It is common practice to summarise the macroeconomic performance of countries in terms of the four well-known dimensions captured by the magic diamond of the OECD. This paper provides a comparison of several synthetic indicators which merge the four separate indicators into one single statistic. These indicators are inspired by data envelopment analysis (DEA)-based models, which allow an unequal weighting of the different economic objectives. The calculated weights then act as proxies for the true policy priorities. Comparison of the models focuses on the underlying assumptions as well as on the empirical results they generate.
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Paper provided by Katholieke Universiteit Leuven, Centrum voor Economische Studiën, Working Group Public Economics in its series Public Economics Working Paper Series with number
ces9829.
Length: 26 pp. Date of creation: 1998 Date of revision: Publication status: Published (revised version) in Applied Economics (2001) as "Using Data Envelopment Analysis to Assess Macroeconomic Policy Performance" Handle: RePEc:wpe:papers:ces9829
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