Macro-economic Measures for a Globalised World: Global Growth and Inflation
D.S. Prasada Rao
No 2018-11, CEI Working Paper Series from Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
In this paper we offer a framework for measuring global growth and inflation built on an index number theory and practice; standard national accounts principles; and the concepts and methods for international macroeconomic comparisons. Our approach provides a sound basis for the estimates of purchasing power parity and exchange-rate based global growth regularly published by IMF, the World Bank and the United Nations. It also rectifies deficiencies in the current procedures used in measuring global inflation. For illustrative purposes, we present our estimates of global growth and inflation using data for 141 countries for the years 2005 and 2011. Contribution of movements in exchange rates and purchasing power parities to global inflation are presented.
Keywords: International comparisons; world growth; world inflation; exchange rate; purchasing power parity; index number theory (search for similar items in EconPapers)
JEL-codes: C43 O47 (search for similar items in EconPapers)
Pages: 39 p.
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hitcei:2018-11
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