MARKETIZING U.S. PRODUCTION IN THE POST-WAR ERA: IMPLICATIONS FOR ESTIMATING CPI BIAS AND REAL INCOME FROM A COMPLETE-HOUSEHOLD-DEMAND SYSTEM

Wallace Huffman

No 18229, Working Papers from Iowa State University, Department of Economics

Abstract: This paper applies production theory to define a new set of inputs for U.S. households for the post-war II period, tests the new inputs to see if they support a complete household-demand system, and reports a new social cost-of-living index. The data support a demand system with nine major input categories and yield plausible price, income, and translating-variable effects. Women's and men's housework are complements, but other input categories are substitutes for women's housework. Some changes in the demand are associated with household technology and demographics. My social cost-of-living index rises at an approximately 1.4 percent per year slower over the post-war era than the implicit price deflator.

Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
Pages: 37
Date: 2004
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://ageconsearch.umn.edu/record/18229/files/wp040012.pdf (application/pdf)

Related works:
Working Paper: Marketizing U.S. Production in the Post-War Era: Implications for Estimating CPI Bias and Real Income from a Complete-Household-Demand System (2004)
Working Paper: Marketizing U.S. Production in the Post-War Era: Implications for Estimating CPI Bias and Real Income from a Complete-Household-Demand System (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:genres:18229

DOI: 10.22004/ag.econ.18229

Access Statistics for this paper

More papers in Working Papers from Iowa State University, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().