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来源类型Working Paper
规范类型报告
DOI10.3386/w24419
来源IDWorking Paper 24419
Shining a Light on Purchasing Power Parities
Maxim Pinkovskiy; Xavier Sala-i-Martin
发表日期2018-03-19
出版年2018
语种英语
摘要Nighttime lights data are a measure of economic activity whose error is plausibly independent of the measurement errors of most conventional indicators. Therefore, we can use nighttime lights as an independent benchmark to assess existing measures of economic activity (Pinkovskiy and Sala-i-Martin (2016)). We employ this insight to generate three findings in the study of PPP-adjusted estimates of GDP around the world between 1992 and 2010. First, we find that while market exchange rates described poor economies better than did PPP-adjusted estimates in the late 1990s (Dowrick and Akmal 2008; Almas 2012), this pattern has disappeared by the 2010s. Second, we also find that estimates of PPPs have been steadily improving from one price survey round to the next, including during the controversial 2005 and 2011 rounds. Third, we leverage this fact to assess whether it is optimal to measure relative prices as close as possible to the year of interest or to use the latest available relative price data and discard the rest, and provide a theoretical framework in which the latter may be optimal. Using data from the Penn World Tables, we find that, indeed, it is optimal to only use the latest price data, and hence, to revise existing PPP-adjusted estimates whenever a new price survey is released.
主题Other ; General, Teaching ; Macroeconomics ; International Economics
URLhttps://www.nber.org/papers/w24419
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/582093
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Maxim Pinkovskiy,Xavier Sala-i-Martin. Shining a Light on Purchasing Power Parities. 2018.
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