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Keywords:Consumer price indexes 

Journal Article
Measuring inflation

FRBSF Economic Letter

Journal Article
A primer on the consumer price index

Review , Volume 56 , Issue Jul , Pages 2-7

Working Paper
Measurement error in the consumer price index: where do we stand?

We survey the evidence bearing on measurement error in the CPI and provide our best estimate of the magnitude of CPI bias. We also identify a "weighting" bias in the CPI that has not been previously discussed in the literature. In total, we estimate that the CPI overstates the change in the cost of living by about 0.6 percentage point per year, with a confidence interval that ranges from 0.1 to 1.2 percentage points. Roughly half of this bias is accounted for by the CPI's inability to fully capture the welfare improvement from quality change and the introduction of new items. Our bias ...
Finance and Economics Discussion Series , Paper 2001-61

Journal Article
Measurement errors and quality-adjustment methodology: lessons from the Japanese CPI

This article examines the problems inherent in quality changes/new goods bias in the Consumer Price Index, using the Japanese case as an example. The author proposes a practical way to improve the accuracy of quality adjustments by introducing the hedonic approach to the conventional procedure.
Economic Perspectives , Volume 23 , Issue Q II

Working Paper
The CPI for rents: a case of understated inflation

Until the end of 1977, the U.S. consumer price index for rents tended to omit rent increases when units had a change of tenants or were vacant, biasing inflation estimates downward. Beginning in 1978, the Bureau of Labor Statistics (BLS) implemented a series of methodological changes that reduced this nonresponse bias, but substantial bias remained until 1985. The authors set up a model of nonresponse bias, parameterize it, and test it using a BLS microdata set for rents. From 1940 to 1985, the official BLS CPI-W price index for tenant rents rose 3.6 percent annually; the authors argue that ...
Working Papers , Paper 06-7

Journal Article
The consumer price index and national saving

An argument that lowering COLAs for Social Security benefits and adjusting the Consumer Price Index to better reflect the cost-of-living increases that result from inflation will alleviate two long-range problems: escalating federal budget deficits and exceedingly low national saving.
Economic Commentary , Issue Oct

Journal Article
The retail revolution and food-price mismeasurement

If a product sells for $3 this week at the local supermarket and $2 next week, what is the "real" price? What if that same product has a different price at a different store? Thanks to scanner technology, food prices differ a lot these days because they can be changed quickly and easily. How do our official statistics take these price movements into account? Not too well, according to Leonard Nakamura. In this article, he describes the retail revolution of recent years and how it has led to mismeasurement of food prices
Business Review , Issue May , Pages 3-14

Journal Article
Measuring inflation in a high-tech age

Business Review , Issue Nov , Pages 13-25

Speech
Improving the measurement of inflation expectations

Remarks at the Barclays 16th Annual Global Inflation-Linked Conference, New York City.
Speech , Paper 84

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Clark, Todd E. 6 items

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Meyer, Brent 4 items

Crone, Theodore M. 3 items

Diewert, W. Erwin 3 items

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