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Latin America
This paper reviews the Latin American experience with the implementation of 1993 SNAand the updating of the national accounts' base year. It also makes a preliminary assessment of the possible estimation biases in nominal GDP estimates stemming from the use of outdated national accounts base years, downwards biases with household final consumption estimates, and an overestimation of gross fixed capital formation in construction activities.
Latin America
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Latin America
This paper reviews the Latin American experience with the implementation of 1993 SNA and the updating of the national accounts' base year. It also makes a preliminary assessment of the possible estimation biases in nominal GDP estimates stemming from the use of outdated national accounts base years, downwards biases with household final consumption estimates, and an overestimation of gross fixed capital formation in construction activities.
Ramsey Monetary Policy and International Relative Prices
This paper studies the design of optimal monetary policy (in terms of unconstrained Ramseyallocation) in a framework with sticky prices and matching frictions. Furthermore I consider therole of real wage rigidities. Optimal policy features significant deviations from price stabilityin response to various shocks. This is so since search externalities generate an unemployment/inflation trade-off. In response to productivity shocks optimal policy is pro-cyclical whenthe worker's bargaining power is higher than the share of unemployed people in the matchingtechnology and viceversa. This is so since when the workers share of surplus is high there aremany searching workers and few vacancies hence the monetary authority has an incentive to increasevacancy profitability by reducing the interest rate and increasing inflation. The oppositeis true when the workers' share of surplus is high. This implies that optimal inflation volatilityis U-shaped with respect to workers' bargaining power.
System of National Accounts 2008
This joint publication of the United Nations, the European Commission, the International Monetary Fund, the Organization for Economic Cooperation and Development, and the World Bank reflects the changes and improvements that have been introduced to the System of National Accounts since its most recent revision in 1993. The System of National Accounts 2008 (2008 SNA) is a statistical framework that provides a comprehensive, consistent and flexible set of macroeconomic accounts for policymaking, analysis and research purposes. The 2008 SNA is expected to receive distinguished attention not only from professionals practicing in the field of national accounts but policy makers, analysts, academi...
Measure up
To derive real GDP, the System of National Accounts 2008 (2008 SNA) recommends a technique called double deflation. Some countries use single deflation techniques, which fail to capture important relative price changes and introduce estimation errors in official GDP growth. We simulate the effects of single deflation to the GDP data of eight countries that use double deflation. We find that errors due to single deflation can be significant, but their magnitude and direction are not systematic over time and across countries. We conclude that countries still using single deflation should move to double deflation.
The Response of Hours to a Technology Shock
We investigate what happens to hours worked after a positive shock to technology, using the aggregate technology series computed in Basu, Fernald and Kimball (1999). We conclude that hours worked rise after such a shock.
