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- W1980724833 abstract "THE consumer price index in the United States may be the most closely watched economic barometer in the world. Yet in recent years, as the public and the media have paid increasing attention to the monthly CPI announcements, more and more economists and officials have expressed dissatisfaction with the way the CPI measures inflation. The construction of price indexes, once an arcane subject used to torture graduate students, is now a subject debated in the halls of Congress and discussed on the nightly television news. In the wake of the stunning recent gyrations in the CPI inflation rate, this seems an opportune time to reexamine the index-and especially its treatment of housing, which has been so much in the public eye of late. The first three rows of table 1 give a hint both that something is amiss, and that the problem is of recent vintage. The all-items CPI and the implicit deflator for personal consumption expenditures (hereafter PCE deflator) differ in numerous ways. The PCE deflator counts only currently produced consumer goods and services, and-at least in principle-includes them all; the CPI is based on a selected list of about 250 items, including several important used items (used cars, resold houses). The PCE deflator uses current-period weights (a Paasche index), while the" @default.
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- W1980724833 date "1980-01-01" @default.
- W1980724833 modified "2023-09-26" @default.
- W1980724833 title "The Consumer Price Index and the Measurement of Recent Inflation" @default.
- W1980724833 cites W1515442990 @default.
- W1980724833 doi "https://doi.org/10.2307/2534330" @default.
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