How much does formula versus chaining matter for a cost-of-living index? The CPI-U versus the C-CPI-U

被引：0
作者：
Kurtzon, Gregory [1 ]
机构：
[1] US Bur Labor Stat, Div Price & Index Number Res, 2 Massachusetts Ave,NE,Room 3105, Washington, DC 20212 USA
来源：
ECONOMIC INQUIRY | 2022年 / 60卷 / 02期
关键词：
consumer price index; cost of living; CPI; Divisia; index number; inflation; price index; NUMBERS;
D O I：
10.1111/ecin.13037
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A large economics literature has debated the best formula to estimate a cost-of-living index (COLI). This study shows that formula does not matter for many purposes for an index chained at a monthly frequency once chain drift has been removed. Spurious chain drift is removed with a new method revealing the large majority of the difference between the CPI-U and the C-CPI-U (a COLI) is due to the CPI-U weights effectively chaining at the biennial frequency, rather than the difference in formula assumptions. This sufficiently justifies the C-CPI-U and similar chained indexes while also showing their assumptions are not critical.
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收藏
页码：645 / 667
页数：23
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