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

IFC Bulletin No 24
August 2006
  page
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
Core inflation: Definitions and measures
Robert Sabbatini
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