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Why 1990 international Geary-Khamis dollars cannot be a foundation for reliable long run comparisons of GDP

Liam, Brunt; Antonio Fidalgo
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http://hdl.handle.net/11250/2575366
Issue date
2018-11
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  • Discussion papers (SAM) [553]
Abstract
Using a large, new dataset of agricultural prices and quantities for many countries and regions, we create five new international Geary-Khamis pounds – for 1870, 1845, 1775, 1705, and a superior chained series. We show that estimated levels and changes in output per worker look very different – more extreme – using 1705 international pounds and 1990 international dollars, compared to all other series; growth rates appear substantially higher using 1990 international dollars. In short, out-of-sample baskets and/or prices create extremely unreliable output estimates. We also show that individual country price indices (rather than international indices) can generate substantially different estimated growth rates.
Publisher
Institutt for samfunnsøkonomi
Series
DP SAM;25/2018

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