The Next Generation of the Penn World Table

Robert C. Feenstra, Robert Inklaar, Marcel P. Timmer

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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.
Original languageEnglish
Pages (from-to)3150-3182
Number of pages33
JournalAmerican Economic Review
Volume105
Issue number10
Early online date29-Apr-2015
DOIs
Publication statusPublished - 2-Oct-2015

Keywords

  • INTERNATIONAL COMPARISONS
  • INDEX NUMBERS
  • PRICE LEVELS
  • REAL GDP
  • TRADE
  • PRODUCTIVITY
  • COUNTRIES
  • OUTPUT
  • QUALITY
  • TERMS

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