RPI: a Really Profligate Index? |
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| Authors: | Shane Whelan |
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| Institution: | Head of the Department of Statistics and Actuarial Science at University College Dublin. He is an actuary (FFA, FSAI, FSA) and occasional research consultant to the Irish Association of Pension Funds. |
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| Abstract: | High on the list of the top 10 most important statistics in any country must be the consumer (or retail) prices index. So it is not surprising to find that enormous effort goes into its calculation. But is this effort justified? Looking at lessons from history, Shane Whelan argues that, on the contrary, the index is profligately overengineered. |
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