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Preface
Themeasurementofpricedynamicsisbynomeansnewendeavourintheofficial
statisticsbuttheprocessofestablishingaccuratepricechangesintimestill
remainschallenginginmanyareas.Onesuchdemandingfieldistheapplication
ofappropriatetechniquesinpriceindexdevelopmentforprovidingamendments
reflectingqualitydifferenceswhichmightoccurinthecomparedcommodities.
Implementingadjustmentsinpriceindiceshasbeendiscussedinmostcasesin
relationtoConsumerPriceIndex(CPI).InPoland,thisindexisconsideredto
bethemostimportantpricechangemeasure,mainlyduetolegalandeconomic
implications.TheCPIconstitutesthebasisfornumerousindicatorsinPolish
legalacts,amongothersitinfluencesvalorisationofsocialsecuritybenefits
(e.g.unemploymentallowance),capitalindexation(e.g.bondsinterestrates)or
thelevelofstateandmunicipaltaxesandfees(e.g.,realestatetaxrates).The
economicimplicationsofCPIindicatorarereflectedbyitsimportanceinthe
decisionsofTheMonetaryPolicyCouncilindeterminingthefiscalpolicyofthe
State,ingovernmentbudgetconstruction,orinsettingthelevelofinterestrates.
InperiodswhenthemainobjectiveofmonetarypolicyoftheStateistoachieve
appointedlevelofinflation,theConsumerPriceIndexindirectlyinfluencesother
economicprocessessuchasthemoneysupply,exchangeratesoremployment
level.Thus,thecorrectmeasureofpricechangeisfundamentaltothemonetary
andfiscalpolicyoftheState.Providingpriceindexadjustmentsforquality
changesisnolessimportantinthecontextofbranchpriceindices,especially
ontherealestatemarkets.Therealestatesectorplaysaveryimportantrolein
theeconomy,inparticulartakingintoaccountitsshareinGDP
,absorptionofthe
labourforce,aswellasthegrowingroleandfinancialinvolvementofthebanking
sectorinitscrediting.Therefore,thedemandforreliableandup-to-dateprice
dynamicsanalysesofrealestatemarketsremainshigh.
Theabove-mentionedpremiseswerethebasisforanattempttoinvestigatethe
applicabilityofhedonicmethodsinadjustingpriceindicestochangesinthegoods
qualityandtestthetechniquesusedfortheconstructionofhedonicpriceindices
usingthedatasetsforvariousgroupsofheterogeneousgoods.Theachievement