By Alan Heston, Robert E. Lipsey
Economists desire to examine costs, genuine source of revenue, and output throughout international locations and areas for lots of reasons. long ago, such comparisons have been made in nominal phrases, or through the use of alternate charges throughout international locations, ignoring adjustments in expense degrees and hence distorting the consequences. nice development has been made in interspatial comparisons some time past thirty years, yet descriptions and discussions of the recent measures were scattered in unpublished or inaccessible papers.International and Interarea Comparisons of source of revenue, Output, and costs contains discussions of advancements within the United international locations overseas comparability software, the most important attempt during this box, and within the ICOP application at the creation facet, together with efforts in either to increase the comparisons to the previously deliberate economies. different papers during this quantity discover new courses on interspatial comparisons in the usa. There also are theoretical papers on how interspatial comparisons will be made and several other examples of makes use of of such comparisons.
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Additional resources for International and Interarea Comparisons of Income, Output, and Prices (National Bureau of Economic Research Studies in Income and Wealth)
N for all p >> 0, and Y in the domain of definition, where p = [ p , , . . ,p,IT is a common price vector across all countries. Property (3) is the main defining property of an additive system: it says that each country’s share is determined by valuing its consumption components (or outputs or inputs) using the common “international” prices g,(P, Y ) , . . ,g,(P, Y ) , which in principle can depend on the entire matrices of country prices and quantities, P = [ p ’ , . . ,p“] and Y = [ y ’ , .
1''~. 19 Axiomatic and Economic Approaches to International Comparisons In this test, the set of countries is split up into two blocs of countries, A and B. Within each bloc, price and quantity vectors are proportional. Hence, if we aggregate country shares over blocs and divide the sum of the bloc B shares by the sum of the bloc A shares, we should get the same answer that the “best” bilateral index number formula Q ( p “ ,p b , y“, y b ) would give, where the bloc A and B aggregate price and quantity vectors p a ,p b , y“, y b are used as arguments in the bilateral index number formula.
Now pick bilateral price and quantity indexes, P and Q, that satisfy the product test (51). The country price levels P, are determined by solving the following least squares problem: where (61) follows from the line above if Q satisfies the time reversal test. Thus, if the bilateral quantity index Q satisfies the time reversal test, finding the optimal price levels Pkthat solve the least squares problem (60) is equivalent to 25. Gini (1924, 1931) was concerned only with making multilateral price comparisons, but his analysis can be adapted to the quantity comparison situation as I have indicated.