Dale W. Jorgenson (Harvard University) Koji Nomura (Keio University) Jon D. Samuels (Bureau of Economic Analysis) The Third World KLEMS Conference Tokyo,

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Presentation transcript:

Dale W. Jorgenson (Harvard University) Koji Nomura (Keio University) Jon D. Samuels (Bureau of Economic Analysis) The Third World KLEMS Conference Tokyo, Japan, May 19-20, 2014.

Consumption Tax Output 1…n 1…n Subsidies Indirect Tax Other Value added output output Intermediate Demand Final Demand Final Demand Export to JP Freight & Insurance US Duties China Duties … JP US RoW JP US … … (18 countries) … … … … …

Sources Target and Classification Price Evaluation Domestic goods ／ Imports Eurostat-OECD FD, ICP basic headingPurchaserinc. Imports Energy Prices & Taxes (IEA) Coal, crude oil, LNG, electricity, gas PurchaserInc. Imports Consumer Price Comparison Survey (METI) About 100 consumer goods & services Purchaserinc. Imports Intermediate Goods Price Comparison Survey (METI) About 200 products as intermediate inputs Purchaser (Producer, partly) inc. Imports PPP Survey Committee (METI)About 100 ProductsProducerDomestic Transportation Service Price (MLIT) TransportationPurchaserDomestic Housing,Construction Price (MLIT) Building & Const.Producer (Cost)Domestic Foods and Restaurant Price(MAFF) Foods and RestaurantPurchaseinc. Imports Mobile Phone Price （ MPT ） CommunicationPurchaserDomestic Woods Products Price (MAFF)Woods ProductsPurchaserinc. Imports P pc(H) i P pd i P pc(H) i PdiPdiPdiPdi P pc(I) i PdiPdiPdiPdi PdiPdiPdiPdi P pd i P pc i P pc(I) i

Source: The PPP for GDP-Production Based is defined as a measure of trans-log index of industry-level PPPs for value added. This is the first estimate based on the 2005 benchmark estimates of PPPs, which is calculated in May 2014 by Nomura, Miyagawa, Shirane, and Okamoto at the RIETI Project.

Source: Our estimates in Jorgenson, Nomura, and Samuels (2014).

 PPP for GDP- output based=116.5  PPP for GDP- expenditure based=129.6 (Eurostat-OECD)  Exchanger rate=110.2

(U.S. in 1955=1.0)