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
Hauptverfasser: Bils, Mark, Klenow, Peter J.
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Klenow, Peter J.
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.
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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.</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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