| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11594 |
| DP11594 Is the output growth rate in NIPA a welfare measure? | |
| Omar Licandro | |
| 发表日期 | 2016-11-01 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | National Income and Product Accounts (NIPA) measure real output growth by means of a Fisher ideal chain index. Bridging modern macroeconomics and the economic theory of index numbers, this paper shows that output growth as measured by NIPA is welfare based. In a dynamic general equilibrium model with general recursive preferences and technology, welfare depends on present and future consumption. Indeed, the associated Bellman equation provides a representation of preferences in the domain of current consumption and current investment. Applying standard index number theory to this representation of preferences shows that the Fisher-Shell true quantity index is equal to the Divisia index, in turn well approximated by the Fisher ideal index used in NIPA. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Growth measurement Quantity indexes Nipa Fisher-shell index Embodied technical change |
| URL | https://cepr.org/publications/dp11594 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540408 |
| 推荐引用方式 GB/T 7714 | Omar Licandro. DP11594 Is the output growth rate in NIPA a welfare measure?. 2016. |
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