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

Author

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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.

Suggested Citation

  • Brent R. Moulton, 2001. "The Expanding Role of Hedonic Methods in the Official Statistics of the United States," BEA Papers 0018, Bureau of Economic Analysis.
  • Handle: RePEc:bea:papers:0018
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    File URL: https://www.bea.gov/bea/about/expand3.pdf
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    Citations

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    Cited by:

    1. Bruce T. Grimm & Brent R. Moulton & David B. Wasshausen, 2005. "Information-Processing Equipment and Software in the National Accounts," NBER Chapters,in: Measuring Capital in the New Economy, pages 363-402 National Bureau of Economic Research, Inc.
    2. Brachinger, Hans Wolfgang, 2002. "Statistical Theory of Hedonic Price Indices," DQE Working Papers 1, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland, revised Aug 2003.
    3. Eriksen, Michael D. & Kniesner, Thomas J. & Rohlfs, Chris & Sullivan, Ryan, 2016. "Toward more general hedonic estimation: Clarifying the roles of alternative experimental designs with an application to a housing attribute," Regional Science and Urban Economics, Elsevier, vol. 57(C), pages 54-62.
    4. Oulton, Nicholas, 2007. "Jeremy Greenwood and Per Krusell, "growth accounting with investment-specific technological progress: a discussion of two approaches" a rejoinder," LSE Research Online Documents on Economics 19710, London School of Economics and Political Science, LSE Library.
    5. 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.
    6. Stanley A. Horowitz & Bruce R. Harmon & Daniel B. Levine, 2016. "Inflation adjustments for defense acquisition," Defence and Peace Economics, Taylor & Francis Journals, vol. 27(2), pages 231-257, April.
    7. Bakhshi, Hasan & Larsen, Jens, 2005. "ICT-specific technological progress in the United Kingdom," Journal of Macroeconomics, Elsevier, vol. 27(4), pages 648-669, December.
    8. Edquist, Harald, 2013. "Can double deflation explain the ICT growth miracle?," Economics Letters, Elsevier, vol. 121(2), pages 302-305.

    More about this item

    JEL classification:

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

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