2nd way to adjust for inflation Does CPI measure true inflation? Boskin Commission said inflation rate based on CPI overestimates true inflation rate by 1-2% because: Cannot completely adjust for changes in quality of basket of goods&services Quality adjustment bias When quality change is measured it is overestimated CPI is for fixed basket of goods&services- what about new stuff? Substitution bias- what if people want tea instead of coffee b/c tea is cheaper?
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