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The Expanding Role of Hedonic Methods in the Official Statistics of the United States

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Author Info
Brent R. Moulton (Bureau of Economic Analysis)

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Abstract

The method of using regressions of prices on characteristics to adjust for quality changes has grown dramatically in the United States statistical agencies in recent years. For example, currently 18 percent of the final expenditures in gross domestic product is deflated using price indexes that use hedonic methods. These indexes are produced by at least four statistical agencies (the Bureau of Labor Statistics, the Bureau of the Census, the Federal Reserve Board, and the Bureau of Economic Analysis). This paper details the adoption of hedonic methods by each of these agencies and discusses some misconceptions about the role of hedonic methods in estimation of price indexes.

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Paper provided by Bureau of Economic Analysis in its series BEA Papers with number 0014.

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Date of creation: Nov 2001
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Handle: RePEc:bea:papers:0014

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E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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  1. Feenstra, R.C., 1995. "Exact Hedonic Price Indexes," Department of Economics 95-11, California Davis - Department of Economics.
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  2. Paul R. Liegey, Jr, 1993. "Adjusting Apparel Indexes in the Consumer Price Index for Quality Differences," NBER Chapters, in: Price Measurements and Their Uses, pages 209-226 National Bureau of Economic Research, Inc. [Downloadable!]
  3. Randolph, William C, 1988. "Housing Depreciation and Aging Bias in the Consumer Price Index," Journal of Business & Economic Statistics, American Statistical Association, vol. 6(3), pages 359-71, July.
  4. Abraham, Katharine G & Greenlees, John S & Moulton, Brent R, 1998. "Working to Improve the Consumer Price Index," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 27-36, Winter. [Downloadable!] (restricted)
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  1. Cummins, Jason G & Violante, Giovanni L, 2002. "Investment-Specific Technical Change in the US (1947-2000): Measurement and Macroeconomic Consequences," CEPR Discussion Papers 3584, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Bart Hobijn, 2002. "On both sides of the quality bias in price indexes," Staff Reports 157, Federal Reserve Bank of New York. [Downloadable!]
  3. Comin, D., 2002. "Using Investment Data to Assess the Importance of Price Mismeasurement," Working Papers 02-08, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  4. Benkard, C. Lanier & Bajari, Patrick, 2003. "Hedonic Price Indexes with Unobserved Product Characteristics, and Application to PC's," Research Papers 1841, Stanford University, Graduate School of Business. [Downloadable!]
  5. Henning Ahnert & Geoff Kenny, 2004. "Quality adjustment of European price statistics and the role for hedonics," Occasional Paper Series 15, European Central Bank. [Downloadable!]
  6. Nicholas Oulton, 2004. "A Statistical Framework for the Analysis of Productivity and Sustainable Development," CEP Discussion Papers dp0629, Centre for Economic Performance, LSE. [Downloadable!]
  7. Eric Clapham & Peter Englund & John Quigley & Christian Redfearn, 2006. "Revisiting the Past and Settling the Score: Index Revision for House Price Derivatives," Berkeley Program on Housing and Urban Policy, Working Paper Series 1059, Berkeley Program on Housing and Urban Policy. [Downloadable!]
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  8. Robert C. Feenstra & Christopher R. Knittel, 2004. "Re-Assessing the U.S. Quality Adjustment to Computer Prices: The Role of Durability and Changing Software," NBER Working Papers 10857, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Linnea Polgreen & Pedro Silos, 2008. "Capital-Skill Complementarity and Inequality: A Sensitivity Analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(2), pages 302-313, April. [Downloadable!] (restricted)
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  10. Faïz Gallouj & Maria Savona, 2009. "Innovation in services: a review of the debate and a research agenda," Journal of Evolutionary Economics, Springer, vol. 19(2), pages 149-172, April. [Downloadable!] (restricted)
  11. Jochen Hartwig, 2005. "On misusing National Accounts data for governance purposes," KOF Working papers 05-101, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
  12. Jochen Hartwig, 2005. "Messprobleme bei der Ermittlung des Wachstums der Arbeitsproduktivität – dargestellt anhand eines Vergleichs der Schweiz mit den USA," KOF Working papers 05-100, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
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