Marketizing U.S. Production in the Post-War Era: Implications for Estimating CPI Bias and Real Income from a Complete-Household-Demand System
Huffman, Wallace E.
WP #04012, June 2004
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
Keywords: complete-demand system, household production, social cost of living index, post-war II
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