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Author Ley, Eduardo.

Title Whose inflation? : a characterization of the CPI plutocratic bias / Eduardo Ley
Published [Washington, D.C.] : International Monetary Fund, IMF Institute, [2001]
Online access available from:
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Description 1 online resource (17 pages)
Series IMF working paper ; WP/01/59
IMF working paper ; WP/01/59
Summary Prais (1958) showed that the CPI computed by statistical agencies can be interpreted as a weighed average of household price indexes, the weight of each household determined by its total expenditures. We decompose the difference between the standard CPI and a democratically weighed index (i.e., the plutocratic bias) as the product of average income, income inequality, and the covariance between individual price indexes and a parameter related to each good's income elasticity. This decomposition allows us to interpret variations in the size and sign of the plutocratic bias, and also to discuss issues pertaining to group indexes
Bibliography Includes bibliographical references (pages 16-17)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Consumer price indexes -- Econometric models.
Decomposition method -- Econometric models.
Elasticity (Economics) -- Econometric models.
Income distribution -- Econometric models.
Inflation (Finance) -- Econometric models.
Form Electronic book
Author IMF Institute.
International Monetary Fund.
ISBN 1281602795