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International Monetary Fund

. A problem arises when a commodity is no longer produced for export or purchased as an import. An imputation may be made of the price the commodity would have had, had it been available. Alternatively, the responding exporter or importer may choose a replacement commodity of a comparable quality, and its price would be directly compared with the missing commodity’s price. If the replacement is of a non-comparable quality, the overlap method might be used to “link in” the price change of the replacement, or an explicit price adjustment might be undertaken. This was

International Monetary Fund

Abstract

A joint production by six international organizations, this manual explores the conceptual and theoretical issues that national statistical offices should consider in the daily compilation of export and import price indices. Intended for use by both developed and developing countries, it replaces guidance from the United Nations that is now more than a quarter-century old and thus badly outdated. The chapters cover many topics; they elaborate on the different practices currently in use, propose alternatives whenever possible, and discuss the advantages and disadvantages of each alternative. Given its comprehensive nature, the manual is expected to satisfy the needs of many users in addition to national statistical offices and international organizations, particularly businesses, policymakers, and researchers.

International Monetary Fund

. Approach 2: A replacement commodity may be selected, comparable in quality to the missing commodity, and its price used directly to form a price relative. Approach 3: The replacement may be deemed noncomparable with the missing commodity, but prices of both the missing and replacement commodities may have been available in an overlap period before the commodity was missing. Compilers use the price difference in this overlap period to adjust the quality of the replacement commodity’s price until there are at least two observations on the replacement commodity

International Monetary Fund

replacement commodities. These are quite strong assumptions because many of the problems encountered in practice are attributable to breaks in the continuity of the price series for the individual transactions for one reason or another. The treatment of disappearing and replacement commodities is taken up in Section B.5 . Table 10.1. Calculation of Price Indices for an Elementary Aggregate 1 January February March April May June July Prices Commodity A 6.00 6.00 7.00 6.00 6.00 6.00 6.60 Commodity B

International Monetary Fund

measure, class of customer, discounts, and so on should be included. The collection of data on such quality characteristics is important to the matched-models method, but it will be seen from Section H that they can serve as a data source for hedonic regressions, which have a similar function—to price-adjust replacement commodities of different quality. F.2.3 Price collection methods 1.90 The aim of survey collection techniques is to facilitate the transmission of price data from businesses to the statistical office in a secure and cost-effective manner

International Monetary Fund

real s ale : Ask the respondent to provide a price quote for a recent real sale and to provide a hypothetical price for this exact commodity design for the subsequent months. If the order is not repeated again after a reasonable interval—for example, six to eight months—then a replacement commodity is sought. (3) Specification pricing : A base model of the commodity or service is agreed with the company and then in each subsequent month the company supplies the price for each individual part of the model—for example, one hour of an accountant’s time or a ton