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Penn World Table 7.0: Are the data flawed?

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  • Breton, Theodore R.

Abstract

PWT 7.0 data deviate substantially from PWT 6.3 data because the benchmarked prices for 1970 to 1996 used in PWT 6.3 were entirely discarded. PWT 7.0 data are unreliable and appear to be much less accurate than PWT 6.3 data.

Suggested Citation

  • Breton, Theodore R., 2012. "Penn World Table 7.0: Are the data flawed?," Economics Letters, Elsevier, vol. 117(1), pages 208-210.
    • Handle: RePEc:eee:ecolet:v:117:y:2012:i:1:p:208-210
    DOI: 10.1016/j.econlet.2012.05.012
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    References listed on IDEAS

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    1. Johnson, Simon & Larson, William & Papageorgiou, Chris & Subramanian, Arvind, 2013. "Is newer better? Penn World Table Revisions and their impact on growth estimates," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 255-274.
    2. Robert Summers & Alan Heston, 1991. "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950–1988," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 327-368.
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    Citations

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    Cited by:

    1. Jetter, Michael & Nikolsko-Rzhevskyy, Alex & Smith, William T., 2013. "The effects of wage volatility on growth," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 93-109.
    2. Breton, Theodore R., 2013. "World total factor productivity growth and the steady-state rate in the 20th century," Economics Letters, Elsevier, vol. 119(3), pages 340-343.
    3. Jetter, Michael & Parmeter, Christopher F., 2015. "Trade openness and bigger governments: The role of country size revisited," European Journal of Political Economy, Elsevier, vol. 37(C), pages 49-63.
    4. Andrew Musau, 2019. "A Replication Study of “Openness, Country Size, and Government Size†(Journal of Public Economics 2009)," Public Finance Review, , vol. 47(4), pages 775-792, July.
    5. Deeken, Tim, 2015. "Knowledge spillovers: On the impact of genetic distance and data revisions," Working Paper Series in Economics 74, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
    6. Michael Jetter & David Stadelmann, 2019. "Terror per Capita," Southern Economic Journal, John Wiley & Sons, vol. 86(1), pages 286-304, July.
    7. Oleg Badunenko & Daniel Henderson & Romain Houssa, 2014. "Significant drivers of growth in Africa," Journal of Productivity Analysis, Springer, vol. 42(3), pages 339-354, December.
    8. Asger Moll Wingender, 2014. "Structural transformation in the 20th century: A new database on agricultural employment around the world," Discussion Papers 14-28, University of Copenhagen. Department of Economics.
    9. Roger, Lionel, 2019. "A replication of "The long-run impact of foreign aid in 36 African countries: Insights from multivariate time series analysis" (Oxford Bulletin of Economics and Statistics, 2014)," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 13, pages 1-53.
    10. Lionel Roger, 2015. "Foreign Aid, Poor Data, and the Fragility of Macroeconomic Inference," Discussion Papers 2015-06, University of Nottingham, CREDIT.
    11. Roger, Lionel, 2019. "A replication of "The long-run impact of foreign aid in 36 African countries: Insights from multivariate time series analysis" (Oxford Bulletin of Statistics and Economics, 2014)," Economics Discussion Papers 2019-27, Kiel Institute for the World Economy (IfW Kiel).
    12. Chen, Tao & DeJuan, Joseph & Tian, Renfang, 2018. "Distributions of GDP across versions of the Penn World Tables: A functional data analysis approach," Economics Letters, Elsevier, vol. 170(C), pages 179-184.
    13. Theodore R. Breton & John J. García, 2016. "ICP 2005 Construction Prices: Are They Underestimated in Developing Countries?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(2), pages 380-393, June.

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    More about this item

    Keywords

    Price indices; Economic data; Data measurement; Economic growth;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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