Real GDP tends to underestimate the increase in real domestic value added, real GDI, and welfare when the terms of trade improve. An improvement in the terms of trade is similar to a technological progress. The national accounts treat the two phenomena very unevenly, however, with a change in...

We evaluate New Zealand's macroeconomic performance over the 1967-1996 period, which witnessed numerous economic reforms. Using both index-number and econometric techniques, we decompose nominal GDP growth and the output gap into contributions from price level changes, productivity growth and...

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Exogene Geldmenge, monetäres (Un-)Gleichgewicht und Erwartungslags Dieser Aufsatz befaßt sich mit dem Problem der Schätzung von Geldnachfragefunktionen während Perioden monetärer Kontrolle. Wie David Laidler kürzlich ausgeführt hat, ist der übliche Ansatz, der einen partiellen...

Real gross domestic product (GDP) fails to account for the trading gains and losses that result from changes in the terms of trade and in the real exchange rate (the price of tradables relative to the price of nontradables). Canada has enjoyed vast improvements in its terms of trade over recent...

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The consumer price index (CPI) is usually computed as a fixed-weighted Laspeyres price index, with the weights updated at discrete intervals only. It is well known that the Laspeyres functional form entails a substitution bias. One way to reduce it would be to use chained indices, and...