Assessing Bias in the Consumer Price Index from Survey Data

Alan Krueger and Aaron Siskind
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Aaron Siskind: Princeton University

No 771, Working Papers from Princeton University, Department of Economics, Industrial Relations Section.

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.

Keywords: consumer price index; CPI; real income; PSID; Panel Study of Income Dynamics (search for similar items in EconPapers)
JEL-codes: F12 (search for similar items in EconPapers)
Date: 1997-12
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Working Paper: Assessing the Bias in the Consumer Price Index from Survey Data (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:pri:indrel:392

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