Utilisation of Direct and Indirect Estimates of Real GDP Per Capita: Implications of the Errors in the Variables Model

Andrew J Stollar, Stephen G Grubaugh and G Rodney Thompson

Economic Journal, 1987, vol. 97, issue 386, 468-78

Abstract: Several professional journals have presented the results of a series of recent studies on the nature and form of the relationship between real income per capita (purchasing-power-parity adjusted) and nominal income (exchange-rate adjusted). This paper extends that analysis by applyi ng the errors-in-the-variables model, a technique that allows for estimation of the asymptotic parameter bias that exists when using either a mixed vector of direct and indirect real GDP estimates or a nominal income vector. Statistical concerns about the form of the equation used to generate indirect estimates are also presented. Copyright 1987 by Royal Economic Society.

Date: 1987
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