Measures of the Real GDP of US Trading Partners: Methodology and Results
This paper provides the details of the construction of new quarterly measures of the real GDPs of the 36 US trading partners that are taken into consideration by the Federal Reserve in its "broad exchange rate" indexes. These new measures have some important advantages. First, they allow the construction of various income aggregates and sub-aggregates, which makes it possible, for example, to match the Federal Reserve's "broad," "major-currency," and "other important" trading partner effective exchange rates and, more broadly, to discuss the geographical and geopolitical determinants of US trade. Second, they allow the construction of variants of the two different types of measures that are utilized in the literature, namely direct and export-share-weighted sums of trading-partner real GDPs. Finally, given that our new measures of GDP for these countries can be directly compared to each other, they can be of interest for other researchers who need a consistent dataset on a quarterly basis.
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- Wynne Godley, 2000. "Interim Report: Notes on the U.S. Trade and Balance of Payments Deficits," Economics Strategic Analysis Archive 00-01, Levy Economics Institute.
- Menzie D. Chinn, 2005.
"Doomed to Deficits? Aggregate U.S. Trade Flows Re-Examined,"
Review of World Economics (Weltwirtschaftliches Archiv),
Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 141(3), pages 460-485, October.
- Menzie D. Chinn, 2003. "Doomed to Deficits? Aggregate U.S. Trade Flows Re-Examined," NBER Working Papers 9521, National Bureau of Economic Research, Inc.
- Karl Whelan, 2000. "A guide to the use of chain aggregated NIPA data," Finance and Economics Discussion Series 2000-35, Board of Governors of the Federal Reserve System (U.S.).
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