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Generalized Multi-Product Decomposition of Elements of the Use of Russia's GDP

Author

Listed:
  • Nikolay Pilnik

    (National Research University Higher School of Economics, Moscow, Russia)

  • Stanislav Radionov

    (National Research University Higher School of Economics, Moscow, Russia)

  • Ivan Stankevich

    (National Research University Higher School of Economics, Moscow, Russia)

Abstract

The paper offers a new method of decomposition of GDP and its elements. It is based on the idea that every component can be represented as a combination of a smaller number of aggregates. The proposed method has a range of important theoretical properties that insure its correctness and reproduces the statistics with very high quality. The theoretical reasoning of the procedure is presented, 3-product decomposition is analysed. Decomposition of indicators in both current and fixed prices is presented. The proposed decomposition has a range of advantages compared to earlier procedures. First, it does not link any model products to aggregates, observed in statistics. Second, it decomposes the statistics into a higher number of unobserved products, and these products and their prices can be reasonably interpreted. Finally, the important distinction from earlier procedures in non-linearity in real prices. Apart from that, the paper proposes a method of harmonization of GDP and its elements statistics that is needed to work with these indicators after two recent methodology changes.

Suggested Citation

  • Nikolay Pilnik & Stanislav Radionov & Ivan Stankevich, 2018. "Generalized Multi-Product Decomposition of Elements of the Use of Russia's GDP," HSE Economic Journal, National Research University Higher School of Economics, vol. 22(2), pages 251-274.
    • Handle: RePEc:hig:ecohse:2018:2:4
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    Citations

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    Cited by:

    1. Votinov, A., 2022. "The effects of additional non-stationary processes on the properties of DSGE-models," Journal of the New Economic Association, New Economic Association, vol. 55(3), pages 28-43.

    More about this item

    Keywords

    Russian economy; GDP components by expenditure; decomposition; hierarchical utility; consumption; investment;
    All these keywords.

    JEL classification:

    • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models

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