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At What Price? - Conceptualizing and Measuring Cost-of-Living and Price Indexes (Hardcover)
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Discovery Miles 12 300
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At What Price? - Conceptualizing and Measuring Cost-of-Living and Price Indexes (Hardcover)
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How well does the consumer price index (CPI) reflect the changes
that people actually face in living costs?from apples to computers
to health care? Given how it is used, is it desirable to construct
the CPI as a cost-of-living index (COLI)? With what level of
accuracy is it possible to construct a single index that represents
changes in the living costs of the nation's diverse population? At
What Price? examines the foundations for consumer price indexes,
comparing the conceptual and practical strengths, weaknesses, and
limitations of traditional "fixed basket" and COLI approaches. The
book delves into a range of complex issues, from how to deal with
the changing quality of goods and services, including
difficult-to-define medical services, to how to weight the
expenditure patterns of different consumers. It sorts through the
key attributes and underlying assumptions that define each index
type in order to answer the question: Should a COLI framework be
used in constructing the U.S. CPI? In answering this question, the
book makes recommendations as to how the Bureau of Labor Statistics
can continue to improve the accuracy and relevance of the CPI. With
conclusions that could affect the amount of your next pay raise, At
What Price? is important to everyone, and a must-read for policy
makers, researchers, and employers. Table of Contents Front Matter
Executive Summary 1 Introduction 2 Conceptual Foundations for Price
and Cost-of-Living Indexes 3 Index Domain 4 Evolving Market
Baskets: Adjusting Indexes to Account for Quality Change 5 New
Goods and New Outlets 6 The Special Case of Medical Services 7
Index Design and Index Purpose 8 Whose Index? Aggregating Across
Households 9 Data Collection for CPI Construction Appendix:
Statistical Definition and Estimation of Price Indexes References
Glossary Biographical Sketches of Panel Members and Staff Index
General
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