An Experimental Component Index for the CPI: From Annual Computer Data to Monthly Data on Other Goods
成果类型：
Article
署名作者：
Erickson, Tim; Pakes, Ariel
署名单位：
United States Department of Labor; Harvard University
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
DOI：
10.1257/aer.101.5.1707
发表日期：
2011
页码：
1707-1738
关键词：
摘要：
The CPI component indices are obtained from comparing price quotes at a given store in different periods. If we omit comparisons from goods in the store in the initial, but not in the comparison, period we generate a selection bias: goods that exit are disproportionately obsolete goods that have falling prices. Building on Pakes (2003), we explain why standard hedonic predictions for second-period prices of exiting goods do not account for this bias. New hedonic methods are derived, shown to have desirable properties, and are applied to three CPI samples where they generate significant selection corrections. (JEL C43, E31)
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