This paper analyzes the recently released macroeconomic aggregate data from the International Comparison Program (ICP) for the years 2011 and 2017 compiled using comparable and consistent survey methods and aggregation procedures. Focusing on the size of the real world economy, in purchasing...

Economists wish to compare prices, real income, and output across countries and regions for many purposes. In the past, such comparisons were made in nominal terms, or by using exchange rates across countries, ignoring differences in price levels and thus distorting the results. Great progress...