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Estimating Real Production and Expenditures Across Nations: A Proposal for Improving the Penn World Tables

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Author Info
Robert C. Feenstra
Alan Heston
Marcel P. Timmer
Haiyan Deng

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Abstract

In this paper we propose a new approach to international comparisons of real GDP measured from the output-side. The traditional Geary-Khamis system to measure real GDP from the expenditure-side is modified to include differences in the terms of trade between countries. It is shown that this system has a strictly positive solution under mild assumptions. On the basis of a set of domestic final output, import and export prices and values for 14 European countries and the U.S. it is shown that differences between real GDP measured from the expenditure and output-side can be substantial, especially for small open economies.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10866.

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Date of creation: Nov 2004
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Handle: RePEc:nbr:nberwo:10866

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Find related papers by JEL classification:
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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References listed on IDEAS
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. Diewert, W. Erwin, . "Axiomatic and Economic Approaches to International Comparisons," Old UBC Departmental Papers 9611, UBC Department of Economics. [Downloadable!]
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  2. Daron Acemoglu & Jaume Ventura, 2002. "The World Income Distribution," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 659-694, May. [Downloadable!] (restricted)
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  3. Bernard, Andrew B & Jones, Charles I, 1996. "Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries," American Economic Review, American Economic Association, vol. 86(5), pages 1216-38, December. [Downloadable!] (restricted)
  4. Yo Chul Choi & David Hummels & Chong Xiang, 2006. "Explaining Import Variety and Quality: The Role of the Income Distribution," NBER Working Papers 12531, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Timothy J. Kehoe & Kim J. Ruhl, 2008. "Are shocks to the terms of trade, shocks to productivity?," Staff Report 391, Federal Reserve Bank of Minneapolis. [Downloadable!]
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