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  5. Consumer Prices, the Consumer Price Index, and the Cost of Living

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Consumer Prices, the Consumer Price Index, and the Cost of Living

  • Michael J. Boskin
  • Ellen L. Dulberger
  • Robert J. Gordon
  • Zvi Griliches
  • Dale W. Jorgenson
Journal of Economic Perspectives
vol. 12, no. 1, Winter 1998
(pp. 3–26)
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Abstract

After presenting major findings and recommendations, the CPI Commission reiterates the estimate of a 1.1 percentage point per annum upward bias. It rejects the contention that the BLS already makes substantial corrections for quality change; that quality improvements and new products accrue only to the rich; and that procedures to make more extensive quality adjustments, valuations of new products, and adjustments for commodity and outlet substitution are impractical. The bias in the CPI can be sharply reduced, as the authors detail in this paper. Coauthors are Ellen R. Dulberger, Robert J. Gordon, Zvi Griliches, and Dale W. Jorgenson.

Citation

Boskin, Michael J., Ellen L. Dulberger, Robert J. Gordon, Zvi Griliches, and Dale W. Jorgenson. 1998. "Consumer Prices, the Consumer Price Index, and the Cost of Living." Journal of Economic Perspectives, 12 (1): 3–26. DOI: 10.1257/jep.12.1.3

JEL Classification

  • E31 Price Level; Inflation; Deflation
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