The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations PDF Download
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Author: Mick Silver
Publisher: International Monetary Fund
ISBN: 1451874162
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
The 2005 International Comparison Program's (ICP) estimates of economy-wide purchasing power parity (PPP) are based on parity estimates for 155 basic expenditure headings, mainly estimated using country product dummy (CPD) regressions. The estimates are potentially inefficient and open to omitted variable bias for two reasons. First, they use average prices across outlets as the left-hand-side variable. Second, quality-adjusted prices of non-comparable replacements, required when products in outlets do not match the required specifications, cannot be effectively included. This paper provides an analytical framework based on panel data and hedonic CPD regressions for ameliorating these sources of bias and inefficiency.
Author: Mick Silver
Publisher: International Monetary Fund
ISBN: 1451874162
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
The 2005 International Comparison Program's (ICP) estimates of economy-wide purchasing power parity (PPP) are based on parity estimates for 155 basic expenditure headings, mainly estimated using country product dummy (CPD) regressions. The estimates are potentially inefficient and open to omitted variable bias for two reasons. First, they use average prices across outlets as the left-hand-side variable. Second, quality-adjusted prices of non-comparable replacements, required when products in outlets do not match the required specifications, cannot be effectively included. This paper provides an analytical framework based on panel data and hedonic CPD regressions for ameliorating these sources of bias and inefficiency.
Author: M. S. Silver
Publisher:
ISBN:
Category : Price indexes
Languages : en
Pages : 28
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Book Description
Author: Michael Stanley Silver
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: D.S. Prasada Rao
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The country-product-dummy (CPD) method, originally proposed in Summers (1973), has recently been revisited in its weighted formulation to handle a variety of data related situations (Rao and Timmer, 2000, 2003; Heravi et al., 2001; Rao, 2001; Aten and Menezes, 2002; Heston and Aten, 2002; Deaton et al., 2004). The CPD method is also increasingly being used in the context of hedonic modelling instead of its original purpose of filling holes in Summers (1973). However, the CPD method is seen, among practitioners, as a black box due to its regression formulation. The main objective of the paper is to establish equivalence of purchasing power parities and international prices derived from the application of the weighted-CPD method with those arising out of the Rao-system for multilateral comparisons. A major implication of this result is that the weighted-CPD method would then be a natural method of aggregation at all levels of aggregation within the context of international comparisons.
Author: World Bank
Publisher: World Bank Publications
ISBN: 0821397311
Category : Business & Economics
Languages : en
Pages : 697
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Book Description
This volume provides a comprehensive review of the statistical theory and methods underlying the estimation of purchasing power parities (PPPs) and real expenditures, the choices made for the 2005 International Comparison Program (ICP) round, and the lessons learned that led to improvements in the 2011 ICP.
Author: Mick Silver
Publisher: International Monetary Fund
ISBN: 1455209538
Category : Business & Economics
Languages : en
Pages : 21
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Book Description
The IMF’s main uses of the International Comparison Program’s (ICP) estimates of purchasing power parity (PPP)-adjusted Gross Domestic Product (GDP) are as an element of the formula used to help guide decisions on its members’ quotas and in the World Economic Outlook (WEO). The paper outlines these uses and considers measurement issues particularly salient to IMF usage including: PPP imputations for member countries not participating in the ICP; PPP estimates for non-benchmark years; timeliness and periodicity of PPP estimates; economy groupings; and transparency. The paper was written as a chapter on ?IMF uses of PPPs? for the 2011 ICP Handbook.
Author: United Nations. Statistical Office
Publisher: New York : United Nations
ISBN:
Category : Technology & Engineering
Languages : en
Pages : 142
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Book Description
Describes the International Comparison Programme which intends to produce estimates, comparable in real terms, for the gross domestic product. Provides guidance for those working in national statistical offices on the Programme.
Author: World Bank
Publisher: World Bank Publications
ISBN: 0821397281
Category : Business & Economics
Languages : en
Pages : 697
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Book Description
"This work is a product of the staff of The World Bank with external contributions"--T.p. verso.
Author: Jaebeom Kim
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 46
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Book Description
Author:
Publisher:
ISBN:
Category : Labor laws and legislation
Languages : en
Pages : 144
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Book Description
Publishes in-depth articles on labor subjects, current labor statistics, information about current labor contracts, and book reviews.
