Methodology of the Icelandic Wage Index

  • Statistical Series
  • 16. August 2018
  • Vol 103, Issue 20
  • ISSN: 1670-4770

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The main goals of this paper are to describe the Icelandic Wage Index (launavísitala), the data used for its calculation and to provide information on the statistical methods used by Statistics Iceland for the construction of the index. Furthermore, some of the most relevant errors and biases known to affect general price index numbers are analysed and assessed for the case of the Icelandic Wage Index, i.e. the chaining effect and the influence of life cycles.

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