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Comparing the wealth of nations : reference prices and multilateral real income indexes

Author

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  • J. Peter Neary
  • Bríd Gleeson

Abstract

This paper considers the problem of comparing real incomes across countries. The available methods are reviewed and their performance is compared using the raw data underlying the Penn World Table. The results throw light on the relative merits of different indexes and on the empirical importance of the "Gerschenkron effect": the downward bias in a country's measured real income when its own prices are used as weights. They also demonstrate the feasibility of using empirical demand parameters to estimate the GAIA ("Geary-Allen International Accounts") System.

Suggested Citation

  • J. Peter Neary & Bríd Gleeson, 1997. "Comparing the wealth of nations : reference prices and multilateral real income indexes," Working Papers 199719, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:199719
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    File URL: http://hdl.handle.net/10197/3046
    File Function: First version, 1997
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    Cited by:

    1. J. Peter Neary, 2004. "Rationalizing the Penn World Table: True Multilateral Indices for International Comparisons of Real Income," American Economic Review, American Economic Association, vol. 94(5), pages 1411-1428, December.
    2. Robert Hill & Daniel Melser, 2015. "Benchmark averaging and the measurement of changes in international income inequality," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 151(4), pages 767-801, November.
    3. Neary, Peter, 2000. "True Multilateral Indexes for International Comparisons of Real Income: Theory and Empirics," CEPR Discussion Papers 2590, C.E.P.R. Discussion Papers.

    More about this item

    Keywords

    Real income indexes; Comparative economics; Multilateral comparison; National income--Accounting; Income--Mathematical models; Gross national product;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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