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Assessing the Bias in the Consumer Price Index from Survey Data

Alan Krueger and Aaron Siskind

No 6450, NBER Working Papers from National Bureau of Economic Research, Inc

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 (1998) reached a different conclusion because it did not account for changes in the shape of the income distribution.

JEL-codes: E31 (search for similar items in EconPapers)
Date: 1998-03
Note: LS
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Published as Monthly Labor Review, Vol. 121, no. 4 (April 1998): 24-33.

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Working Paper: Assessing Bias in the Consumer Price Index from Survey Data (1997) Downloads
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