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CPIs are typically fixed-weight or Lowe indexes. Several statistical agencies have recently been experimenting with retrospective computations of superlative price index numbers, to provide information on (upper level) substitution bias of their CPIs. This obviously requires expenditure data of all the periods compared. However, detailed expenditure data are often available only for fairly distant benchmark years, particularly for the “weight-reference periods” of consecutive CPI series. This chapter addresses the question of how to approximate a consistent time series of annual superlative price index numbers such that use is made of all the available data. We consider various approximation methods, all of which are based on linear combinations of expenditure shares from benchmark years. The methods are illustrated on a data set consisting of the elementary aggregate price index numbers and expenditure weights that have been used for the computation of the official Danish CPI from 1996 to 2006. We also compare the resulting index numbers with Lloyd–Moulton index numbers.
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- Retrospective Approximations of Superlative Price Indexes for Years Where Expenditure Data Is Unavailable
Jan de Haan
Bert M. Balk
Carsten Boldsen Hansen
- Physica-Verlag HD
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