Price Imputation and Other Techniques for Dealing with Missing Observations, Seasonality and Quality Change in Price Indices

Paul Armknecht Jr. and Fenella Maitland-Smith

No 1999/078, IMF Working Papers from International Monetary Fund

Abstract: Price index compilers frequently face situations where price observations are missing due to seasonal unavailability, supply shortages, or the discontinuation of products. Incorrect treatment of such situations can result in biased price indices. This paper presents statistical imputation techniques that index compilers can use to prevent bias and suggests the extension of these same techniques to assist with adjustments for quality differences. The use of additional procedures for dealing with some of the problems caused by seasonal commodities is also discussed.

Keywords: WP; price change; base period; group index; fixed price; Price indices; imputation techniques; seasonal goods; quality adjustment; a number of product; replacement product; product range; price index compilation; sampled product; geometric mean; price movement; Price indexes; Price adjustments; Stocks; Consumer price indexes (search for similar items in EconPapers)
Pages: 28
Date: 1999-06-01
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Citations: View citations in EconPapers (10)

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