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Definition: Time dummy variable (hedonic) approach
Category: Housing price statistics
One of the main hedonic regression approaches to constructing a (residential property) price index. In the standard log-linear time dummy variable model, the characteristics coefficients are constrained to be fixed over time, and the price index numbers can be directly computed from the time dummy coefficients (through exponentiation). http://ec.europa.eu/eurostat/product?code=KS-RA-12-022&mode=view
Source:
Eurostat, International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE), The World Bank, "Handbook on Residential Property Prices Indices (RPPIs)", Publications Office of the European Union, Luxembourg, 2013
Eurostat, International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE), The World Bank, "Handbook on Residential Property Prices Indices (RPPIs)", Publications Office of the European Union, Luxembourg, 2013
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