Disentangling Rent Index Differences: Data, Methods, and Scopes

Brian M. Adams

doi:10.1257/aeri.20220685

Disentangling Rent Index Differences: Data, Methods, and Scopes

2024-06-01

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DOI：10.1257/aeri.20220685

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Rent measurement determines 32 percent of the CPI. Accurate rent measurement is therefore essential for accurate inflation measurement , but the CPI rent index often differs from alternative rent inflation measures. Using repeat -rent inflation measures created from CPI microdata , we show that this discrepancy is largely explained by differences in rent growth for new tenants relative to all tenants. New -tenant rent inflation provides information about future all -tenant rent inflation , but the use of new -tenant rents is contraindicated in a cost -of -living index such as the CPI. Nevertheless , policymakers should integrate new -tenant inflation into inflation forecasts and monetary policy decisions. ( JEL E31, E37, E52, R31 )

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PRICE-INDEX

Disentangling Rent Index Differences: Data, Methods, and Scopes

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