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Aggregation of Economic Indicators Across Countries

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  • Marianne Schulze-Gattas
  • Anne Marie Gulde
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    Abstract

    Relative GDP shares are frequently used as weights in aggregations. In order to ensure that these weights reflect countries’ shares in real output, GDP data in national currencies should be converted into a common numeraire currency at purchasing power parity (PPP) rates. A review of the empirical evidence on the relationship between exchange rates and prices suggests that market (or official) exchange rates are generally poor proxies for PPP rates. The paper examines the PPP-based GDP data generated by the International Comparison Program and compares aggregations with PPP- and exchange rate-based GDP weights.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=786
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/36.

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    Length: 44
    Date of creation: 01 May 1992
    Date of revision:
    Handle: RePEc:imf:imfwpa:92/36

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    Postal: International Monetary Fund, Washington, DC USA
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    Related research

    Keywords: Purchasing power parity; Economic indicators; Exchange rates; Gross domestic product; ppp; exchange rate; market exchange rates; market exchange rate; exchange rate determination; real exchange rates; alternative exchange rate; official exchange rate; average exchange rate; exchange rate dynamics; nominal exchange rate; overvalued exchange rate; exchange rate overshooting; real exchange rate movements; foreign exchange; civil service; exchange markets; foreign exchange markets; exchange rate regime; real exchange rate;

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    Cited by:
    1. Ivan Paya & Agustín Duarte & Ioannis A. Venetis, 2004. "Predicting Real Growth And The Probability Of Recession In The Euro Area Using The Yield Spread," Working Papers. Serie AD 2004-31, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    2. Coe, D.T. & Helpman, E., 1993. "International R&D Spillovers," Papers 5-93, Tel Aviv.
    3. Wesche, Katrin, 1995. "The Stability of European Money Demand: An Investigation of M3H," Discussion Paper Serie B 337, University of Bonn, Germany.

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