The Next Generation of the Penn World Table

2015/10/01 by Robert C. Feenstra, Robert Inklaar, Marcel P. Timmer · 4,775 citations
Economics, Econometrics and Finance · #Benchmark (surveying) #Computer science #Database #Econometrics #Economic Growth and Productivity #Economic theories and models #Economics #Geography #Macroeconomics #Measure (data warehouse) #Monetary Policy and Economic Impact #Productivity #Real gross domestic product #Table (database)

paper · open access · doi:10.1257/aer.20130954

published in American Economic Review 105(10), 3150-3182 (American Economic Association)

openalex publication_date 2015/10/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/05

Abstract

We describe the theory and practice of real GDP comparisons across countries and over time. Version 8 of the Penn World Table expands on previous versions in three respects. First, in addition to comparisons of living standards using components of real GDP on the expenditure side, we provide a measure of productive capacity, called real GDP on the output side. Second, growth rates are benchmarked to multiple years of cross-country price data so they are less sensitive to new benchmark data. Third, data on capital stocks and productivity are (re)introduced. Applications including the Balassa-Samuelson effect and development accounting are discussed. (JEL C43, C82, E01, E23, I31, O47)

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