Consumer Price Index Chapter 16: Törnqvist index Chapter 17: Debt Chapter 18: Consumer price index by country Chapter 19: Hedonic index Chapter 20: United States Chained Consumer Price Index Chapter 21: Devaluation (II) Answering the public top questions about cost of living index. (III) Real world examples for the usage of cost of living index in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Cost of Living Index.
An introduction to the significance of the debate surrounding the accuracy of the Consumer Price Index. The work presents the full text of the Boskin Commission report (stating that the CPI overstates inflation by 1.1per cent) and discusses the Commission's research methodology and its conclusions.
Presents both sides of the debate about the accuracy of methods used to determine the consumer price index (CPI) and its role in balancing the federal budget. Analyzes the Boskin Commission report, which states that the CPI was too high and needs to be adjusted downward to save billions of dollars in government entitlement payments and raise taxes, and raises serious doubts about the report's results. Includes many bandw charts and graphs. Paper edition $19.95, 0-7656- 0222-9. Annotation copyrighted by Book News, Inc., Portland, OR
Research paper on limitations of and alternatives to consumer price price index as a cost of living measurement in the USA - asseses merits and demerits as an index for escalating wages, social security and old age benefits, describes purpose, uses and construction, compares with alternative measures of price changes, and suggests changes for improvement by including housing costs and mortgage interests and updating the weight base more frequently, etc. References and statistical tables.
The consumer price index (CPI) measures the rate at which prices of consumer goods and services change over time. It is used as a key indicator of economic performance, as well as in the setting of monetary and socio-economic policy such as indexation of wages and social security benefits, purchasing power parities and inflation measures. This manual contains methodological guidelines for statistical offices and other agencies responsible for constructing and calculating CPIs, and also examines underlying economic and statistical concepts involved. Topics covered include: expenditure weights, sampling, price collection, quality adjustment, sampling, price indices calculations, errors and bias, organisation and management, dissemination, index number theory, durables and user costs.