Penn World Tables and of the World Development Indicators better estimate true income per capita. We find that revisions of …-price series in both PWT 8.0 and PWT 8.1, the two most recent vintages of the PWT. We additionally find that the World Development … Indicators are as good, and often better, measures of unobserved true income as are any recent vintages of the Penn World Tables …

To estimate the equity premium, it is helpful to use finance theory: not the old-fashioned theory that efficient … markets imply a constant equity premium, but theory that restricts the time-series behavior of valuation ratios, and that … for stock returns. A steady-state approach suggests that the world geometric average equity premium was almost 4% at the …

We estimate the world distribution of income by integrating individual income distributions for 125 countries between … hosted 11% of the world's poor in 1960. It hosted 66% of them in 1998. We estimate nine indexes of income inequality implied … by our world distribution of income. All of them show substantial reductions in global income inequality during the 1980s …

study of PPP-adjusted estimates of GDP around the world between 1992 and 2010. First, we find that while market exchange … optimal. Using data from the Penn World Tables, we find that, indeed, it is optimal to only use the latest price data, and …

option values, the internal rate of return - a cornerstone of classical human capital theory - is not a useful guide to …