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The Plutocratic Gap in the CPI: Evidence from Spain

Mario Izquierdo (), Eduardo Ley and Javier Ruiz-Castillo ()

IMF Staff Papers, 2003, vol. 50, issue 1, 7

Abstract: The plutocratic gap is defined as the difference between the inflation measured according to the current official consumer price index (CPI) and a democratic index in which all households receive the same weight. During 1992-97, the plutocratic gap in Spain averaged 0.055 percentage points a year. Since positive and negative gaps cancel out, however, the average absolute gap is significantly larger: 0.090 percentage points a year. For the purposes of accounting for the plutocratic gap, a 53-dimensional commodity space can be conveniently reduced to two dimensions: a luxury index and a necessities index. Copyright 2003, International Monetary Fund

JEL-codes: C43 D31 D63 (search for similar items in EconPapers)
Date: 2003
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