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For the asset price, we have to rely on the median price of homes sold in the area. This is imperfect also, since the quality of the median home that is sold varies over the cycle and tends to increase over time, while the government statisticians try to hold quality constant when they compute the CPI.

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* Edward E. Leamer,
Director, UCLA Anderson Forecast.
Check the link for author's profile: http://www.anderson.ucla.edu/faculty/edward.leamer/pdf_files/cv.pdf