Working to improve the Consumer Price Index

Article Abstract:

The Bureau of Labor Statistics, in response to criticisms regarding the inaccuracies of the Consumer Price Index (CPI), instituted upgrades on its method of garnering and calculating statistical data. It incorporated the effects of consumers' purchasing of generic drugs as a substitute for brand label medications. It likewise made use of a hedonic statistical method to reflect upgrades in the quality of products being purchased by consumers. The latter measure is necessary so as not to equate consumers' procurement of higher priced, higher quality products as a symptom of inflation.

Standards, Models, Economic aspects, Measurement, United States. Bureau of Labor Statistics, Inflation (Finance), Consumer behavior, Economic indicators, Cost and standard of living, Cost of living, Consumer price indexes, Inflation (Economics), Substitution (Economics)

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Durable goods theory for real world markets

Article Abstract:

The author examines the use of microeconomic in the forecasting of durable goods sales projections.

United States, Economics, Research and Development in the Social Sciences and Humanities, Economic forecasting, Microeconomics, Durable goods

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