This paper provides an answer to Leandro Prados de la Escosura's response to my estimation of Spain's Gross Domestic Product time series (Revista de Economía Aplicada, no 49, 2009, pp. 5-45). It proves that the CPI is the best available deflator for rebuilding the GDP before the CNE because it correctly measures year-to-year changes of the general price level. It employs a linking procedure of the historical series of national accounts that is consistent with the newer SCN-93 and SEC-95 national accounts systems and which coincides with the systems used by all international economic organizations. The updating of the accounting system, with the inclusion of the non-observed economy and of own-account production of goods by households, has made previous estimations obsolete and requires the use of second generation estimations, with the inevitable re-adaptation of the relative levels of different economies.
|Journal||Revista de Economia Aplicada|
|Publication status||Published - 1 Dec 2009|
- Economic growth
- Gross domestic product
- Historical national accounts