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The CPI for rents: a case of understated inflation

Crone, Theodore M.; Nakamura, Leonard I.; Voith, Richard - Federal Reserve Bank of Philadelphia - 2006

Until the end of 1977, the U.S. consumer price index for rents tended to omit rent increases when units had a change of … consequences for historical measures of rent-house-price ratios and for the growth of real consumption. …

Persistent link: https://www.econbiz.de/10005387514

The CPI for rents: a case of understated inflation.

Crone, Theodore M.; Nakamura, Leonard I.; Voith, Richard - Federal Reserve Bank of Philadelphia - 2004

Until the end of 1977, the method used in the U.S. consumer price index (CPI) to measure rent inflation tended to omit … rent increases when units had a change of tenants or were vacant. Since such units typically had more rapid increases in … that from 1940 to 1985 the CPI inflation rate for rent most likely was understated by 1.4 percentage points annually in U …

Persistent link: https://www.econbiz.de/10005717412

Introduction to price and productivity measurement for housing

Balk, Bert M.; Diewert, W. Erwin; Nakamura, Alice O. - Federal Reserve Bank of Philadelphia - 2009

This paper provides a brief introduction to a proposed new opportunity cost treatment of owner-occupied housing in measures of inflation for the United States. In addition, the paper introduces, and provides links to, a collection of nine other papers that discuss various aspects of the...

Persistent link: https://www.econbiz.de/10005512340

Accounting for housing in a CPI

Diewert, W. Erwin; Nakamura, Alice O. - Federal Reserve Bank of Philadelphia - 2009

In this paper, we take stock of how statistical agencies in different nations are currently accounting for housing in their consumer price indexes (CPIs). The rental equivalence and user cost approaches have been favourites of economists. Both can be derived from the fundamental equation of...

Persistent link: https://www.econbiz.de/10005389722

Measuring housing services inflation

Crone, Theodore M.; Nakamura, Leonard I.; Voith, Richard - Federal Reserve Bank of Philadelphia - 1999

Recent papers have questioned the accuracy of the Bureau of Labor Statistics' methodology for measuring implicit rents for owner-occupied housing. The authors propose cross-checking the BLS statistics by using data on owner-occupied and rental housing from the American Housing Survey. A hedonic...

Persistent link: https://www.econbiz.de/10005717399

The measurement of retail output and the retail revolution

Nakamura, Leonard I. - Federal Reserve Bank of Philadelphia - 1997

The computerization of retailing has made price dispersion a norm in the United States, so that any given list price or transactions price is an increasingly imperfect measure of a product's resource cost. As a consequence, measuring the real output of retailers has become increasingly...

Persistent link: https://www.econbiz.de/10005717410