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Who Shrunk China?� Puzzles in the Measurement of Real GDP

  • Peter Neary
  • Robert C. Feenstra

The latest World Bank estimates of real GDP per capita for China are significantly lower than previous ones.� We review possible sources of this puzzle and conclude that it reflects a combination of factors, including substitution bias in consumption, reliance on urban prices which we estimate are higher than rural ones, and the use of an expenditure-weighted rather than an output-weighted measure of GDP.� Taking all these together, we estimate that real per-capita GDP in China was 50% higher relative to the U.S. in 2005 than the World Bank estimates.

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File URL: http://www.economics.ox.ac.uk/materials/working_papers/paper566.pdf
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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 566.

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Date of creation: 01 Sep 2011
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Handle: RePEc:oxf:wpaper:566
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Web page: http://www.economics.ox.ac.uk/
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  1. Barnett, William A. & Diewert, W. Erwin & Zellner, Arnold, 2009. "Introduction To Measurement With Theory," Macroeconomic Dynamics, Cambridge University Press, vol. 13(S2), pages 151-168, September.
  2. James Banks & Richard Blundell & Arthur Lewbel, 1997. "Quadratic Engel Curves And Consumer Demand," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 527-539, November.
  3. Diewert, W. E. & Wales, T. J., 1988. "A normalized quadratic semiflexible functional form," Journal of Econometrics, Elsevier, vol. 37(3), pages 327-342, March.
  4. repec:cup:cbooks:9780521889070 is not listed on IDEAS
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