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Marketizing U.S. Production in the Post-War Era: Implications for Estimating CPI Bias and Real Income from a Complete-Household-Demand System

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  • Huffman, Wallace

Abstract

This paper applies production theory to define a new set of inputs for U.S. households for the post-war II period, tests the new inputs to see if they support a complete household-demand system, and reports a new social cost-of-living index. The data support a demand system with nine major input categories and yield plausible price, income, and translating-variable effects. Women

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  • Huffman, Wallace, 2004. "Marketizing U.S. Production in the Post-War Era: Implications for Estimating CPI Bias and Real Income from a Complete-Household-Demand System," Staff General Research Papers Archive 11987, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:11987
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    File URL: http://www2.econ.iastate.edu/papers/p3832-2004-06-11.pdf
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    Cited by:

    1. Huffman, Wallace E. & Orazem, Peter F., 2004. "The Role of Agriculture and Human Capital in Economic Growth: Farmers, Schooling, and Health," Working Papers 18202, Iowa State University, Department of Economics.

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    Keywords

    complete-demand system; household production; social cost of living index; post-war II;
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