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Revision of the Hedonic Regression Model for "Passenger Cars" in the Corporate Goods Price Index

November 10, 2017
Research and Statistics Department
Bank of Japan

The Bank of Japan has updated the hedonic regression model employed in quality adjustment for the commodity class "Passenger Cars" in the Corporate Goods Price Index. The estimation in the new model is conducted among all car types within a single equation, whereas the former model prepared an independent equation for each car type.

With increasing the stability of the estimation in response to the model revision, more variables including those related to recently implemented automotive technologies (e.g. automated driving systems) have been employed in the new model.


Price Statistics Division, Research and Statistics Department

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