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The Swiss Disease: Facts and Artefacts, A Reply to Kehoe and Prescott

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Author Info
Yngve Abrahamsen (Swiss Federal Institute of Technology-Zurich)
Roland Aeppli (Swiss Federal Institute of Technology-Zurich)
Erdal Atukeren (Swiss Federal Institute of Technology-Zurich)
Michael Graff (Reserve Bank of New Zealand)
Christian Müller (Swiss Federal Institute of Technology-Zurich)
Bernd Ships (Swiss Federal Institute of Technology-Zurich)

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Abstract

This paper investigates the claim made by Kehoe and Prescott (2002) that Switzerland and New Zealand experienced 'great depressions' in the last two decades. We question the appropriateness of the measure used by Kehoe and Prescott (GDP per working-age person) and propose a more accurate measure to compare economic performance on a consistent basis, namely, GDP per hour worked which is also adjusted for terms of trade changes and investment in tangibles. Based on this yardstick, the difference in economic performance between the US and Switzerland turns out to be largely a statistical artefact and Kehoe and Prescott's conditions for a 'great depression.' (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/j.red.2004.06.003
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Publisher Info
Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 8 (2005)
Issue (Month): 3 (July)
Pages: 749-758
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Handle: RePEc:red:issued:v:8:y:2005:i:3:p:749-758

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Related research
Keywords: Great depressions Switzerland labour productivity national accounting standards terms of trade adjustment GDP per hours worked

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Find related papers by JEL classification:
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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  1. Timothy J. Kehoe & Edward C. Prescott, 2002. "Great Depressions of the Twentieth Century," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 1-18, January. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jochen Hartwig, 2005. "Messprobleme bei der Ermittlung des Wachstums der Arbeitsproduktivität – dargestellt anhand eines Vergleichs der Schweiz mit den USA," Working papers 05-100, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
  2. Michel De Vroey & Luca Pensieroso, 2006. "Real Business Cycle Theory and the Great Depression: The Abandonment of the Abstentionist Viewpoint," Contributions to Macroeconomics, Berkeley Electronic Press, vol. 6(1), pages 1403-1403. [Downloadable!] (restricted)
    Other versions:
  3. Jochen Hartwig, 2005. "Sind unsere gesamtwirtschaftlichen Probleme überhaupt lösbar?," Working papers 05-112, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
  4. Timothy J. Kehoe & Kim J. Ruhl, 2005. "Is Switzerland in a Great Depression?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 8(3), pages 759-775, July. [Downloadable!] (restricted)
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