International Trade, Real GDP, the Terms of Trade, and the Australian Economy 2011 to 2017

Alan Ross Hall

Economic Papers, 2018, vol. 37, issue 3, 220-229

Abstract: Since their inception around 1960 the international System of National Accounts (SNA) constant price accounts (chained volumes) have mismeasured real GDP. The domestic production effects of changes in the terms of trade have been excluded and international trade values misreported. Most of the time the SNA mismeasurements have little real effect. But when there are large changes in the terms of trade they become statistically significant. Real GDP estimates may transform into mere counterfactuals. This is particularly so when the terms of trade are declining. After September 2011, did the mismeasurement of international trade hamper the economic management of the Australian economy?

Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/1759-3441.12212

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:econpa:v:37:y:2018:i:3:p:220-229

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0812-0439

Access Statistics for this article

Economic Papers is currently edited by Professor Guay Lim

More articles in Economic Papers from The Economic Society of Australia Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().