> Another interesting thing that happened under Greenspan is how inflation is computed (hedonics, replacements, etc... conceptually, think "if I can't buy a porterhouse steak anymore, I'll get the lesser hanger", meaning inflation is underreported).
Inflation calculations (in the US) did not happen under Greenspan, or under any other Federal Reserve chair, because the calculations are not done by the Fed, but by the Bureau of Labour Statistics (BLS: https://www.bls.gov/cpi/).
The 1990s change to the CPI were done under the auspices of the US Senate Boskin Commission:
Inflation calculations (in the US) did not happen under Greenspan, or under any other Federal Reserve chair, because the calculations are not done by the Fed, but by the Bureau of Labour Statistics (BLS: https://www.bls.gov/cpi/).
The 1990s change to the CPI were done under the auspices of the US Senate Boskin Commission:
* https://en.wikipedia.org/wiki/Boskin_Commission
* https://www.ssa.gov/history/reports/boskinrpt.html
One of the conclusions was (AIUI) that the CPI then-methodology actually resulted in numbers too high.
This is true in many (most?) countries: e.g., in Canada CPI is calculated by StatCan and various types are used by the Bank of Canada (BoC):
* https://www.statcan.gc.ca/en/statistical-programs/document/2...
* https://www.bankofcanada.ca/rates/indicators/key-variables/k...
* https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=181002...