most important driver of changes in GDP growth for both the US and other advanced economies. When applied to real-time data …

that on impact there is no significant response of relative price distortions to changes in real GDP per capita. We then … standard deviation increase in distortions to relative prices reduced the region’s real GDP per capita growth rate by about …

accounts and historical estimates are spliced. To allow for changes in relative prices, GDP benchmark years in national … accounts are periodically replaced with new and more recent ones. Thus, a homogeneous long-run GDP series requires linking … GDP levels and growth, particularly as an economy undergoes deep structural transformation. An inadequate splicing may …

could get more GDP without innovation by simply duplicating existing physical capital and labour (e.g. adding a second … aircraft and crew on an existing route). Thus we propose to measure innovation as the additional GDP over and above the … addition existing physical capital and labour. In our measure this is the contribution to GDP growth of market sector …

– through their direct trading gain effect and indirect real GDP effects - have increased Australian living standards. The …