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

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  • Brent R. Moulton

    (Bureau of Economic Analysis)

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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Bibliographic Info

Paper provided by Bureau of Economic Analysis in its series BEA Papers with number 0018.

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Date of creation: Nov 2001
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Handle: RePEc:bea:papers:0018

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Cited by:
  1. Bakhshi, Hasan & Larsen, Jens, 2005. "ICT-specific technological progress in the United Kingdom," Journal of Macroeconomics, Elsevier, Elsevier, vol. 27(4), pages 648-669, December.
  2. Nicholas Oulton, 2007. "Jeremy Greenwood and Per Krusell, "Growth Accounting with Investment-Specific Technological Progress: A Discussion of Two Approaches" A Rejoinder," CEP Discussion Papers dp0802, Centre for Economic Performance, LSE.
  3. Brachinger, Hans Wolfgang, 2002. "Statistical Theory of Hedonic Price Indices," DQE Working Papers, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland 1, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland, revised Aug 2003.
  4. Bruce T. Grimm & Brent R. Moulton & David B. Wasshausen, 2002. "Information Processing Equipment and Software in the National Accounts," BEA Papers, Bureau of Economic Analysis 0020, Bureau of Economic Analysis.

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