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New Methodology for Linking the Regions

  • Diewert, Erwin

The paper explains new methodology that was used in the 2005 International Comparison Program (ICP) that compared the relative price levels and GDP levels across 146 countries. In this round of the ICP, the world was divided into 6 regions: OECD, CIS, Africa, South America, Asia Pacific and West Asia. What is new in this round compared to previous rounds of the ICP is that each region was allowed to develop its own product list and collect prices on this list for countries in the region. The regions were then linked using another separate product list and 18 countries across the 6 regions collected prices for products on this list and this information was used to link prices and quantities across the regions. An additional complication was that the final linking of prices and volumes across regions had to respect the regional price and volume measures that were (separately) constructed by the regions.

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File URL: http://www.econ.ubc.ca/discpapers/dp0807.pdf
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Paper provided by Vancouver School of Economics in its series Economics working papers with number erwin_diewert-2008-9.

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Length: 21 pages
Date of creation: 24 Jul 2008
Date of revision: 09 Sep 2008
Handle: RePEc:ubc:bricol:erwin_diewert-2008-9
Contact details of provider: Web page: http://www.economics.ubc.ca/

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  1. James R. Cuthbert, 2000. "Theoretical and practical issues in purchasing power parities illustrated with reference to the 1993 Organization for Economic Co-operation and Development data," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 163(3), pages 421-444.
  2. Robert J. Hill, 1999. "Comparing Price Levels across Countries Using Minimum-Spanning Trees," The Review of Economics and Statistics, MIT Press, vol. 81(1), pages 135-142, February.
  3. Robert J. Hill, 2004. "Constructing Price Indexes across Space and Time: The Case of the European Union," American Economic Review, American Economic Association, vol. 94(5), pages 1379-1410, December.
  4. W. Erwin Diewert, 1996. "Axiomatic and Economic Approaches to International Comparisons," NBER Working Papers 5559, National Bureau of Economic Research, Inc.
  5. Hill, Robert J, 2001. "Measuring Inflation and Growth Using Spanning Trees," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(1), pages 167-85, February.
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