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Assessing Bias in the Consumer Price Index from Survey Data

Author

Listed:
  • Alan B. Krueger

    (Princeton University and NBER)

  • Aaron Siskind

    (Princeton University)

Abstract

This paper compares self-reported changes in families' financial status to actual changes based on annual time-series data calculated from the PSID. The results indicate that the Consumer Price Index does a reasonably accurate job reconciling self-reported changes in financial status with measured changes in real income. Earlier work by Nordhaus (I998) reached a different conclusion because it did not account for changes in the shape of the income distribution.

Suggested Citation

  • Alan B. 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..
    • Handle: RePEc:pri:indrel:392
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    Cited by:

    1. is not listed on IDEAS
    2. Luechinger, Simon & Raschky, Paul A., 2009. "Valuing flood disasters using the life satisfaction approach," Journal of Public Economics, Elsevier, vol. 93(3-4), pages 620-633, April.

    More about this item

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    JEL classification:

    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation

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