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http://hdl.handle.net/10419/43342
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| Title: | | Owner-occupied housing costs and bias in the Irish consumer price index  |
| Authors: | | McCarthy, Colm |
| Issue Date: | | 2007 |
| Series/Report no.: | | Working paper series // UCD Centre for Economic Research 2007/07 |
| Abstract: | | The treatment of owner-occupied housing costs is a recurring problem in the construction of consumer price indices, and there are competing methodologies. In the most widely-used Irish index, the Payments Approach, which attaches a weight to a term involving historical house prices and an interest rate, is used to measure these costs. It is argued that this has resulted in a substantial over-statement of inflation in recent quarters, and that the over-statement will continue for some time. The Irish version of Eurostat's Harmonised Index of Consumer Prices, recently running well below the CPI, is a more reliable guide. Few national statistical offices use the Payments Approach, and it is argued that the procedure used in Ireland should be reviewed. |
| Subjects: | | Consumer Price Index Cost of Living Index Payment Approach Owner-Occupied Housing |
| JEL: | | C43 C82 D12 E31 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Paper Series, UCD School of Economics, University College Dublin (UCD)
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