American Economic Review Vol. 105 No. 10 2015

The Next Generation of the Penn World Table

Robert C. Feenstra¹; Robert Inklaar²; Marcel P. Timmer²

¹ Department of Economics, University of California-Davis, 1 Shields Avenue, Davis, CA 95616, and NBER (e-mail: ) · ² Faculty of Economics and Business, University of Groningen, PO Box 800, 9700 AV Groningen, Netherlands (e-mail: )

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.

DOI

10.1257/aer.20130954

Volume

105

Issue

10

Pages

3150-3182

Language

en

Sources

openalex bibtex:phds-export.bib crossref

Cite

APA 7 MLA 9 Chicago (author–date) Harvard Elsevier Harvard (JFE, JBF…) The Accounting Review Academy of Management American Marketing Association INFORMS (Management Science) Copy citation Copied ✓