Final Report of the Advisory Commission to Study the Consumer Price Index: Hearings Before the Committee on Finance, United States Senate, One Hundred Fifth Congress, First Session, January 28, and February 11, 1997, المجلد 4U.S. Government Printing Office, 1997 - 138 من الصفحات |
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عبارات ومصطلحات مألوفة
1.1 percentage points AARP ABRAHAM accuracy accurate Advisory Commission AFL-CIO Alan Greenspan American areas believe benefits biases billion Boskin Commission Boskin Commission's BOSWORTH budget Bureau of Labor Chairman Chavez-Thompson COLAS committee Congress Consumer Price Index correct cost of living cost-of-living adjustments cost-of-living index CPI overstates current CPI deficit economic economists elderly estimate example expenditures experts Federal Reserve FELDSTEIN formula geometric mean going Greenspan GRILICHES important improvements income inflation adjustment issue judgment Labor Statistics LINDA CHAVEZ-THOMPSON living index look market basket measure ment Michael Boskin outlets over-indexing overstates inflation percent political price change problem programs quality adjustments quality change question recommendations reduce Retired Senator BREAUX Senator BRYAN Senator GRAHAM Senator GRASSLEY Senator Moynihan Senator ROCKEFELLER Social Security statistical agencies Stigler Commission sub-indexes substitution bias testimony Thank things tion understated updated upward bias weights
مقاطع مشهورة
الصفحة 115 - Thank you, Mr. Chairman. I am pleased to appear before this committee to express the views of the Department of Agriculture on S.
الصفحة 3 - If a poll were taken of professional economists and statisticians, in all probability they would designate (and by a wide majority) the failure of the price indexes to take full account of quality changes as the most important defect in these indexes. And by almost as large a majority, they would believe that this failure introduces a systematic upward bias in the price indexes — that quality changes have on average been quality improvements.
الصفحة 127 - if a poll were taken of professional economists and statisticians, in all probability they would designate (and by a wide majority) the failure of the price indexes to take full account of quality changes as the most important defect in these indexes.
الصفحة 77 - I have, purposely, spent a good deal of time talking about substitution bias. The largest share of the bias in the CPI that the Commission concludes exists — 0.7 percentage point per year, or nearly two-thirds of the total of 1.1 percentage points per year — arises from other sources. The Commission believes that the failure to make adequate adjustment for changes in the quality of the goods and services people buy and to account properly for the value to consumers of newly available goods, together...
الصفحة 79 - Since 1992 • Improved corrosion protection — body, electrical system, fuel tank, pump, shocks, brakes, and cables • Increased warranties • Body side cladding • Sealing improvements • Stainless steel exhaust...
الصفحة 119 - ... local" commodities, such as fuel costs, rent, personal services, and fresh produce. Currently, the BLS collects a large number of price quotes on bananas, because they are inexpensive to collect and their prices are quite variable, even though these variations are not related systematically to the underlying trend-movements in the CPI. At the same time, less attention is paid to less variable but more likely to change (disappear or be redesigned) and harder to measure commodities, such as surgical...
الصفحة 77 - ... goods, together with deficiencies in the way the CPI treats differences in the prices charged at different retail outlets, constitute a serious problem. Before commenting on the evidence marshaled by the Commission in support of its conclusions in the quality/new goods area, I would like to note that the BLS already has procedures in place designed to account for changes in the quality of the items being priced. (It often mistakenly has been assumed, though not by the Commission, that BLS makes...
الصفحة 78 - Commission made a more systematic effort to explore the possible existence of negative biases in the CPI. Other analysts have hypothesized reduced convenience and comfort of air travel, and deteriorating quality of higher education, as examples of quality decreases that are ignored in the CPI. More generally, whereas the Commission notes some service quality improvements, such as the introduction of automatic credit-card readers at gasoline pumps, the BLS often hears complaints about broad-ranging...
الصفحة 88 - Shreve, a member of the board of directors of the American Association of Retired Persons. AARP appreciates the opportunity to present its views on reinventing the Social Security Administration.
الصفحة 76 - The detailed data needed to account for lower-level substitution in the calculation of CPI subindexes are simply not available. In contrast, at the upper level of item aggregation, the BLS does collect information on consumer expenditures across item categories, like apples, men's shirts, and prescription drugs. Therefore, it is possible to construct a measure that accounts for substitution across those item categories in response to relative price changes, though not on the same-schedule as the...