The Next Generation of the Penn World Table
- (pp. 3150-82)
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. (JEL C43, C82, E01, E23, I31, O47)Citation
Feenstra, Robert C., Robert Inklaar, and Marcel P. Timmer. 2015. "The Next Generation of the Penn World Table." American Economic Review, 105 (10): 3150-82. DOI: 10.1257/aer.20130954Additional Materials
JEL Classification
- C43 Index Numbers and Aggregation; Leading indicators
- C82 Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
- E01 Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- E23 Macroeconomics: Production
- I31 General Welfare; Well-Being
- O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence