05625oam 22012614 450 991082614650332120240402044831.01-4623-6282-61-4518-7416-297866128445841-282-84458-X1-4527-8537-6(CKB)3170000000055392(SSID)ssj0001476961(PQKBManifestationID)11818865(PQKBTitleCode)TC0001476961(PQKBWorkID)11449474(PQKB)10325648(OCoLC)680613480(MiAaPQ)EBC1605983(IMF)WPIEE2009271(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 powerInvestments: MetalsimfForeign ExchangeimfMacroeconomicsimfPublic FinanceimfNational Government Expenditures and Related Policies: InfrastructuresimfOther Public Investment and Capital StockimfLabor Economics: GeneralimfMetals and Metal ProductsimfCementimfGlassimfCeramicsimfPrice LevelimfInflationimfDeflationimfCurrencyimfForeign exchangeimfPublic finance & taxationimfLabourimfincome economicsimfInvestment & securitiesimfPurchasing power parityimfPublic investment and public-private partnerships (PPP)imfLaborimfSilverimfPrice adjustmentsimfPublic-private sector cooperationimfLabor economicsimfPricesimfUnited StatesimfPurchasing power parity.Purchasing power.Investments: MetalsForeign ExchangeMacroeconomicsPublic FinanceNational Government Expenditures and Related Policies: InfrastructuresOther Public Investment and Capital StockLabor Economics: GeneralMetals and Metal ProductsCementGlassCeramicsPrice LevelInflationDeflationCurrencyForeign exchangePublic finance & taxationLabourincome economicsInvestment & securitiesPurchasing power parityPublic investment and public-private partnerships (PPP)LaborSilverPrice adjustmentsPublic-private sector cooperationLabor economicsPrices338.102358Silver Mick1449453International Monetary Fund.DcWaIMFBOOK9910826146503321The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations4009838UNINA