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Modernizing data collection for the Consumer Price Index

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  • Crystal Konny

    (Bureau of Labor Statistics)

Abstract

This article discusses collection of data by US Bureau of Labor Statistics (BLS) for use in the Consumer Price Index (CPI), and the new approaches BLS is taking to modernize data collection, including an expansion of its corporate data collection program. As the providers of corporate data, the business community can help the BLS with this modernization initiative. The first section gives an overview of the CPI and traditional data collection methods. The second section explains various types of alternative data BLS is experimenting with and using, and elaborates on corporate data. The last section explains BLS research and uses of corporate data and their advantages for BLS, taxpayers, and the business community.

Suggested Citation

  • Crystal Konny, 2020. "Modernizing data collection for the Consumer Price Index," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(1), pages 45-52, January.
    • Handle: RePEc:pal:buseco:v:55:y:2020:i:1:d:10.1057_s11369-019-00146-3
    DOI: 10.1057/s11369-019-00146-3
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    References listed on IDEAS

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    1. Gabriel Ehrlich & John C. Haltiwanger & Ron S. Jarmin & David Johnson & Matthew D. Shapiro, 2020. "Reengineering Key National Economic Indicators," NBER Chapters, in: Big Data for Twenty-First-Century Economic Statistics, pages 25-68, National Bureau of Economic Research, Inc.
    2. Diewert, W, Erwin & Feenstra, Robert, 2017. "Estimating the Benefits and Costs of New and Disappearing Products," Microeconomics.ca working papers tina_marandola-2017-12, Vancouver School of Economics, revised 19 Dec 2017.
    3. C. Lanier Benkard & Patrick Bajari, 2005. "Hedonic Price Indexes With Unobserved Product Characteristics, and Application to Personal Computers," Journal of Business & Economic Statistics, American Statistical Association, vol. 23, pages 61-75, January.
    4. W. Erwin Diewert & Robert C. Feenstra, 2021. "Estimating the Benefits of New Products," NBER Chapters, in: Big Data for Twenty-First-Century Economic Statistics, pages 437-473, National Bureau of Economic Research, Inc.
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    2. Eloy Gil-Cordero & Francisco Javier Rondán-Cataluña & Daniel Sigüenza-Morales, 2020. "Private Label and Macroeconomic Indicators: Europe and USA," Administrative Sciences, MDPI, vol. 10(4), pages 1-17, November.

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