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The Next Generation of the Penn World Table

Robert C. Feenstra, Robert Inklaar, Marcel P. Timmer

American Economic Review · 2015 · 4,887 citationsOpen access

doi.org/10.1257/aer.20130954Free full text

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)

Cite this paper

Feenstra, R. C., Inklaar, R., & Timmer, M. P. (2015). The next generation of the penn world table. American Economic Review, 105(10), 3150–3182. https://doi.org/10.1257/aer.20130954

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