Latest Research

The views expressed in these papers are solely those of the authors and not necessarily those of the U.S. Bureau of Economic Analysis or the U.S. Department of Commerce.


How Much Are Medical Innovations Worth? A Detailed Analysis Using Cost-Effectiveness Studies

 

 

Medical innovation is a key driver of cost growth and improved life expectancy, but measuring the welfare contribution of innovations is challenging. We leverage thousands of medical studies to estimate the quality of treatments for 13 health conditions and combine these estimates with insurance… Read more

By Abe C. Dunn, Lasanthi Fernando, Eli Liebman
Published

Consumer Learning and Price Index Bias: How Diffusion of Product Quality Knowledge Impacts Measures of Price Change

 

 

There is a general consensus that the bias associated with the entry of new merchants has nontrivial implications for measuring inflation. However, quantifying the bias empirically has proven difficult in part because little is known about how much of the price differences in goods sold by new… Read more

By Daniel Ripperger-Suhler
Published

Nowcasting Distributional National Accounts for the United States: A Machine Learning Approach

 

 

Inequality statistics are usually calculated from high-quality, comprehensive survey or administrative microdata. Naturally, this data is typically available with a lag of at least 9 months from the reference period. In turbulent times, there is interest in knowing the distributional impacts of… Read more

By Marina Gindelsky, Gary Cornwall
Published

Do Price Deflators for High-Tech Goods Overstate Quality Change?

 

 

This paper studies chained price indexes for goods in high-tech sectors, how they handle quality change and whether they will likely suffer from chain drift issues. We argue that chained indexes do not handle quality change properly; though the underlying bilateral indexes hold quality constant… Read more

By Ana M. Aizcorbe, Daniel Ripperger-Suhler
Published