Title Whose inflation? : a characterization of the CPI plutocratic bias / Eduardo Ley

Published [Washington, D.C.] : International Monetary Fund, IMF Institute, ©2001

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Description 1 online resource (17 pages) Series IMF working paper, 2227-8885 ; 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. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Consumer price indexes -- Econometric models Income distribution -- Econometric models Inflation (Finance) -- Econometric models Decomposition method -- Econometric models Elasticity (Economics) -- Econometric models Consumer price indexes -- Econometric models Elasticity (Economics) -- Econometric models Income distribution -- Econometric models Inflation (Finance) -- Econometric models Form Electronic book Author International Monetary Fund. IMF Institute. ISBN 1451894783 9781451894783 1281602795 9781281602794 1462330843 9781462330843 1452790639 9781452790633 9786613783486 661378348X 9781451847949 1451847947

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