IMF research discusses new formulas for compiling CPI indexes
A working paper published by the International Monetary Fund in April examines alternative formulas for measuring consumer price indexes (CPI).
Authors Paul Armknecht and Nick Silver write that the current methodology used for compiling CPI statistics might not be suitable, and they examine two alternatives. The authors also propose the use of geometric averages as opposed to the arithmetic averages deployed by the current model.
The models were constructed using US CPI data and the authors
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