IDEAS home Printed from https://ideas.repec.org/a/fip/fedlrv/00091.html
   My bibliography  Save this article

Living Standards in St. Louis and the Eighth Federal Reserve District: Let’s Get Real

Author

Abstract

Recently, the Bureau of Economic Analysis (BEA) has developed the Regional Price Parities (RPPs), spatial price indexes that allow for comparison of cost of living differences across various geographic areas. By construction, RPPs compare the average price level for a region with the national average. Accordingly, unlike traditional, temporal price indexes, RPPs can be used to adjust nominal incomes for cost of living differences, thereby allowing for more accurate comparison of living standards across geographic areas. When adjusting incomes in this manner, the authors find that, despite slow economic growth recently, living standards are relatively high in the St. Louis metropolitan statistical area (MSA). For example, the St. Louis MSA ranks in the top 6 percent of MSAs based on real per capita personal income and in the top 16 percent based on real median household income.

Suggested Citation

  • Cletus C. Coughlin & Charles S. Gascon & Kevin L. Kliesen, 2017. "Living Standards in St. Louis and the Eighth Federal Reserve District: Let’s Get Real," Review, Federal Reserve Bank of St. Louis, vol. 99(4), pages 377-394.
    • Handle: RePEc:fip:fedlrv:00091
    DOI: 10.20955/r.2017.377-394
    as

    Download full text from publisher

    File URL: https://doi.org/10.20955/r.2017.377-394
    File Function: https://doi.org/10.20955/r.2017.377-394
    Download Restriction: no
    File URL: https://files.stlouisfed.org/files/htdocs/publications/review/2017/10/05/living-standards-in-st-louis-and-the-eighth-federal-reserve-district-lets-get-real.pdf
    File Function: Full text
    Download Restriction: no
    File URL: https://libkey.io/10.20955/r.2017.377-394?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Kelly D. Edmiston, 2016. "Residential Rent Affordability across U.S. Metropolitan Areas," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 5-27.
    2. Edgar O. Olsen & Dirk W. Early & Paul E. Carrillo, 2010. "A Panel of Price Indices for Housing, Other Goods, and All Goods for All Areas in the United States 1982-2008," Virginia Economics Online Papers 377, University of Virginia, Department of Economics.
    3. Jessie Handbury & David E. Weinstein, 2015. "Goods Prices and Availability in Cities," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 82(1), pages 258-296.
    4. Martin Feldstein, 2017. "Underestimating the Real Growth of GDP, Personal Income, and Productivity," Journal of Economic Perspectives, American Economic Association, vol. 31(2), pages 145-164, Spring.
    5. Edward L. Glaeser & Joshua D. Gottlieb, 2009. "The Wealth of Cities: Agglomeration Economies and Spatial Equilibrium in the United States," Journal of Economic Literature, American Economic Association, vol. 47(4), pages 983-1028, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Why does cost of living vary so much? : Housing, housing, housing
      by ? in FRED blog on 2018-07-02 13:00:42

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Breinlich, Holger & Ottaviano, Gianmarco I.P. & Temple, Jonathan R.W., 2014. "Regional Growth and Regional Decline," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 4, pages 683-779, Elsevier.
    2. Mingshu Wang, 2021. "Polycentric urban development and urban amenities: Evidence from Chinese cities," Environment and Planning B, , vol. 48(3), pages 400-416, March.
    3. Choi, Chi-Young & Choi, Horag, 2016. "The role of two frictions in geographic price dispersion: When market friction meets nominal rigidity," Journal of International Money and Finance, Elsevier, vol. 63(C), pages 1-27.
    4. repec:esx:essedp:729 is not listed on IDEAS
    5. Mark J Holmes & Jesús Otero & Theodore Panagiotidis, 2018. "Climbing the property ladder: An analysis of market integration in London property prices," Urban Studies, Urban Studies Journal Limited, vol. 55(12), pages 2660-2681, September.
    6. Andrés Rodríguez-Pose & Michael Storper, 2020. "Housing, urban growth and inequalities: The limits to deregulation and upzoning in reducing economic and spatial inequality," Urban Studies, Urban Studies Journal Limited, vol. 57(2), pages 223-248, February.
    7. Nora Libertun de Duren & Roberto Guerrero Compeán, 2016. "Growing resources for growing cities: Density and the cost of municipal public services in Latin America," Urban Studies, Urban Studies Journal Limited, vol. 53(14), pages 3082-3107, November.
    8. Boris Hirsch & Elke J. Jahn & Alan Manning & Michael Oberfichtner, 2022. "The Urban Wage Premium in Imperfect Labor Markets," Journal of Human Resources, University of Wisconsin Press, vol. 57(S), pages 111-136.
    9. Carl Gaigné & Jacques-François Thisse, 2013. "New Economic Geography and the City," Working Papers SMART 13-02, INRAE UMR SMART.
    10. Alexandre Rands Barros, 2011. "The Regional Question in Brazil: Nature, Causes and Policies," Chapters, in: Werner Baer & David Fleischer (ed.), The Economies of Argentina and Brazil, chapter 17, Edward Elgar Publishing.
    11. Leon Esquierro & Sergio Da Silva, 2024. "Granular Cities," Economies, MDPI, vol. 12(7), pages 1-34, July.
    12. Xin DONG & Weihua ZHOU, 2016. "Housing Affordability and Permanent Migration Intention of Rural-Urban Migrants," Chinese Journal of Urban and Environmental Studies (CJUES), World Scientific Publishing Co. Pte. Ltd., vol. 4(02), pages 1-12, June.
    13. Li, Jing, 2014. "The influence of state policy and proximity to medical services on health outcomes," Journal of Urban Economics, Elsevier, vol. 80(C), pages 97-109.
    14. Bo Yuan & Kecen Jing & Yuhai Liu, 2024. "From agglomeration to dispersion: How does China's noncapital functions' relief affect regional development?," Journal of Regional Science, Wiley Blackwell, vol. 64(3), pages 595-620, June.
    15. Laird, James J. & Venables, Anthony J., 2017. "Transport investment and economic performance: A framework for project appraisal," Transport Policy, Elsevier, vol. 56(C), pages 1-11.
    16. Weshah Razzak, 2023. "Research Effort and Economic Growth," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(3), pages 2318-2340, September.
    17. David Atkin & Benjamin Faber & Marco Gonzalez-Navarro, 2018. "Retail Globalization and Household Welfare: Evidence from Mexico," Journal of Political Economy, University of Chicago Press, vol. 126(1), pages 1-73.
    18. Tara Watson & Sara McLanahan, 2011. "Marriage Meets the Joneses: Relative Income, Identity, and Marital Status," Journal of Human Resources, University of Wisconsin Press, vol. 46(3), pages 482-517.
    19. Gaigné, Carl & Riou, Stéphane & Thisse, Jacques-François, 2016. "How to make the metropolitan area work? Neither big government, nor laissez-faire," Journal of Public Economics, Elsevier, vol. 134(C), pages 100-113.
    20. Christian Fons-Rosen & Vincenzo Scrutinio & Katalin Szemeredi, 2016. "Colocation and knowledge diffusion: evidence from million dollar plants," CEP Discussion Papers dp1447, Centre for Economic Performance, LSE.
    21. Theodore Papageorgiou, 2022. "Occupational Matching and Cities," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(3), pages 82-132, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedlrv:00091. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Scott St. Louis (email available below). General contact details of provider: https://edirc.repec.org/data/frbslus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.