Constructing the Chicago Fed Income Based Economic Index - Consumer Price Index : Inflation Experiences by Demographic Group: 1983-2005, Working Paper 2005-20
Constructing the Chicago Fed Income Based Economic Index - Consumer Price Index : Inflation Experiences by Demographic Group: 1983-2005, Working Paper 2005-20
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构建芝加哥联储基于收入的经济指数 - 消费者价格指数：按人口群体划分的通货膨胀经历：1983-2005 年，工作论文 2005-20
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
anna. paulson
中科院分区：
文献类型：
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作者：
L. McGranahan;anna. paulson
我们使用1982-2004年的消费者支出调查数据，并将其与特定项目的消费物价指数数据相结合，构建了针对31个不同人口群体和1983-2005年的整个城市人口的每月链式加权通胀指标。我们发现，不同群体的通胀经历与整个城市人口的通胀经历高度相关，且幅度相似。在抽样期内，各组别的累积通胀率介乎195%至212%之间，而整体人口的通胀率则为201%。与总体通胀率偏差最大的群体是户主或配偶年龄在65岁或以上的家庭。这些家庭的累计通胀率比平均水平高出5%，即11个百分点。我们还发现，根据人口和收入特征的定义，脆弱人群的通胀变异性更高，而优势人群的通胀变异性更低。特别是，我们计算出通货膨胀的标准差随着教育程度的提高而下降。这是由于受教育程度较低的人在食品和能源等价格变动较大的必需品方面的支出比例较高。然而，这种可变性的差异是相当小的。受教育程度最低的人的通货膨胀率比所有城市家庭的通货膨胀率要高出3%。我们的结论是，通胀主要是一种总体冲击，CPI-U在衡量我们调查的人口群体的通胀体验方面做得很合理。
We use Consumer Expenditure Survey data from 1982-2004 and combine it with item-specific Consumer Price Index data to construct monthly chain-weighted inflation measures for thirty-one different demographic groups and for the urban population as a whole from 1983-2005. We find that the inflation experiences of the different groups are highly correlated with and similar in magnitude to the inflation experiences of the overall urban population. Over the sample period, cumulative inflation for the groups ranged from 195% to 212% as compared to inflation for the overall population of 201%. The group with the largest deviation from overall inflation consists of households where the head or spouse is 65 years of age or older. These households had cumulative inflation 5%, or 11 percentage points, higher than the average. We also find that the variability of inflation is higher for vulnerable populations as defined by demographic and income characteristics and lower for advantaged populations. In particular, we calculate that the standard deviation of inflation declines with educational attainment. This is the result of higher expenditure shares among the less educated on necessities with more variable prices, including food and energy. However, this difference in variability is fairly modest. The inflation rate of the least educated is 3% more variable than inflation for all urban households. We conclude that inflation is principally an aggregate shock and that the CPI-U does a reasonable job of measuring the inflation experience of the demographic groups that we investigate.