05659oam 22012734 450 991082614650332120200520144314.01-4623-6282-61-4518-7416-297866128445841-282-84458-X1-4527-8537-6(CKB)3170000000055392(SSID)ssj0001476961(PQKBManifestationID)11818865(PQKBTitleCode)TC0001476961(PQKBWorkID)11449474(PQKB)10325648(OCoLC)680613480(MiAaPQ)EBC1605983(IMF)WPIEE2009271(IMF)WPIEA2009271(EXLCZ)99317000000005539220020129d2009 uf 0engurcn|||||||||txtccrThe Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations /Mick Silver1st ed.Washington, D.C. :International Monetary Fund,2009.28 pIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1832-1 Includes bibliographical references.Intro -- Contents -- I. Introduction -- II. The 2005 ICP Methodology -- A. Aggregation at the Basic Heading Level -- B. Checklists, Missing Observations, Non-Comparable Replacements, and Quality Adjustments -- III. The Hedonic CPD Method and Use of Grouped Data -- A. A CPD Regression Using Averages Across Outlets -- B. A Hedonic CPD Regression Using Averages Across Outlets -- C. A Hedonic CPD Regression Based Only on Selected Stratifying Factors, not Covariates -- D. Explicit Quality Estimates -- E. Explicit Hedonic Quality Adjustments -- IV. The Hedonic CPD Method and Use of Ungrouped Data -- A. A CPD Regression with Outlet Interaction Terms -- B. A Hedonic CPD Regression -- C. A Pooled Cross-Country Hedonic Regression -- D. The Choice of Estimator for a Hedonic CPD Regression -- Fixed effects estimator -- Random effects estimator -- Hausman and Taylor estimator -- Tests for choosing among estimators -- V. Summary.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.IMF Working Papers; Working Paper ;No. 2009/271Purchasing power parityPurchasing powerCementimfCeramicsimfCurrencyimfDeflationimfForeign ExchangeimfForeign exchangeimfGlassimfIncome economicsimfInflationimfInvestment & securitiesimfInvestments: MetalsimfLabor economicsimfLabor Economics: GeneralimfLaborimfLabourimfMacroeconomicsimfMetals and Metal ProductsimfNational Government Expenditures and Related Policies: InfrastructuresimfOther Public Investment and Capital StockimfPrice adjustmentsimfPrice LevelimfPricesimfPublic finance & taxationimfPublic FinanceimfPublic investment and public-private partnerships (PPP)imfPublic-private sector cooperationimfPurchasing power parityimfSilverimfUnited StatesimfPurchasing power parity.Purchasing power.CementCeramicsCurrencyDeflationForeign ExchangeForeign exchangeGlassIncome economicsInflationInvestment & securitiesInvestments: MetalsLabor economicsLabor Economics: GeneralLaborLabourMacroeconomicsMetals and Metal ProductsNational Government Expenditures and Related Policies: InfrastructuresOther Public Investment and Capital StockPrice adjustmentsPrice LevelPricesPublic finance & taxationPublic FinancePublic investment and public-private partnerships (PPP)Public-private sector cooperationPurchasing power paritySilver338.102358Silver Mick1449453International Monetary Fund.DcWaIMFBOOK9910826146503321The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations4264150UNINA