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Hedonic Imputation versus Time Dummy Hedonic Indexes

Author/Editor: Diewert, W. E. | Heravi, Saeed | Silver, Mick
Authorized for Distribution: October 1, 2007
Electronic Access: Free Full Text (PDF file size is 452KB)
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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. However, for product areas with a high turnover of differentiated models, the use of hedonic indexes is more appropriate since they include unmatched new and old models. There are two main competing approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (HD) indexes. This study provides a formal analysis of exactly why the results from the two approaches may differ and discusses the issue of choice between these approaches. An illustrative study for desktop PCs is provided.
 
Series: Working Paper No. 07/234
Subject(s): Inflation | Consumer price indexes | Economic models
Author's keyword(s): Hedonic regressions | hedonic indexes | consumer price indexes | superlative indexes
 
English  
    Published:   October 1, 2007        
            Format:   Paper
    Stock No:   WPIEA2007234   Pages:   36
    Price:   US$18.00
       
     
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