Discusses budgetary implications of changes in the Consumer Price Index (CPI) overstating changes in the cost of living. Presents an overview of the CPI, details why it is not a true cost of living index, a discusses substitution bias. Describes procedures employed to adjust for quality change, presents a survey of studies a the Commission's judgment on the bias from quality change a new products, a summarizes findings on the size of the bias. Discusses the issue of separate price indexes for different groups a of aspects of quality of life that fall outside the market based consumption focus of cost-of-living measures.In a new project Gordon (1996) has compiled an apparel price index from the Sears catalogue based on thousands of year-by-year comparisons of identical apparel items over the intervals 1965a 93.53 The ratio of the CPI relative to theanbsp;...
|Title||:||Final Report of the Advisory Commission to Study the Consumer Price Index Cpi|
|Author||:||William V. Roth, Jr.|
|Publisher||:||DIANE Publishing - 1996-06-01|