Understanding PPPs and PPP-based National Accounts

Angus Deaton · ALAN W. HESTON

377 citations0/0 files storedAmerican Economic Journal Macroeconomics

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Economic Growth and Productivity Monetary Policy and Economic Impact Global trade and economics

Abstract

We provide an overview of the theory and practice of constructing PPPs. We focus on four practical areas: how to handle international differences in quality; the treatment of urban and rural areas of large countries; how to estimate prices for government services, health, and education; and the effects of the regional structure of the latest International Comparison Program for 2005. We discuss revisions of the Penn World Table, and their effects on econometric analysis, and include health warnings. Some international comparisons are close to impossible, even in theory, and in others, the practical difficulties make comparison exceedingly hazardous. (JEL C43, E01, E31, O57).

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References

1956A Contribution to the Theory of Economic Growth 1976Exact and superlative index numbers 1997Divergence, Big Time 1967The Construction of Utility Functions from Expenditure Data 1958A Note on the Comparison of Exchange Rates and Purchasing Power Between Countries

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