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Economic information versus quality variation in cross-country data

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Author Info

  • John W. Dawson
  • Joseph P. Dejuan
  • John J. Seater
  • E. Frank Stephenson

Abstract

Data quality in the Penn World Tables varies systematically across countries that have different growth rates and are at different stages of economic development, thus introducing measurement error correlated with variables of economic interest. We explore this problem with three examples from the literature, showing that the problem appears to be minor in growth convergence regressions but serious in estimating the effect of income volatility on growth and in a cross-country test of the Permanent Income Hypothesis. The results suggest, at the least, a need for performing appropriate sensitivity tests before drawing conclusions from analyses based on these data.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 34 (2001)
Issue (Month): 4 (November)
Pages: 988-1009

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Handle: RePEc:cje:issued:v:34:y:2001:i:4:p:988-1009

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Cited by:
  1. Salvatore D'Acunto & Sergio Destefanis & Marco Musella, 2004. "Exports, Supply Constraints and Growth: An Investigation using Regional Data," International Review of Applied Economics, Taylor and Francis Journals, vol. 18(2), pages 167-189.
  2. J. Vernon Henderson & Adam Storeygard & David N. Weil, 2012. "Measuring Economic Growth from Outer Space," American Economic Review, American Economic Association, vol. 102(2), pages 994-1028, April.
  3. Yin-Wong Cheung & Eiji Fujii, 2011. "Exchange Rate Misalingment Estimates - Sources of Differences," CESifo Working Paper Series 3555, CESifo Group Munich.
  4. Joseph Dejuan & Simon Gurr, 2004. "On the link between volatility and growth: evidence from Canadian Provinces," Applied Economics Letters, Taylor and Francis Journals, vol. 11(5), pages 279-282.
  5. Fabio Augusto Reis Gomes, 2012. "A Direct test of the permanent income hypothesis: the brazilian case," Brazilian Business Review, Fucape Business School, vol. 9(4), pages 87-102, October.
  6. Simon Johnson & William Larson & Chris Papageorgiou & Arvind Subramanian, 2009. "Is Newer Better? Penn World Table Revisions and Their Impact on Growth Estimates," NBER Working Papers 15455, National Bureau of Economic Research, Inc.
  7. Andrey LAUNOV & Olaf POSCH & Klaus WÄLDE, 2012. "On the estimation of the volatility-growth link," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2012009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  8. Dawson, John W. & Stephenson, E. Frank, 1997. "The link between volatility and growth: Evidence from the States," Economics Letters, Elsevier, vol. 55(3), pages 365-369, September.

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