Alternative data sources for high-tech products in the CPI.
The article explores the use of alternative data sources to enhance price-change measurement for high-tech goods and services in the U.S. Consumer Price Index (CPI). The U.S. Bureau of Labor Statistics (BLS) is working towards incorporating nontraditional data collection methods for items like telev...
| Publicado en: | Monthly Labor Review pp. 1 - 37 |
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| Formato: | Artículo |
| Publicado: |
US Department of Labor
Dec2024
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| Sumario: | The article explores the use of alternative data sources to enhance price-change measurement for high-tech goods and services in the U.S. Consumer Price Index (CPI). The U.S. Bureau of Labor Statistics (BLS) is working towards incorporating nontraditional data collection methods for items like televisions and wireless telephone services to improve quality change and adjustment issues. By utilizing hedonic imputation methods and Törnqvist aggregation, the study shows that faster reactions to price shocks and better constant quality price change measures can be achieved for these products. The research delves into the impact of various characteristics on prices for televisions and wireless telephone services, utilizing machine learning techniques and alternative data sources to ensure accurate representation of changing consumer preferences and technological advancements in CPI calculations. |
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