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

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

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Bibliographic Details
Author / Creator:	Ley, Eduardo.
Imprint:	[Washington, D.C.] : International Monetary Fund, IMF Institute, ©2001.
Description:	1 online resource (17 pages)
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/01/59 IMF working paper ; WP/01/59.
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.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12496257

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. IMF Institute.
ISBN:	1451894783 9781451894783 1281602795 9781281602794 1462330843 9781462330843 1452790639 9781452790633 9786613783486 661378348X 9781451847949 1451847947
Notes:	Includes bibliographical references (pages 16-17). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. 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 English. digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
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.
Other form:	Print version: Ley, Eduardo. Whose inflation? [Washington, D.C.] : International Monetary Fund, IMF Institute, ©2001
Standard no.:	10.5089/9781451894783.001

Description
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.
Physical Description:	1 online resource (17 pages)
Format:	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.
Bibliography:	Includes bibliographical references (pages 16-17).
ISBN:	1451894783 9781451894783 1281602795 9781281602794 1462330843 9781462330843 1452790639 9781452790633 9786613783486 661378348X 9781451847949 1451847947
ISSN:	2227-8885 ;