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Journal Article
Statement to Congress, March 4, 1997 (semi-annual report on the conduct of monetary policy and the issue of the CPI)
Greenspan, Alan (1997-05)
Federal Reserve Bulletin , Issue May

Journal Article
Does a fall in the dollar mean higher U.S. consumer prices?
Valderrama, Diego (2004)
This Economic Letter looks at the relationship among changes in the exchange rate value of the dollar and in import prices and overall consumer prices, with a particular focus on the current circumstances. It appears that the lower value of the dollar at this point is affecting U.S. prices less than it has historically. The reasons for the difference include changes in trading partners, changes in the composition of U.S. trade, and improved monetary policy over the last several years. Looking ahead, then, it appears likely that the recent dollar depreciation will have only very moderate ...
FRBSF Economic Letter

Working Paper
The CPI for rents: a case of understated inflation.
Nakamura, Leonard I.; Voith, Richard; Crone, Theodore M. (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 rents than average units, this response bias biased inflation estimates downward. Beginning in 1978, the Bureau of Labor Statistics (BLS) implemented a series of methodological changes that reduced response bias but substantial bias remained until 1985. We set up a model of response bias, parameterize it, and test it using a BLS microdata set for rents. We ...
Working Papers , Paper 04-17

Journal Article
Should food be excluded from core CPI?
McCracken, Michael W. (2011)
The greater a component?s SNR, the more useful the component should be in forecasting headline CPI.
Economic Synopses

Journal Article
Leading indicators of inflation
Roth, Howard L. (1986-11)
Economic Review , Volume 71 , Issue Nov , Pages 3-20

Working Paper
Trimmed mean PCE inflation
Dolmas, Jim (2005)
Research over the past decade has led to improved measures of core inflation in the Consumer Price Index, or CPI. This paper discusses the application of some of the insights and techniques of that line of research to the Federal Reserve Bard of Governors? preferred inflation gauge, the price index for Personal Consumption Expenditures (PCE). The result is a new measure of core PCE inflation?the trimmed mean PCE?and a somewhat different characterization of the economy?s recent inflation experience. ; Compared to the story told by the usual ?excluding food and energy? measure, the trimmed mean ...
Working Papers , Paper 0506

Journal Article
A CPI-based bias for GDP?
Yoo, Peter S. (1997-02)
National Economic Trends , Issue Feb

Working Paper
Introduction to price and productivity measurement for housing
Nakamura, Alice O.; Balk, Bert M.; Diewert, W. Erwin (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 treatment of owner-occupied housing in measures of inflation for a number of nations, including Canada, Germany, Iceland, and the United States.
Working Papers , Paper 09-5

Working Paper
Measurement error in the consumer price index: where do we stand?
Lebow, David E.; Rudd, Jeremy B. (2001)
We survey the evidence bearing on measurement error in the CPI and provide our best estimate of the magnitude of CPI bias. We also identify a "weighting" bias in the CPI that has not been previously discussed in the literature. In total, we estimate that the CPI overstates the change in the cost of living by about 0.6 percentage point per year, with a confidence interval that ranges from 0.1 to 1.2 percentage points. Roughly half of this bias is accounted for by the CPI's inability to fully capture the welfare improvement from quality change and the introduction of new items. Our bias ...
Finance and Economics Discussion Series , Paper 2001-61

Journal Article
Problems measuring prices
Burke, William (1974)
FRBSF Economic Letter

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