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New Evidence on Outlet Substitution Effects in Consumer Price Index Data

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  • John S. Greenlees

    (U.S. Bureau of Labor Statistics)

  • Robert McClelland

    (U.S. Bureau of Labor Statistics)

Abstract

In this paper we provide new evidence on the impact on the U.S. CPI of the appearance and growth of new types of product outlets. Our CPI food microdata permit a more detailed categorization of outlet types than in previous studies, and we can adjust for numerous differences in item characteristics. We also examine the effects of changes in outlet mix not only across outlet categories but also within those categories. In our sample, we find that the upward impact on price from increased item quality has offset most, but not all, of the downward impact of lower-priced outlets.

Suggested Citation

  • John S. Greenlees & Robert McClelland, 2011. "New Evidence on Outlet Substitution Effects in Consumer Price Index Data," The Review of Economics and Statistics, MIT Press, vol. 93(2), pages 632-646, May.
  • Handle: RePEc:tpr:restat:v:93:y:2011:i:2:p:632-646
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    Cited by:

    1. Michael D. Bordo & Andrew T. Levin, 2017. "Central Bank Digital Currency And The Future Of Monetary Policy," Economics Working Papers 17104, Hoover Institution, Stanford University.

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