The theory of the price index

Georg Strasser and Riccardo Trezzi

Chapter 1 in Research Handbook on Inflation, 2025, pp 7-21 from Edward Elgar Publishing

Abstract: This chapter provides an overview of price indexes, highlighting the links between price measurement and economic theory. By differentiating between the requirements derived from theoretical, practical, and other considerations, it highlights the technical and political dimensions of inflation measurement. It explains the conceptual differences between cost-of-goods and cost-of-living indices and discusses their advantages and limitations. The chapter concludes with a comparison of current inflation measurement practices across countries.

Keywords: Price index; Cost-of-goods index; COGI; Cost-of-living index; COLI; Economic theory (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035327751
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