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