Omar Licandro

Séminaires généraux
amse seminar

Omar Licandro

University of Nottingham
Is the output growth rate in NIPA a welfare measure?
Co-écrit avec
Jorge Duran
Lieu

IBD Amphi

Îlot Bernard du Bois - Amphithéâtre

AMU - AMSE
5-9 boulevard Maurice Bourdet
13001 Marseille

Date(s)
Lundi 8 octobre 2018| 14:30 - 15:45
Contact(s)

Sarah Flèche : sarah.fleche[at]univ-amu.fr
Agnès Tomini : agnes.tomini[at]univ-amu.fr

Résumé

National Income and Product Accounts (NIPA) measure real output growth by means of a Fisher ideal chain index. Bridging modern macroeconomics and the economic theory of index numbers, this paper shows that output growth as mea-sured by NIPA is welfare based. In a dynamic general equilibrium model with gen-eral recursive preferences and technology, welfare depends on present and future consumption. Indeed, the associated Bellman equation provides a representation of preferences in the domain of current consumption and current investment. Ap-plying standard index number theory to this representation of preferences shows that the Fisher-Shell true quantity index is equal to the Divisia index, in turn well approximated by the Fisher ideal index used in NIPA.

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