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

By Paul A. Armknecht, Fenella Maitland-Smith

June 1, 1999

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Format: Chicago

Paul A. Armknecht, and Fenella Maitland-Smith. Price Imputation and Other Techniques for Dealing with Missing Observations, Seasonality and Quality Change in Price Indices, (USA: International Monetary Fund, 1999) accessed December 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Commodities, Consumer price indexes, Financial institutions, Price adjustments, Price indexes, Prices, Stocks

Keywords: A number of product, Base period, Consumer price indexes, Fixed price, Geometric mean, Group index, Imputation techniques, Price adjustments, Price change, Price index compilation, Price indexes, Price indices, Price movement, Product range, Quality adjustment, Replacement product, Sampled product, Seasonal goods, Stocks, WP

Publication Details

Pages:

28
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1999/078
Stock No:

WPIEA0781999
ISBN:

9781451850086
ISSN:

1018-5941

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