Proceedings of the IFC Workshop on "CPI measures: central bank views and concerns", Basel, April 2006

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Message from the chair

Jan Smets

5

Proceedings of the IFC Workshop on CPI measures: central bank views and concerns, 20 and 21 April 2006

Overview of the workshop

9

Session 1: International methodological standards for CPI and national practices 

Chair: William White (Bank for International Settlements)

13

Background note and key issues for discussion

14

The CPI manual and IMF statistical capacity building

Mick Silver

17

International methodological standards for CPI and national practices

Marianne Collin

19

Comparison of consumer price indices for the euro area, the United States and Japan

Gabriel Quirós

33

Measurement errors in the Japanese CPI

Shigenori Shiratsuka

36

Summary of discussion

44

Session 2: Inflation measures from the perspective of monetary policy

Chair: Shigenori Shiratsuka (Bank of Japan)

45

Background note and key issues for discussion

46

Inflation measures from a monetary policy perspective

Laurent Bilke

52

Alternative measures of Inflation

Jeremy Rudd

53

Inflation measures from the perspective of monetary policy: The case of Brazil

Jose Ricardo da Costa e Silva

55

Summary of discussion

58

Session 3: The measurement of housing services in the CPI

Chair: Javier Salas (Banco de México)

61

Background note and key issues for discussion

62

The treatment of owner-occupied housing in the harmonised index of consumer prices

Martin Eiglsperger

68

Measurement of housing services in the CPI: The Measurement of owner-occupied housing in Sweden

Jesper Johansson

80

The measurement of housing services in the CPI: The case of Hong Kong

Li-Gang Liu

81

Summary of discussion

84

Session 4: Dealing with quality adjustments

Chair: Johannes Hoffmann (Deutsche Bundesbank)

85

Background note and key issues for discussion

86

Adjustments for quality change and new goods

Mick Silver

91

The US experience with quality adjustment

Jeremy Rudd

93

Summary of discussion

96

Session 5: Other measurement issues of concern to central banks

Chair: Luc Aucremanne (National Bank of Belgium)

97

Background note and key issues for discussion

98

Price index measurement in Mexico

Javier Salas

103

Administered prices in the French HICP

Valérie Chauvin

112

Change in price collection method for the compilation of the South African CPI

Peter Weideman

114

Summary of discussion

116

Session 6: Measures of core or underlying inflation

Chair: Roberto Sabbatini (Bank of Italy)

119

Background note and key issues for discussion

120

127

The Canadian Experience with core inflation

Thérèse Laflèche

134

Core inflation measures: The case of Poland

Jaroslaw T Jakubik

136

Core inflation measurement at the Riksbank

Jesper Johansson

140

Summary of discussion

142

Session 7: Quantifying the measurement bias in CPIs

Chair: Mark Wynne (Federal Reserve Bank of Dallas)

145

Background note and key issues for discussion

146

Measurement error in the US CPI

Jeremy Rudd

152

The accuracy of the HICP: a comment on recent contributions

Diego Rodriguez-Palenzuela

156

The "Index of perceived inflation (IPI)" for Germany: Conceptual principles and shortcomings

Hans-Albert Leifer

160

Summary of discussion

164

Session 8: Central bank input into national and international discussions on CPI methodology

Chair: Gabriel Quirós (ECB)

165

Background note and key issues for discussion

166

The Bundesbank's contribution to the inflation measurement debate in Germany

Johannes Hoffmann

168

Summary of discussion

173

Annotated list of other background papers

175

Background material

187

The basic statistical returns system – a mirror to the trends in Indian banking

Pardeep Maria and Praggya Das

198