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Rationalizing the Penn World Table: true multilateral indices for international comparisons of real income

Abstract:

Real incomes are routinely compared internationally using methods that "correct" for deviations from purchasing power parity. The most widely used of these is the Geary method which, though theoretically suspect, underlies the Penn World Table. This paper provides a theoretical foundation for the Geary method which I call the GAIA ("Geary-Allen International Accounts") system. I show that the Geary method is exact when preferences are non-homothetic Leontief and, more generally, gives a (poss...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1257/0002828043052286

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Research group:
Industrial Economics
Oxford college:
Merton College
Role:
Author
Publisher:
American Economic Association Publisher's website
Journal:
American Economic Review Journal website
Volume:
94
Issue:
5
Pages:
1411-1428
Publication date:
2004-12-01
DOI:
ISSN:
0002-8282
Language:
English
Subjects:
UUID:
uuid:cc690ce5-bbff-4ab5-a95f-8f8f1b0902ea
Local pid:
ora:2113
Deposit date:
2008-06-19

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