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Quality Change in Price Indexes

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Author Info
Nordhaus, William D

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Abstract

Price indexes provide the fundamental building blocks for measuring the general price level along with real incomes and real output. But the most important single price index for the United States, the CPI, has been criticized as significantly underestimating the pace of quality change. This paper sketches the issues involved in the measurement of quality change in price indexes. It reviews the theory of quality change, discusses how the Bureau of Labor Statistics deals with quality change, and provides examples of measurement issues in practice. It concludes with a proposal to resolve the massive uncertainties in this area. Copyright 1998 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 12 (1998)
Issue (Month): 1 (Winter)
Pages: 59-68
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Handle: RePEc:aea:jecper:v:12:y:1998:i:1:p:59-68

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. David M. Cutler & Mark McClellan & Joseph P. Newhouse & Dahlia Remler, 1996. "Are Medical Prices Declining?," NBER Working Papers 5750, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Griliches, Zvi & Cockburn, Iain, 1994. "Generics and New Goods in Pharmaceutical Price Indexes," American Economic Review, American Economic Association, vol. 84(5), pages 1213-32, December. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Kornprobst, Wolfgang, 2006. "Das Romer-Modell mit qualitätsverbesserndem technischen Fortschritt," Regensburger Diskussionsbeiträge zur Wirtschaftswissenschaft 412, University of Regensburg, Department of Economics. [Downloadable!]
  2. Robert J. Gordon, 2000. "The Boskin Commission Report and its Aftermath," NBER Working Papers 7759, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Jordi Maluquer de Motes i Bernet, 2007. ""La paradisíaca estabilidad de la anteguerra". Elaboración de un índice de precios de consumo de España, 1830-1936," UHE Working papers 2007_07, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica. [Downloadable!]
  4. Alan B. Krueger & Aaron Siskind, 1998. "Assessing the Bias in the Consumer Price Index from Survey Data," NBER Working Papers 6450, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. repec:fth:prinin:392 is not listed on IDEAS
  6. Joan A. Martín & Vicente Orts, 2001. "A two-stage analysis of monopolistic competition models of intraindustry trade," Investigaciones Economicas, Fundación SEPI, vol. 25(2), pages 315-333, May. [Downloadable!]
  7. Emi Nakamura & Jón Steinsson, 2009. "Lost in Transit: Product Replacement Bias and Pricing to Market," NBER Working Papers 15359, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Meijers,Huub & Hollanders,Hugo, 2003. "Sources of Growth: Measuring the Knowledge Based Economy," Research Memoranda 032, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  9. Robert J. Gordon, 2006. "The Boskin Commission Report: A Retrospective One Decade Later," International Productivity Monitor, Centre for the Study of Living Standards, vol. 12, pages 7-22, Spring. [Downloadable!]
    Other versions:
  10. Alan Krueger & Aaron Siskind, 1997. "Assessing Bias in the Consumer Price Index from Survey Data," Working Papers 771, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
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