Quantifying quality growth

• 成果类型: Article
• 署名作者: Bils, M; Klenow, PJ
• 署名单位: University of Rochester; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.91.4.1006
• 发表日期: 2001
• 页码: 1006-1030
• 关键词: goods

摘要

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 clin,es. BLS prices likewise increase more quickly for goods with steeper quality Engel curves,es, 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.