Indexing Government Programs for Changes in the Cost of Living
This article presents social cost-of-living indexes constructed from an econometric model of aggregate consumer behavior. The econometric price index has the same average inflation rate as a Tornqvist price index over the period 1947-95 but rises less rapidly after 1973. Group cost-of-living indexes are presented for white and nonwhite, male- and female-headed, and elderly and nonelderly households. Elderly households have experienced a slightly higher rate of inflation than the nonelderly since 1980. The authors recommend indexing government programs, such as Social Security, by social and group cost-of-living indexes rather than the Consumer Price Index.
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Volume (Year): 17 (1999)
Issue (Month): 2 (April)
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