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The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes

Author/Editor: Silver, Mick | Heravi, Saeed
Authorized for Distribution: July 1, 2006
Electronic Access: Free Full Text (PDF file size is 392KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: Statistical offices try to match item models when measuring inflation between two periods. For product areas with a high turnover of differentiated models, however, the use of hedonic indexes is more appropriate since they include the prices and quantities of unmatched new and old models. The two main approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (DTH) indexes. This study provides a formal analysis of the difference between the two approaches for alternative implementations of the Törnqvist "superlative" index. It shows why the results may differ and discusses the issue of choice between these approaches.
 
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Series: Working Paper No. 06/181
Subject(s): Consumer prices
Author's keyword(s): Hedonic regressions; consumer price indexes; superlative indexes
 
English  
    Published:   July 1, 2006        
    ISBN/ISSN:   0 / 1934-7073   Format:   Paper
    Stock No:   WPIEA2006181   Pages:   20
    Price:   US$15.00 (Academic Rate: US$15.00 )
       
     
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