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December 1993, Vol. 116,
No. 12
The commodity substitution effect in CPI data,
1982-91
Ana M. Aizcorbe
Economist, Federal Reserve Board
Patrick C. Jackman
Economist, Division of Price and Price
Indexes, Bureau of Labor Statistics
Recent analysis of the substitution effects in CPI-like Laspeyres measures of
price change indicate small differences across index number
formulas. This article examines trends in the commodity
substitution effect over a 10-year period.
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