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Reconsideration of Weighting and Updating Procedures in the US CPI

Author

Listed:
  • John S. Greenlees

    () (U.S. Bureau of Labor Statistics)

  • Elliot Williams

    () (U.S. Bureau of Labor Statistics)

Abstract

Production capital and technology (i.e., total factor productivity) in U.S. manufacturing are fundamental for understanding output and productivity growth of the U.S. economy but are unobserved at this level of aggregation and must be estimated before being used in empirical analysis. Previously, we developed a method for estimating production capital and technology based on an estimated dynamic structural economic model and applied the method using annual SIC data for 1947-1997 to estimate production capital and technology in U.S. total manufacturing. In this paper, we update this work by reestimating the model and production capital and technology using annual SIC data for 1949-2001 and partly overlapping NAICS data for 1987-2005.

Suggested Citation

  • John S. Greenlees & Elliot Williams, 2009. "Reconsideration of Weighting and Updating Procedures in the US CPI," Working Papers 431, U.S. Bureau of Labor Statistics.
  • Handle: RePEc:bls:wpaper:ec090090
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    References listed on IDEAS

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    1. Christian Broda & David E. Weinstein, 2010. "Product Creation and Destruction: Evidence and Price Implications," American Economic Review, American Economic Association, vol. 100(3), pages 691-723, June.
    2. Matthew D. Shapiro & David W. Wilcox, 1997. "Alternative strategies for aggregating prices in the CPI," Review, Federal Reserve Bank of St. Louis, issue May, pages 113-125.
    3. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
    4. Peter A. Zadrozny, 2016. "Real-Time State Space Method for Computing Smoothed Estimates of Future Revisions of U.S. Monthly Chained CPI," CESifo Working Paper Series 5897, CESifo Group Munich.
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    More about this item

    Keywords

    Aggregation; Consumer Price Index; CPI; Index Number;

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation

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