Scandinavian Working Papers in Economics

Working Paper Series,
Uppsala University, Department of Economics

No 2004:18: Towards an Applicable True Cost-of-Living Index that Incorporates Housing

N. Anders Klevmarken ()
Additional contact information
N. Anders Klevmarken: Department of Economics, Postal: Uppsala University, P.O. Box 513, SE-751 20 Uppsala, Sweden

Abstract: A dynamic model of consumer behavior that incorporates the demand for housing is specified such that it is consistent with the general purpose of a consumer price index. From this model a true cost-of-living index that includes housing is derived. Being an ideal index it cannot be computed without imposing additional assumptions about the behavior of the consumer, but it is possible to draw conclusions about the prices and weights that should be used in conventional approximations to such an ideal index.

Keywords: True cost-of-living index; compensation index; price index of housing

JEL-codes: C43; D91

8 pages, November 5, 2004

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