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Accession Number PB2014-101224
Title Standard Errors in the U.S. Regional Price Parities (RPPs).
Publication Date May 2013
Media Count 22p
Personal Author B. H. Aten E. Figueroa T. Martin
Abstract Relative price levels for all the U.S. states and metropolitan regions were estimated in Aten, Figueroa and Martin (2011, 2012, forthcoming 2013)1. We use the term RPPs and relative price levels interchangeably since no currency conversion is necessary within the U.S. This is similar to the Eurozone, but unlike the International Comparison Program (ICP) where PPPs are in different currencies. The price and expenditure inputs for the RPPs are from two sources: (1) detailed Consumer Price Index (CPI) micro-data and corresponding expenditure weights derived from the Consumer Expenditure survey from the Bureau of Labor Statistics (BLS), and (2) the American Community Survey on Housing from the Census Bureau. We focus first on the former as they cover all consumption goods and services, in addition to rents and owner-equivalent rents. The drawback of the CPI-BLS data is that they are constrained to 38 geographic index areas that correspond to large metropolitan areas and urban regions2. However, there are 207 item strata, for these 38 areas, enabling us to look in detail at the price variation for one year as well as the changes over the 2005-2010 period. In practice, we do not use the 207 item level detail for the computation of the RPPs because of the difference in coverage between the BLS index areas and more commonly used geographies such as states. We first aggregate the items to 16 expenditure classes or headings, then allocate these heading price levels and weights to the counties within the BLS areas based on the country share of money income3 in each area.
Keywords Comparisons
Consumer price indexes
Consumers
Cost indexes
Economic analysis
Errors
Estimation
Indexes(Ratio)
Mathematical models
Methodology
Prices
Random sampling
Statistical data
Urban areas

 
Source Agency Department of Commerce, Bureau of Economic Analysis
NTIS Subject Category 96A - Domestic Commerce, Marketing, & Economics
72B - Algebra, Analysis, Geometry, & Mathematical Logic
Corporate Author Bureau of Economic Analysis, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1403
Contract Number N/A

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