On Measuring Regional or Global Growth and Inflation
In a paper contributed to the Ottawa Group, Rao and Balk (2013) presented an overview of concepts used in the field of international comparison, such as Nominal GDP, Real GDP, and Price Level Index. The present paper continues by providing a simple, symmetric formula for the calculation of regional or global growth and inflation. What distinguishes our proposal from currently used methods (at international organisations such as Eurostat, OECD, and The World Bank) is its top-down approach ensuring consistency between value, quantity, and price developments. The role played by exchange rates and purchasing power parities also becomes clear. We consider the aggregation properties of the method with respect to two dimensions, namely the grouping of countries, and the components of GDP (private household consumption, investment, government consumption, exports, and imports). An example, based on data recently released by the International Comparison Program, illustrates our proposal.
|Date of creation:||11 Dec 2015|
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- Ulrich Kohli & Jean-Marc Natal, 2014. "The real exchange rate and the structure of aggregate production," Journal of Productivity Analysis, Springer, vol. 42(1), pages 1-13, August.
- Bert M. Balk, 2010. "An Assumption-Free Framework For Measuring Productivity Change," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(s1), pages 224-256, 06.
- , & Diewert, Erwin, 2014. "Alternative Measures of OECD Output Growth and Inflation," Economics working papers erwin_diewert-2014-1, Vancouver School of Economics, revised 20 Feb 2014.
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