Replication data for: An Experimental Component Index for the CPI: From Annual Computer Data to Monthly Data on Other Goods

Principal Investigator(s): View help for Principal Investigator(s) Tim Erickson; Ariel Pakes

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Project Citation:

Erickson, Tim, and Pakes, Ariel. Replication data for: An Experimental Component Index for the CPI: From Annual Computer Data to Monthly Data on Other Goods. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112445V1

Project Description

Summary: 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)

Scope of Project

JEL Classification:
C43 Index Numbers and Aggregation; Leading indicators
E31 Price Level; Inflation; Deflation

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Published Versions

V1 [2019-10-11]

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