The Next Generation of the Penn World Table

Robert Feenstra, Robert Inklaar and Marcel Timmer

American Economic Review, 2015, vol. 105, issue 10, 3150-82

Abstract: We describe the theory and practice of real GDP comparisons across countries and over time. Version 8 of the Penn World Table expands on previous versions in three respects. First, in addition to comparisons of living standards using components of real GDP on the expenditure side, we provide a measure of productive capacity, called real GDP on the output side. Second, growth rates are benchmarked to multiple years of cross-country price data so they are less sensitive to new benchmark data. Third, data on capital stocks and productivity are (re)introduced. Applications including the Balassa-Samuelson effect and development accounting are discussed. (JEL C43, C82, E01, E23, I31, O47)

JEL-codes: C43 C82 E01 E23 I31 O47 (search for similar items in EconPapers)
Date: 2015
Note: DOI: 10.1257/aer.20130954
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Working Paper: The Next Generation of the Penn World Table (2013)
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