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Does the version of the Penn World Tables matter? An analysis of the relationship between growth and volatility

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  • Natalia Ponomareva
  • Hajime Katayama

Abstract

The Penn World Tables (PWT) are an important data source for cross-country comparisons in economics. The PWT have undergone several revisions over time. This paper documents how countries' output growth rates change across four publicly available versions of the PWT. We show that for some countries the magnitude of the differences is significant and/or the sign of the growth rates changes across versions. Using as an example Ramey and Ramey (1995) , who found growth volatility has a significant negative effect on growth, we demonstrate that conclusions based on one version of the PWT may not hold under another version.

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Bibliographic Info

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

Volume (Year): 43 (2010)
Issue (Month): 1 (February)
Pages: 152-179

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Handle: RePEc:cje:issued:v:43:y:2010:i:1:p:152-179

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Cited by:
  1. Jean Fouré & Agnès Bénassy-Quéré & Lionel Fontagné, 2013. "Modelling the world economy at the 2050 horizon," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 21(4), pages 617-654, October.
  2. Cheung , Yin-Wong & Fujii, Eiji, 2011. "Exchange rate misalignment estimates – Sources of differences," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 25/2011, Bank of Finland, Institute for Economies in Transition.
  3. Dierk Herzer, 2009. "Cross-country heterogeneity and the trade-income relationship," FIW Working Paper series, FIW 026, FIW.
  4. Andrew Williams, 2014. "The effect of transparency on output volatility," Economics of Governance, Springer, Springer, vol. 15(2), pages 101-129, May.
  5. Benhabib, Jess & Corvalan, Alejandro & Spiegel, Mark M., 2013. "Income and democracy: Evidence from nonlinear estimations," Economics Letters, Elsevier, Elsevier, vol. 118(3), pages 489-492.
  6. Johnson, Simon & Larson, William & Papageorgiou, Chris & Subramanian, Arvind, 2013. "Is newer better? Penn World Table Revisions and their impact on growth estimates," Journal of Monetary Economics, Elsevier, Elsevier, vol. 60(2), pages 255-274.
  7. Wälde, Klaus & Launov, Andrey & Posch, Olaf, 2013. "On the estimation of the volatility-growth link," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79835, Verein für Socialpolitik / German Economic Association.
  8. Neville Francis & Michael T. Owyang & Özge Savascin, 2012. "An endogenously clustered factor approach to international business cycles," Working Papers, Federal Reserve Bank of St. Louis 2012-014, Federal Reserve Bank of St. Louis.
  9. Junankar, Pramod N. (Raja), 2013. "Is there a Trade-off between Employment and Productivity?," IZA Discussion Papers 7717, Institute for the Study of Labor (IZA).

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