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한국의 소비자물가지수 편의 추정과 국제물가비교에 대한 시사점(CPI bias in Korea)

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  • 한국의 소비자물가지수 편의 추정과 국제물가비교에 대한 시사점(CPI bias in Korea)
  • Chung, Chul; Kim, Bonggeun; Park, Myung-Ho Park정철; 김봉근; 박명호
  • 대외경제정책연구원(Korea Institute for International Economy Policy)


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Title 한국의 소비자물가지수 편의 추정과 국제물가비교에 대한 시사점(CPI bias in Korea)
Similar Titles
Material Type Articles
Author(English)

Chung, Chul; Kim, Bonggeun; Park, Myung-Ho Park

Author(Korean)

정철; 김봉근; 박명호

Publisher

[서울(Seoul)]:대외경제정책연구원(Korea Institute for International Economy Policy)

Date 2007-12
Journal Title; Vol./Issue 대외경제연구(Journal of East Asian Economic Integration):vol. 11(no. 2)(December 2007)
Pages 24
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Macroeconomics
Holding 대외경제정책연구원(Korea Institute for International Econom

Abstract

We estimate the CPI bias in Korea by employing the approach of Engel’s Law as suggested by Hamilton (2001). This paper is the first attempt to estimate the bias using Korean panel data, Korean Labor and Income Panel Study(KLIPS). Following Hamilton’s model with non­linear specification correction, our estimation result shows that the cumulative CPI bias over the sample period (2000-2005) was 0.7 percent annually. This CPI bias implies that about 21 percent of the inflation rate during the period can be attributed to the bias. In light of purchasing power parity, we provide an interpretation of the estimated bias.