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The Consumer Price Index Manual (2004) provides guidelines for aggregation formulas that are promulgated at IMF training courses and technical assistance missions. This paper develops elementary level aggregation theory to better inform users and compilers. Most countries use either the Dutot or Jevons index formula. These formulas generally give different results; advice on choice of formula matters. Using an approach based on sample estimators, and an illustration based on scanner data, the paper shows how differences in these formulas can be explained by changes in price dispersion and, in turn, by product heterogeneity. Implications for choice of formula are considered.

Consumer price indexes. --- Electronic books. -- local. --- Price indexes. --- Business & Economics --- Economic Theory --- Price indices --- Consumer price index --- Cost of living indexes --- CPIs (Consumer price indexes) --- Retail price indexes --- Index numbers (Economics) --- Cost and standard of living --- Price indexes --- Macroeconomics --- Public Finance --- Demography --- Price Level --- Inflation --- Deflation --- Demographic Economics: General --- Labor Economics: General --- National Government Expenditures and Related Policies: General --- Population & demography --- Labour --- income economics --- Public finance & taxation --- Consumer price indexes --- Population and demographics --- Labor --- Expenditure --- Population --- Labor economics --- Expenditures, Public --- United Kingdom --- Income economics

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Statistical offices try to match item models when measuring inflation between two periods. For product areas with a high turnover of differentiated models, however, the use of hedonic indexes is more appropriate since they include the prices and quantities of unmatched new and old models. The two main approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (DTH) indexes. This study provides a formal analysis of the difference between the two approaches for alternative implementations of the Törnqvist "superlative" index. It shows why the results may differ and discusses the issue of choice between these approaches.

Electronic books. -- local. --- Inflation (Finance). --- Price indexes. --- Finance --- Business & Economics --- Money --- Inflation (Finance) --- Price indices --- Index numbers (Economics) --- Natural rate of unemployment --- Investments: Metals --- Finance: General --- Macroeconomics --- Price Level --- Inflation --- Deflation --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Consumer price indexes --- Silver --- Price indexes --- Commodity markets --- Commodity exchanges --- United States

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Zonder onderwerpscode: economie

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Zonder onderwerpscode: economie