Consistent aggregation ensures that real GDP level and growth do not change as the existing GDP components are merely rearranged. Otherwise, level or growth changes are spurious. This paper proposes a framework for consistent aggregation where components are converted to "purchasing power...

Consistent aggregation ensures that real GDP level and growth do not change as the existing GDP components are merely rearranged. Otherwise, level or growth changes are spurious. This paper proposes a framework for consistent aggregation where components are converted to "purchasing power...