Estimating Real Production and Expenditures Across Nations: A Proposal for Improving the Penn World Tables

Robert C. Feenstra (), Alan Heston, Marcel Peter Timmer () and Haiyan Deng

No 10866, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In this paper we propose a new approach to international comparisons of real GDP measured from the output-side. The traditional Geary-Khamis system to measure real GDP from the expenditure-side is modified to include differences in the terms of trade between countries. It is shown that this system has a strictly positive solution under mild assumptions. On the basis of a set of domestic final output, import and export prices and values for 14 European countries and the U.S. it is shown that differences between real GDP measured from the expenditure and output-side can be substantial, especially for small open economies.

JEL-codes: F41 O47 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev
Date: 2004-11
Note: ITI
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Related works:
Working Paper: Estimating real production and expenditures across nations: a proposal for improving the Penn World Tables (2007)
Working Paper: Estimating Real Production and Expenditures Across Nations: A Proposal for Improving the Penn World Tables (2007)
Journal Article: Estimating Real Production and Expenditures across Nations: A Proposal for Improving the Penn World Tables (2009)
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