Chapter

A Review of Reviews: Ninety Years of Professional Thinking About the Consumer Price Index

Edited by Marshall Reinsdorf and Jack E. Triplett

in Price Index Concepts and Measurement

Published by University of Chicago Press

Published in print February 2010 | ISBN: 9780226148557
Published online February 2013 | e-ISBN: 9780226148571 | DOI: http://dx.doi.org/10.7208/chicago/9780226148571.003.0002
A Review of Reviews: Ninety Years of Professional Thinking About the Consumer Price Index

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This chapter provides a detailed history of the evolution of the Consumer Price Index (CPI), and a comprehensive review of the various commissions formed to study it. It reveals the long-standing nature of many CPI issues that are still controversial today. Apart from providing various CPI reviews, the authors present their views on the alternative methodological foundations for a consumer price index and, in particular, debate the merits of the economic or Cost-of-Living Index (COLI) approach versus the Cost-of-Goods Index (COGI). It is found that the COLI approach to CPI index construction is superior to either the COGI or test approaches, but it is also noted that the test approach can be useful on occasion as a supplement to the economic approach to index construction.

Keywords: Consumer Price Index; CPI; Cost of Living; COLI; price index; index construction; Cost of Goods; COGI

Chapter.  31977 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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