Abstract

23.1 The existence of seasonal products poses some significant challenges for price statisticians. Seasonal commodities are products that are either (1) not available in the marketplace during certain seasons of the year or (2) available throughout the year but there are regular fluctuations in prices or quantities that are synchronized with the season or the time of the year.1 A commodity that satisfies (1) is termed a strongly seasonal commodity, whereas a commodity that satisfies (2) is called a weakly seasonal commodity. Strongly seasonal products create the biggest problems for price statisticians in the context of producing monthly or quarterly export and import price indices (XMPIs). If a product price is available in only one of the two months (or quarters) being compared, then it is not possible to calculate a relative price for the product, and traditional bilateral index number theory breaks down. In other words, if a product is present in one month but not the next, how can the month-to-month amount of price change for that product be computed?2 In this chapter, a solution to this problem is presented that works even if the products produced are entirely different for each month of the year.3

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  • Diewert, W. Erwin, 1985, “Transfer Pricing and Economic Efficiency,” in Multinationals and Transfer Pricing, Croom Helm Series in International Business, ed. by A.M. Rugman and L. Eden (London: Croom Helm), pp. 4781.

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  • Diewert, W. Erwin, 1990, “The Theory of the Cost-of-Living Index and the Measurement of Welfare Change,” in Price Level Measurement, Contributions to Economic Analysis 196, ed. by W. Erwin Diewert (Amsterdam: North-Holland), pp. 79147.

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  • Diewert, W. Erwin, 1992a, “Fisher Ideal Output, Input and Productivity Indexes Revisited,” Journal of Productivity Analysis, Vol. 3 (September), pp. 21148.

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  • Diewert, W. Erwin, 1992b, “Exact and Superlative Welfare Change Indicators,” Economic Inquiry, Vol. 30 (October), pp. 56582.

  • Diewert, W. Erwin, 1993a, “The Early History of Price Index Research,” in Essays in Index Number Theory, Vol. 1, ed. by W. Erwin Diewert and A.O. Nakamura (Amsterdam: North-Holland), pp. 3365.

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  • Diewert, W. Erwin, 1993b, “Duality Approaches to Microeconomic Theory,” in Essays in Index Number Theory, Vol. 1, ed. by W. Erwin Diewert and A.O. Nakamura (Amsterdam: North-Holland), pp. 10575.

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  • Diewert, W. Erwin, 1993c, “Symmetric Means and Choice Under Uncertainty,” in Essays in Index Number Theory, Vol. 1, ed. by W. Erwin Diewert and A.O. Nakamura (Amsterdam: North-Holland), pp. 355433.

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  • Diewert, W. Erwin, 1993d, “Overview of Volume 1,” in Essays in Index Number Theory, Vol. 1, ed. by W. Erwin Diewert and A.O. Nakamura (Amsterdam: North-Holland), pp. 131.

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  • Diewert, W. Erwin, 1995a, “Axiomatic and Economic Approaches to Elementary Price Indexes,” Discussion Paper No. 95–01 (Vancouver: Department of Economics, University of British Columbia).

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  • Diewert, W. Erwin, 1995b, “On the Stochastic Approach to Index Numbers,” Discussion Paper No. 95–31 (Vancouver: Department of Economics, University of British Columbia).

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  • Diewert, W. Erwin, 1996a, “Price and Volume Measures in the System of National Accounts,” in The New System of National Accounts, ed. by J. Kendrick (Norwell, Massachusetts: Kluwer Academic), pp. 23785.

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  • Diewert, W. Erwin, 1996b, “Seasonal Commodities, High Inflation and Index Number Theory,” Discussion Paper 96-06 (Vancouver: Department of Economics, University of British Columbia).

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  • Diewert, W. Erwin, 1997, “Commentary on Matthew D. Shapiro and David W. Wilcox: ‘Alternative Strategies for Aggregating Price in the CPI,’Federal Reserve Bank of St. Louis Review, Vol. 79 (May/June), pp. 12737. Available via the Internet: http://research.stlouisfed.org/publications/review/97/05/9705ned.pdf.

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  • Diewert, W. Erwin, 1998a, “Index Number Issues in the Consumer Price Index,” Journal of Economic Perspectives, Vol. 12 (Winter), pp. 4758.

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  • Diewert, W. Erwin, 1998b, “High Inflation, Seasonal Commodities and Annual Index Numbers,” Macroeconomic Dynamics, Vol. 2 (December), pp. 45671.

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  • Diewert, W. Erwin, 1999a, “Index Number Approaches to Seasonal Adjustment,” Macroeconomic Dynamics, Vol. 3 (March), pp. 4868.

  • Diewert, W. Erwin, 1999b, “Axiomatic and Economic Approaches to Multilateral Comparisons,” in International and Interarea Comparisons of Income, Output, and Prices, NBER Studies in Income and Wealth Vol. 61, ed. by Alan Heston and Robert E. Lipsey (Chicago: University of Chicago Press), pp. 1387.

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  • Diewert, W. Erwin, 2000, “Notes on Producing an Annual Superlative Index Using Monthly Price Data,” Discussion Paper No. 00-08 (Vancouver: Department of Economics, University of British Columbia).

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  • Diewert, W. Erwin, 2001a, “The Consumer Price Index and Index Number Purpose,” Journal of Economic and Social Measurement, Vol. 27, No. 3–4, pp. 167248.

