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the country-product-dummy method a stochastic approach to the computation of purchasing power parities in the icp

the country-product-dummy method a stochastic approach to the computation of purchasing power parities in the icp

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时间：2018-03-22

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1、25IamgladthatItalkedyouintodoingaseparatepaperratherthandoingajointonewithme;Ithinkthatyouhavedevelopedalotofnewveryusefulmaterial,whichnicelycomplementsthematerialthatIdeveloped.Goodstuff!THECOUNTRY-PRODUCT-DUMMYMETHOD:ASTOCHASTICAPPROACHTOTHECOMPUTATIONOFP

2、URCHASINGPOWERPARITIESINTHEICPD.S.PrasadaRaoSchoolofEconomicsUniversityofQueenslandBrisbane,AustraliaEmail:p.rao@economics.uq.edu.auSeptember16June25,2004ApaperforpresentationattheSSHRCConferenceonIndexNumbersandProductivityMeasurementtobeheldduring30June–3J

3、uly,2004inVancouver.TheauthorwishestothankBettinaAten,ErwinDiewert,AlanHeston,ChrisO’DonnellandMarcelTimmerforhelpfuldiscussionsonthesubjectmatterofthispaper.25TheCountry-Product-DummyMethod:AStochasticApproachtotheComputationofPurchasingPowerParitiesintheIC

4、PD.S.PrasadaRaoAbstractTheCountry-Product-Dummy(CPD)methodisaregression-basedmethodforcomputingspatialpriceindexnumbersandpurchasingpowerparities(PPPs)withintheInternationalComparisonProgram(ICP).Itisessentiallyahedonicregressionmodelwheretheobservedpriceisr

5、elatedtothecountryoforiginandthecharacteristicsoftheproductarerepresentedbythecommodityitself.ThepaperdescribestheunweightedandweightedCPDmethodanddiscussesanumberofinterestingpropertiesofthemethodandarguesthattheCPDmethodprovidesaviablealternativetothestand

6、ardindexnumberformulaeusedininternationalcomparisons.AmajoradvantageoftheCPDmethodisthatitallowstheuseofabatteryofpowerfuleconometrictechniquesthancanbeusedinhandlingdatarelatedproblemsincludingmissingpricedataandalsoincomputingstandarderrorsassociatedwithPP

7、Psobtained.JELClassification:E31andC19Keywords:PurchasingPowerParities,InternationalPrices,Country-Product-Dummymethod,standarderrors1.IntroductionThereisagreatrangeofmethodsavailableforpurposesofaggregatingpricedataincomputingpurchasingpowerparities(PPPs)of

8、currencies.PPPsareessentiallyspatialpriceindexnumbersthatprovidemeasuresofpriceleveldifferencesacrosscountriesorregionswithinacountry.TheCountryProductDummy(CPD)methodrepresentsasimpleregression

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