ESTIMATING REAL PRODUCTION AND EXPENDITURES ACROSS NATIONS: A PROPOSAL FOR IMPROVING THE PENN WORLD TABLES

• 成果类型: Article
• 署名作者: Feenstra, Robert C.; Heston, Alan; Timmer, Marcel P.; Deng, Haiyan
• 署名单位: University of California System; University of California Davis; National Bureau of Economic Research; University of Pennsylvania; University of Groningen
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest.91.1.201
• 发表日期: 2009-02
• 页码: 201-212
• 关键词: research-and-development; TRADE; income; terms; EXISTENCE; distance; frontier; QUALITY; GROWTH; gdp

摘要

We propose a new approach to the international comparison of real GDP, as measured from the output-side. The traditional Gary-Khamis system, which measures real GDP from the expenditure-side, is modified to include differences in the terms of trade between countries. It is shown that this system has a strictly positive solution under mild assumptions. On the basis of a sample of 151 countries in 1996, it is shown that differences between real GDP measured from the expenditure-side and output-side can be substantial, especially for small open economies. We also obtain cross-country measures of real openness and the terms of trade.