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The Retail Price Index and the Cost‐of‐Living Index: testing for consistency in theory and practice
Author(s) -
Crawford Ian,
Image Isabella
Publication year - 2004
Publication title -
fiscal studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.63
H-Index - 40
eISSN - 1475-5890
pISSN - 0143-5671
DOI - 10.1111/j.1475-5890.2004.tb00097.x
Subject(s) - consistency (knowledge bases) , index (typography) , econometrics , economics , price index , parametric statistics , statistical hypothesis testing , consistency index , statistics , actuarial science , mathematics , computer science , materials science , geometry , rheology , world wide web , composite material
This paper tests the published section‐level price and weight data used in the compilation of the UK retail price index (RPI) for consistency with the theory of the cost‐of‐living index. We use a non‐parametric test of theoretical consistency and bootstrap statistical methods to estimate the probability of consistency.