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  • Diewert, W. Erwin, 2001b, “Which (Old) Ideas on Productivity Measurement Are Ready to Use?in New Developments in Productivity Analysis, NBER Studies in Income and Wealth Vol. 63, ed. by C.R. Hulten, E.R. Dean and M.J. Harper (Chicago: University of Chicago Press), pp. 85101.

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  • Diewert, W. Erwin, 2002a, “The Quadratic Approximation Lemma and Decompositions of Superlative Indexes,” Journal of Economic and Social Measurement, Vol. 28 (November), pp. 6388.

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  • Diewert, W. Erwin, 2002b, “Similarity and Dissimilarity Indexes: An Axiomatic Approach,” Discussion Paper No. 02-10 (Vancouver: Department of Economics, University of British Columbia).

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  • Diewert, W. Erwin, 2002c, “Harmonized Indexes of Consumer Prices: Their Conceptual Foundations,” Swiss Journal of Economics and Statistics, Vol. 138 (December), pp. 547637.

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  • Diewert, W. Erwin, 2002d, “Notes on Hedonic Producer Price Indexes” (unpublished; Vancouver: Department of Economics, University of British Columbia, January 5).

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  • Diewert, W. Erwin, 2002e, “Hedonic Producer Price Indexes and Quality Adjustment,” Discussion Paper No. 02-14 (Vancouver: Department of Economics, University of British Columbia).

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  • Diewert, W. Erwin, 2002f, “Hedonic Regression: A Review of Some Unresolved Issues” (unpublished; Vancouver: Department of Economics, University of British Columbia).

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  • Diewert, W. Erwin, 2003, “Hedonic Regressions: A Consumer Theory Approach,” in Scanner Data and Price Indexes, NBER Studies in Income and Wealth, Vol. 64, ed. by Robert C. Feenstra and Matthew D. Shapiro (Chicago: University of Chicago Press), pp. 31748.

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  • Diewert, W. Erwin, 2005a, “On Measuring Inventory Change in Current and Constant Dollars,” Discussion Paper No. 05–12 (Vancouver: Department of Economics, University of British Columbia). Available via the Internet: www.econ.ubc.ca/discpapers/dp0512.pdf.

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  • Diewert, W. Erwin, 2005b, “Weighted Country Product Dummy Variable Regressions and Index Number Formulae,” Review of Income and Wealth, Vol. 51 (December), pp. 56170.

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  • Diewert, W. Erwin, 2006, “Comment on Brian C. Moyer, Marshall B. Reinsdorf, and Robert E. Yuskavage, ‘Aggregation Issues in Integrating and Accelerating the BEA’s Accounts: Improved Methods for Calculating GDP by Industry,’in A New Architecture for the U.S. National Accounts, Studies in Income and Wealth Vol. 66, ed. by D.W. Jorgenson, J.S. Landefeld, and W.D. Nordhaus (Chicago: University of Chicago Press), pp. 287307.

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  • Diewert, W. Erwin, 2008, “Changes in the Terms of Trade and Canada’s Productivity Performance,” Discussion Paper No. 08-05 (Vancouver: Department of Economics, University of British Columbia).

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  • Diewert, W. Erwin, William F. Alterman, and Lorraine Eden, 2005, “Transfer Prices and Import and Export Price Indexes: Theory and Practice,” Discussion Paper No. 05–08 (Vancouver: Department of Economics, University of British Columbia). Available via the Internet: www.econ.ubc.ca/discpapers/dp0508.pdf.

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  • Diewert, W. Erwin, Saeed Heravi, and Mick Silver, 2009, “Hedonic Imputation Indexes versus Time Dummy Hedonic Indexes,” in Price Index Concepts and Measurement, ed. by W. Erwin Diewert, John Greenlees, and Charles R. Hulten (Chicago: University of Chicago Press). Also available asHedonic Imputation versus Time Dummy Hedonic Indexes,” IMF Working Paper 07/234 (Washington: International Monetary Fund) and NBER Working Paper No. 14018 (Cambridge, Massachusetts: National Bureau of Economic Research).

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  • Diewert, W. Erwin, and Denis Lawrence, 2006, “Measuring the Contributions of Productivity and Terms of Trade to Australia’s Economic Welfare,” Report by Meyrick and Associates to the Productivity Commission (Canberra: Australian Government). Available via the Internet: www.oecd.org/dataoecd/7/19/37503743.pdf.

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  • Diewert, W. Erwin, Hide Mizobuchi and Koji Nomura, 2005, “On Measuring Japan’s Productivity, 1955–2003,” Discussion Paper 05-22 (Vancouver: Department of Economics, University of British Columbia). Available via the Internet: www.econ.ubc.ca/discpapers/dp0522.pdf.

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  • Diewert, W. Erwin, and Catherine J. Morrison, 1986, “Adjusting Output and Productivity Indexes for Changes in the Terms of Trade,” Economic Journal, Vol. 96 (September), pp. 65979.

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  • Diewert, W. Erwin, and Ann Marie Smith, 1994, “Productivity Measurement for a Distribution Firm,” The Journal of Productivity Analysis, Vol. 5 (December), pp. 33547.

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  • Dikhanov, Yuri, 1997, “Sensitivity of PPP-Based Income Estimates to Choice of Aggregation Procedures” (Washington: International Economics Department, World Bank, January).

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