The cost of living with the RPI: Substitution bias in the UK retail prices index
成果类型：
Article
署名作者：
Blow, L; Crawford, I
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
发表日期：
2001
页码：
F357-F382
关键词：
摘要：
This paper uses revealed preference restrictions and nonparametric statistical methods to bound the true cost-of-living index which corresponds most closely to the UR Retail Prices Index (RPI). This is used to assess the RPI formula for substitution bias. We show that neither the direction nor the existence of bias in the RPI forumla can be established on a priori theoretical grounds. However, we find empirical evidence of a variable, but generally positive bias in the rate of inflation recorded by the RPI formula.