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A new long-run consumer price index for Austria (1800–2018)

Author

Listed:
  • Gerald Hubmann

    (Oesterreichische Nationalbank)

  • Clemens Jobst

    (University of Vienna, Department of Economic and Social History and OeNB)

  • Michaela Maier

    (Statistics Austria, Directorate Macro-economic Statistics, Prices and Purchasing Power Parities)

Abstract

Indices of the development of consumer prices in Vienna or Austria date back to the year 1800. This article presents the first systematically documented and chained consumer price index for Austria spanning the period from 1800 to today. The selection of the series and the problems that arise in chaining them through wars, currency reforms and changes in index methodology are discussed in detail. We also propose adjustments to the constituent series which, compared to previously used series, yield significantly higher inflation rates during the Napoleonic Wars and a more pronounced deflation after their end, as well as a steeper price increase in 1948 and 1949. Finally, this article will examine the suitability of consumer price indices for the conversion of historical prices. This article includes a table containing annual index values. Monthly series are available online.

Suggested Citation

  • Gerald Hubmann & Clemens Jobst & Michaela Maier, 2020. "A new long-run consumer price index for Austria (1800–2018)," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/20, pages 61-88.
    • Handle: RePEc:onb:oenbmp:y:2020:i:q3/20:b:4
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    References listed on IDEAS

    as
    1. Jobst, Clemens & Kernbauer, Hans, 2016. "The Quest for Stable Money," University of Chicago Press Economics Books, University of Chicago Press, number 9783593505350, April.
    2. Cvrcek, Tomas, 2013. "Wages, Prices, and Living Standards in the Habsburg Empire, 1827–1910," The Journal of Economic History, Cambridge University Press, vol. 73(1), pages 1-37, March.
    3. Unknown, 1967. "Index," 1967 Conference, August 21-30, 1967, Sydney, New South Wales, Australia 209796, International Association of Agricultural Economists.
    4. Christian Beer & Ernest Gnan & Maria Teresa Valderrama, 2016. "A (not so brief ) history of inflation in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 6-32.
    5. Jerry Hausman, 2003. "Sources of Bias and Solutions to Bias in the Consumer Price Index," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 23-44, Winter.
    6. Manfred Fluch, 2016. "The measurement of inflation in Austria: a historical overview," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 33-60.
    7. Max‐Stephan Schulze & Nikolaus Wolf, 2012. "Economic nationalism and economic integration: the Austro‐Hungarian Empire in the late nineteenth century," Economic History Review, Economic History Society, vol. 65(2), pages 652-673, May.
    8. Lawrence Officer & Samuel Williamson, 2006. "Better Measurements of Worth," Challenge, Taylor & Francis Journals, vol. 49(4), pages 86-110.
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    More about this item

    Keywords

    cost-of-living index; consumer price index; Austria; historic reconstruction; inflation;
    All these keywords.

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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