Income Estimation From Monetary Data: Further Explorations

Hawke, G. R.

doi:10.1111/j.1475-4991.1975.tb00821.x

Cited by 15 publications

(8 citation statements)

References 1 publication

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“…Given my use of the monetary-based technique, C,Y, (for i#NZ) will be equal to Australian nominal GDP. This is because I am using national estimates of velocity (derived from national estimates of GDP and national money stocks) and regional money stocks to derive regional income figures, as does Hawke (1975) for NZ. This differs from the manner in which Friedman (1961), Leff (1972) and Rankin (1992) use the technique to generate estimates of Y,, which is to insert into (I) either: ad hoc estimates of V. (LeE for Brazil); estimates of the secular and cyclical components of V, (Friedman-for the U.S.); or econometrically-based estimates of V, (Rankin for NZ), to generate estimates of Y , .…”

mentioning

confidence: 99%

Real GDP in the Seven Colonies of Australasia: 1861–1991

Cashin

1995

Review of Income and Wealth

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Using data on regional money stocks, a variant of Fisher's (1911) quantity theory of money identity, and a technique first suggested by Doblin (1951) and Friedman (1961), this paper presents the first consistently‐based estimates of real GDP in each of the seven British colonies of Australasia for the period 1861–1991. Examination of the historical pattern of growth in the regional economies of Australasia has not previously been undertaken, due in particular to the dearth of data on aggregate incomes for the colonies (later states) of Australia. The data calculated here reveal the historical pattern of the domination of New South Wales, Victoria and New Zealand in real Australasian GDP, and the shrinkage of the cross‐sectional dispersion of real per capita GDP in the seven colonies over this 13 1‐year period.

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confidence: 99%

Real GDP in the Seven Colonies of Australasia: 1861–1991

Cashin

1995

Review of Income and Wealth

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“…But since velocity is traditionally calculated as a residual on the basis of data on output, prices and money, researchers have been forced to devise a velocity series before estimating output. To this end, previous studies have utilized available velocity series for other countries, either directly as in Hawke (1975) and Cashin (1995) or indirectly through econometric techniques as in Rankin (1992) and Greasley and Oxley (2000). For example, while Cashin (1995) imposed Australia's velocity on its colonies to calculate the latter's output, Rankin (1992) and Greasley and Oxley (2000) generated a velocity series for New Zealand on the basis of statistical relationships between Australia's velocity and New Zealand's monetary variables.…”

Section: Methodology and Empirical Resultsmentioning

confidence: 99%

“…The evolution of the money-based approach is best seen in the case of New Zealand where technical advances have generated a succession of studies that refined estimates of national income for the period prior to WWII (Hawke, 1975;Rankin, 1992;Greasley and Oxley, 2000). See Cashin (1995) for a recent discussion of the limitations of the money-based approach.…”

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confidence: 99%

Egypt’s Growth Performance Under Economic Liberalism: A Reassessment With New GDP Estimates, 1886–1945

Yousef

2002

Review of Income and Wealth

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The stagnation of Egyptian living standards in the first half of the 20th century has been widely presumed in economic history. However, this conventional wisdom is partially based on a fragmented body of evidence on aggregate output. In particular, no estimates of national income exist for any extended period prior to World War II. Using a money–based cointegration approach and a new measure of broad money, we exploit Egypt’s intimate economic links with the U.K. to provide the first continuous estimates of GDP for the period 1886–1945. Our estimates are consistent with trends in agriculture and other stylized facts about the Egyptian economy in the late 19th and early 20th century. The empirical results provide qualified support to the conventional wisdom about Egypt’s growth performance in addition to offering a detailed characterization of output cycles.

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“…In addition to estimates available directly from SNZ there are a number of unofficial estimates of annual GDP covering more historical periods, including those of Easton (1990), Hawke (1975), Lineham (1968), and Rankin (1991). 1 Most of these estimates are for the period prior to the Second World War, and are therefore not directly relevant for this study.…”

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confidence: 99%

A quarterly post-Second World War real GDP series for New Zealand

Hall

McDermott

2011

New Zealand Economic Papers

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There are no official quarterly real GDP estimates for New Zealand, for the period prior to 1977. We report the development of a seasonally-adjusted series for a period of more than 60 years from mid-1947, and evaluate statistical properties. The series were developed by linking quarterly observations from two recent official series to temporally disaggregated observations for an earlier time period. Annual real GDP series are disaggregated, using the information from two quarterly diffusion indexes, developed by Haywood and Campbell (1976). Three static econometric models with different disturbance term assumptions and one dynamic model are evaluated. Our preferred quarterly series is based on results generated from the Chow and Lin (1971) model. We assess movements in the preferred static model and dynamic model series against qualitative findings from New Zealand's post-Second World War economic history.

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Income Estimation From Monetary Data: Further Explorations

Cited by 15 publications

References 1 publication

Real GDP in the Seven Colonies of Australasia: 1861–1991

Real GDP in the Seven Colonies of Australasia: 1861–1991

Egypt’s Growth Performance Under Economic Liberalism: A Reassessment With New GDP Estimates, 1886–1945

A quarterly post-Second World War real GDP series for New Zealand

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