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GDP Growth Accounting: A National Income Function Approach
Author(s) -
Kohli Ulrich
Publication year - 2003
Publication title -
review of income and wealth
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.024
H-Index - 57
eISSN - 1475-4991
pISSN - 0034-6586
DOI - 10.1111/1475-4991.00072
Subject(s) - economics , national accounts , growth accounting , total factor productivity , real gross domestic product , econometrics , measures of national income and output , index (typography) , productivity , macroeconomics , function (biology) , monetary economics , gdp deflator , national income and product accounts , evolutionary biology , biology , world wide web , computer science
In this paper, we provide a decomposition of GDP growth that is complete and exact for the translog national income function and for the Törnqvist index of real GDP. The contributions of changes in output quantities, factor prices and total factor productivity are identified. Special consideration is given to foreign trade, with imports treated as a negative output. Annual estimates for the United States are reported for the period 1948–98.