Quantifying Quality Growth
Using U.S. Consumer Expenditure Surveys, we estimate "quality Engel curves" for 66 durable goods based on the extent richer households pay more for each good. The same data show that the average price paid rises faster from 1980 to 1996 for goods with steeper quality Engel curves, as if ho...
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Veröffentlicht in: | The American economic review 2001-09, Vol.91 (4), p.1006-1030 |
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description | Using U.S. Consumer Expenditure Surveys, we estimate "quality Engel curves" for 66 durable goods based on the extent richer households pay more for each good. The same data show that the average price paid rises faster from 1980 to 1996 for goods with steeper quality Engel curves, as if households are ascending these curves. BLS prices likewise increase more quickly for goods with steeper quality Engel curves, suggesting the BLS does not fully net out the impact of quality upgrading. We estimate that annual quality growth averages 3.7 percent for our goods, with 2.2 percent showing up as higher inflation. |
doi_str_mv | 10.1257/aer.91.4.1006 |
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The same data show that the average price paid rises faster from 1980 to 1996 for goods with steeper quality Engel curves, as if households are ascending these curves. BLS prices likewise increase more quickly for goods with steeper quality Engel curves, suggesting the BLS does not fully net out the impact of quality upgrading. We estimate that annual quality growth averages 3.7 percent for our goods, with 2.2 percent showing up as higher inflation.</description><identifier>ISSN: 0002-8282</identifier><identifier>EISSN: 1944-7981</identifier><identifier>DOI: 10.1257/aer.91.4.1006</identifier><identifier>CODEN: AENRAA</identifier><language>eng</language><publisher>Nashville: American Economic Association</publisher><subject>Bias ; Central banks ; Consumer Price Index ; Consumer spending ; Consumer surveys ; Consumption ; Demand curves ; Durable goods ; Economic statistics ; Estimation bias ; Expenditures ; Furniture tables ; Household expenditure ; Households ; Inflation rates ; Manyproducts ; Men ; Office furniture ; Outdoor furniture ; Political economy ; Prices ; Product differentiation ; Product quality ; Qualitative analysis ; Quality control ; Statistical analysis ; Studies ; U.S.A ; Wealth</subject><ispartof>The American economic review, 2001-09, Vol.91 (4), p.1006-1030</ispartof><rights>Copyright 2001 American Economic Association</rights><rights>Copyright American Economic Association Sep 2001</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c481t-dfade9e63a06045634bc2d6e213b302411e4f2e1850dd6c0063f7d716be57cf83</citedby><cites>FETCH-LOGICAL-c481t-dfade9e63a06045634bc2d6e213b302411e4f2e1850dd6c0063f7d716be57cf83</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/2677823$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/2677823$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,780,784,803,3748,27924,27925,58017,58250</link.rule.ids></links><search><creatorcontrib>Bils, Mark</creatorcontrib><creatorcontrib>Klenow, Peter J.</creatorcontrib><title>Quantifying Quality Growth</title><title>The American economic review</title><description>Using U.S. Consumer Expenditure Surveys, we estimate "quality Engel curves" for 66 durable goods based on the extent richer households pay more for each good. The same data show that the average price paid rises faster from 1980 to 1996 for goods with steeper quality Engel curves, as if households are ascending these curves. BLS prices likewise increase more quickly for goods with steeper quality Engel curves, suggesting the BLS does not fully net out the impact of quality upgrading. We estimate that annual quality growth averages 3.7 percent for our goods, with 2.2 percent showing up as higher inflation.</description><subject>Bias</subject><subject>Central banks</subject><subject>Consumer Price Index</subject><subject>Consumer spending</subject><subject>Consumer surveys</subject><subject>Consumption</subject><subject>Demand curves</subject><subject>Durable goods</subject><subject>Economic statistics</subject><subject>Estimation bias</subject><subject>Expenditures</subject><subject>Furniture tables</subject><subject>Household expenditure</subject><subject>Households</subject><subject>Inflation rates</subject><subject>Manyproducts</subject><subject>Men</subject><subject>Office furniture</subject><subject>Outdoor furniture</subject><subject>Political economy</subject><subject>Prices</subject><subject>Product differentiation</subject><subject>Product quality</subject><subject>Qualitative analysis</subject><subject>Quality control</subject><subject>Statistical 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quality</topic><topic>Qualitative analysis</topic><topic>Quality control</topic><topic>Statistical analysis</topic><topic>Studies</topic><topic>U.S.A</topic><topic>Wealth</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Bils, Mark</creatorcontrib><creatorcontrib>Klenow, Peter J.</creatorcontrib><collection>CrossRef</collection><collection>ProQuest Social Sciences Premium Collection</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>Access via ABI/INFORM (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>Health & Medical Collection</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Healthcare Administration Database (Alumni)</collection><collection>Medical Database (Alumni 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Consumer Expenditure Surveys, we estimate "quality Engel curves" for 66 durable goods based on the extent richer households pay more for each good. The same data show that the average price paid rises faster from 1980 to 1996 for goods with steeper quality Engel curves, as if households are ascending these curves. BLS prices likewise increase more quickly for goods with steeper quality Engel curves, suggesting the BLS does not fully net out the impact of quality upgrading. We estimate that annual quality growth averages 3.7 percent for our goods, with 2.2 percent showing up as higher inflation.</abstract><cop>Nashville</cop><pub>American Economic Association</pub><doi>10.1257/aer.91.4.1006</doi><tpages>25</tpages><oa>free_for_read</oa></addata></record> |
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source | EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing; American Economic Association |
subjects | Bias Central banks Consumer Price Index Consumer spending Consumer surveys Consumption Demand curves Durable goods Economic statistics Estimation bias Expenditures Furniture tables Household expenditure Households Inflation rates Manyproducts Men Office furniture Outdoor furniture Political economy Prices Product differentiation Product quality Qualitative analysis Quality control Statistical analysis Studies U.S.A Wealth |
title | Quantifying Quality Growth |
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