Real GDP, real domestic income, and terms-of-trade changes

• 成果类型: Article; Proceedings Paper
• 署名作者: Kohli, U
• 署名单位: Swiss National Bank (SNB)
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2003.07.002
• 发表日期: 2004
• 页码: 83-106
• 关键词: real GDP; GDP deflator; Terms of trade; Real income; Economic growth

摘要

Real GDP tends to underestimate the increase in real domestic income and welfare when the terms of trade improve. An improvement in the terms of trade is similar to a technological progress, but when computing real GDP, the national accounts treat the former as a price phenomenon and the latter as a real event. Calculations for 26 countries show that the divergence can add up to more than 10% of GDP in less than two decades. Our analysis has a solid theoretical foundation, being based on the GNP/GDP function approach to modeling the production sector of an open economy. (C) 2003 Elsevier B.V. All rights reserved.