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Upper-Level Substitution and New-Goods Bias in the Korean Consumer Price Index

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Author Info
Daehoon Nahm () (Department of Economics, Macquarie University)

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Abstract

The present paper estimates upper-level substitution and new-goods bias in the Korean Consumer Price Index (CPI). It has been estimated that the upper-level substitution bias in the CPI alone increased the inflation rate by 0.51 percentage points per year over the thirteen-year period between 1990 and 2002. The new-goods bias further increased the inflation rate by 0.17 and 0.13 percentage points per year between 1990 1995 and 1995 2000 respectively. The new Chained Laspeyres index series that is based on annually-updated weights has been found to correct only less than half of the upper-level substitution bias.

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File URL: http://www.econ.mq.edu.au/research/2006/KCPI_Nahm06.pdf
File Format: application/pdf
File Function: First Version, 2006
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Publisher Info
Paper provided by Macquarie University, Department of Economics in its series Research Papers with number 0602.

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Length: 32 pages.
Date of creation: May 2006
Date of revision:
Handle: RePEc:mac:wpaper:0602

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Postal: Sydney NSW 2109
Web page: http://www.econ.mq.edu.au/
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C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation

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  1. Feenstra, Robert C, 1994. "New Product Varieties and the Measurement of International Prices," American Economic Review, American Economic Association, vol. 84(1), pages 157-77, March. [Downloadable!] (restricted)
  2. Robert J. Gordon, 2000. "The Boskin Commission Report and its Aftermath," NBER Working Papers 7759, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Jerry Hausman, 2003. "Sources of Bias and Solutions to Bias in the Consumer Price Index," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 23-44, Winter. [Downloadable!] (restricted)
  4. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May. [Downloadable!] (restricted)
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