Comparing the wealth of nations: reference prices and multilateral real income indexes

J. Peter Neary and Bríd Gleeson

No 199719, Working Papers from School of Economics, University College Dublin

Abstract: This paper considers the problem of comparing real incomes across countries. The available methods are reviewed and their performance is compared using the raw data underlying the Penn World Table. The results throw light on the relative merits of different indexes and on the empirical importance of the "Gerschenkron effect": the downward bias in a country's measured real income when its own prices are used as weights. They also demonstrate the feasibility of using empirical demand parameters to estimate the GAIA ("Geary-Allen International Accounts") System.

Keywords: Real income indexes; Comparative economics; Multilateral comparison; National income--Accounting; Income--Mathematical models; Gross national product (search for similar items in EconPapers)
Date: 1997-06
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Citations: View citations in EconPapers (3)

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http://hdl.handle.net/10197/3046 First version, 1997 (application/pdf)

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Working Paper: Comparing the Wealth of Nations: Reference Prices and Multilateral Real Income Indexes (1997)
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