An estimate of upper level substitution bias in the Icelandic CPI

• Published in: Tímarit um viðskipti og efnahagsmál
• Main Authors: Halldórsson, Bjarni V., Ottesen, Oddgeir Á., Stefánsdóttir, Stefanía H.
• Format: Article in Journal/Newspaper
• Language: Icelandic
• Published: Institute of Business Research 2011
• Subjects: Consumer price index; inflation; substitution bias; mid-year indices; Marshall-Edgeworth index; C43; E31; Vísitala neysluverð; verðbólga; staðgöngubjagi; miðársvísitölur; Marshall-Edgeworth-vísitala; Mati; Iceland
• Online Access: http://www.efnahagsmal.is/article/view/a.2011.8.1.5; https://doi.org/10.24122/tve.a.2011.8.1.5

The household expenditure surveys which are used to calculate the weights of the consumer basket are on average 3¼ years old when used for calculating the consumer price index. The expenditure surveys last for 3 years and it takes 15 months to process the data. The weights of the consumer basket in...