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A Failure in the Measurement of Inflation: Results From a Hedonic and Matched Experiment Using Scanner Data

Heravi, Saeed and Silver, Mick 2005. A Failure in the Measurement of Inflation: Results From a Hedonic and Matched Experiment Using Scanner Data. Journal of Business & Economic Statistics 23 (3) , pp. 269-281. 10.1198/073500104000000343

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Abstract

Statistical offices use the matched-model method to compile consumer price indexes to measure inflation. In markets where models turn over rapidly, the matched sample may, by the end of a year, be quite unrepresentative of what is and what was bought. An analytical model is derived to show how bias in a matched-model index arises and extended to shed further light on the influential Aizcorbe, Corrado, and Doms methodology. The empirical work on the bias is undertaken using monthly scanner data for five products: washing machines, dishwashers, television sets, cameras, and vacuum cleaners. Different strategies are explored that might ameliorate the bias, including using replacement models for old unmatched models, with hedonic adjustments to prices, more frequent sample rotation, and hedonic indices.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
ISSN: 15372707
Last Modified: 04 Jun 2017 01:46
URI: http://orca-mwe.cf.ac.uk/id/eprint/2582

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