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Date: 2024-07-15 Page is: DBtxt003.php txt00021593

The Next Generation of the Penn World Table

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Original material:

Peter Burgess
The Next Generation of the Penn World Table

By Robert C. Feenstra, Robert Inklaar, and Marcel P. Timmer*


We describe the theory and practice of real GDP comparisons across countries and over time.

Version 8 of the Penn World Table expands on previous versions in three respects.
  • First, in addition to comparisons of living standards using components of real GDP on the expenditure side, we provide a measure of productive capacity, called real GDP on the output side.
  • Second, growth rates are benchmarked to multiple years of cross-country price data so they are less sensitive to new benchmark data.
  • Third, data on capital stocks and productivity are (re)introduced.
Applications including the Balassa-Samuelson effect and development accounting are discussed.
(JEL C43, C82, E01, E23, I31, O47)
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