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Price Imputation and Other Techniques for Dealing with Missing Observations, Seasonality and Quality Change in Price Indices

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  • Paul A. Armknecht
  • Fenella Maitland-Smith
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    Abstract

    Price index compilers frequently face situations where price observations are missing due to seasonal unavailability, supply shortages, or the discontinuation of products. Incorrect treatment of such situations can result in biased price indices. This paper presents statistical imputation techniques that index compilers can use to prevent bias and suggests the extension of these same techniques to assist with adjustments for quality differences. The use of additional procedures for dealing with some of the problems caused by seasonal commodities is also discussed.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/78.

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    Length: 28
    Date of creation: 01 Jun 1999
    Date of revision:
    Handle: RePEc:imf:imfwpa:99/78

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    Cited by:
    1. Silver, Mick & Heravi, Saeed, 2002. "A failure in the measurement of inflation: results from a hedonic and matched experiment using scanner data," Working Paper Series, European Central Bank 0144, European Central Bank.
    2. Leibtag, Ephraim S., 2006. "The Impact of Changing Retail Services on the Grocery Store Producer Price Index," 2006 Annual meeting, July 23-26, Long Beach, CA, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21227, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Hanousek, Jan & Filer, Randall K, 2004. "Consumers' Opinion of Inflation Bias Due to Quality Improvements," Economic Development and Cultural Change, University of Chicago Press, University of Chicago Press, vol. 53(1), pages 235-54, October.
    4. Robert C. Feenstra & Erwin W. Diewert, . "Imputation and Price Indexes: Theory and Evidence from the International Price Program," Department of Economics, California Davis - Department of Economics 00-12, California Davis - Department of Economics.
    5. Diewert, Erwin, 2002. "Harmonized indexes of consumer prices: their conceptual foundations," Working Paper Series, European Central Bank 0130, European Central Bank.
    6. W. Erwin Diewert, 2003. "Hedonic Regressions. A Consumer Theory Approach," NBER Chapters, National Bureau of Economic Research, Inc, in: Scanner Data and Price Indexes, pages 317-348 National Bureau of Economic Research, Inc.

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