El Departamento de Economía de la Universidad de Chile tiene el agrado de invitar a usted al siguiente seminario académico:

Título - Is the output growth rate in NIPA a welfare measure?

Autor - Omar Licandro (IAE-CSIC and Barcelona GSE), Jorge Durán (European Commission).

Presenta - Omar Licandro (IAE-CSIC and Barcelona GSE)

Abstract - 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 measured by NIPA is welfare based. In a dynamic general equilibrium model with general 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. Applying 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.

El Seminario se realizará en forma excepcional este viernes 14 de noviembre de 13:00 a 14:00 hrs. En la Sala P-307 tercer piso del Edificio Placa, de Diagonal Paraguay 257.