 MEASURING NEW ZEALAND'S GDP 1865–1933: A COINTEGRATION‐BASED APPROACHDavid Greasley and Les Oxley Review of Income and Wealth, 2000, vol. 46, issue 3, 351-368 Abstract: Official and semi‐official estimates of New Zealand's national income are available on an annual basis for the years since 1932. Retrospective, non‐official, estimates are available from 1859. Chiefly these are constructed following Doblin's (1951) pioneering use of money stock data, velocity, and the implications of the Quantity Theory of Money, and include the estimates of Hawke (1975), Rankin (1992) and Cashin (1995). This paper estimates New Zealand real GDP per capita with monetary data using valid, intervention‐free, cointegration methods. The new measures avoid the ad hoc adjustments found in Rankin (1992), yet unlike Cashin (1995), they incoporate specific New Zealand monetary features. The new time series conform well with independent benchmarks and the historiography of the pre‐1914 period. Alternatively, they suggest an interpretation of New Zealand's growth experience for years around World War One which differs from that of Australia, and from the findings of Rankin (1992) and Cashin (1995). Date: 2000 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:revinw:v:46:y:2000:i:3:p:351-368 Ordering information: This journal article can be ordered from Access Statistics for this article Review of Income and Wealth is currently edited by Conchita D'Ambrosio and Robert J. Hill More articles in Review of Income and Wealth from International Association for Research in Income and Wealth Contact information at EDIRC. |
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