American Economic Review
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Опубликовано на портале: 11-09-2003Robert C. Feenstra American Economic Review. 1994. Vol. Vol. 84. No. 1. . P. pp. 157-177.
The high income elasticity of demand often estimated for U.S. imports may be a spurious result of omitting new product varieties from the import price indexes. The purpose of this paper is to demonstrate how to incorporate new product varieties into a constant-elasticity-of-substitution aggregate of import prices. This method is applied to U.S. imports of six disaggregate manufactured goods. It is shown that the corrected indexes are able to account for part--but not all--of the high income elasticities. (JEL C43, F14)
True Measures of GDP and Convergence [статья]
Опубликовано на портале: 11-09-2003Steve Dowrick, John Quiggin American Economic Review. 1997. Vol. Vol. 87. No. 1. P. pp. 41-64..
Widely used "purchasing power parity" comparisons of per capita GDP are not true quantity indexes and are subject to systematic substitution bias. This bias may distort measurement of convergence and divergence. Extending Varian's nonparametric construction of a true index gives the set of true indexes, including the new Ideal Afriat Index. These indexes are utility-consistent and independent of arbitrary reference price vectors. We establish bounds on the dispersion of true multilateral indexes, hence bounds on convergence. International price indexes understate both true GDP dispersion and, where prices are converging over time, the rate of true quantity convergence. (JEL C43, O47, O57)