Estimating Real Production and Expenditures Across Nations: A Proposal for Improving the Penn World Tables

In this paper we propose a new approach to international comparisons of real GDP measured from the output-side. The traditional Geary-Khamis system to measure real GDP from the expenditure-side is modified to include differences in the terms of trade between countries. It is shown that this system has a strictly positive solution under mild assumptions. On the basis of a set of domestic final output, import and export prices and values for 14 European countries and the U.S. it is shown that differences between real GDP measured from the expenditure and output-side can be substantial, especially for small open economies.

X-ray vs. Optical Variations in the Seyfert 1 Nucleus NGC 3516: A Puzzling Disconnectedness

We present optical broadband (B and R) observations of the Seyfert 1 nucleus NGC 3516, obtained at Wise Observatory from March 1997 to March 2002, contemporaneously with X-ray 2-10 keV measurements with RXTE. With these data we increase the temporal baseline of this dataset to 5 years, more than triple to the coverage we have previously presented for this object. Analysis of the new data does not confirm the 100-day lag of X-ray behind optical variations, tentatively reported in our previous work. Indeed, excluding the first year's data, which drive the previous result, there is no significant correlation at any lag between the X-ray and optical bands. We also find no correlation at any lag between optical flux and various X-ray hardness ratios. We conclude that the close relation observed between the bands during the first year of our program was either a fluke, or perhaps the result of the exceptionally bright state of NGC 3516 in 1997, to which it has yet to return. Reviewing the results of published joint X-ray and UV/optical Seyfert monitoring programs, we speculate that there are at least two components or mechanisms contributing to the X-ray continuum emission up to 10 keV: a soft component that is correlated with UV/optical variations on timescales >1 day, and whose presence can be detected when the source is observed at low enough energies (about 1 keV), is unabsorbed, or is in a sufficiently bright phase; and a hard component whose variations are uncorrelated with the UV/optical.Comment: 9 pages, AJ, in pres

Estimating Real Production and Expenditures Across Countries: A Proposal for Improving the Penn World Tables

We propose a new approach to the international comparison of real GDP, as measured from the output-side. The traditional Gary-Khamis system, which measures real GDP from the expenditure-side, is modified to include differences in the terms of trade between countries. It is shown that this system has a strictly positive solution under mild assumptions. On the basis of a sample of 151 countries in 1996, it is shown that differences between real GDP measured from the expenditure-side and output-side can be substantial, especially for small open economies. We also obtain cross-country measures of “real openness ” and the terms of trade. JEL-code: F41, O471 1

A variability study of the Seyfert 2 galaxy NGC 6300 with XMM-Newton

We present the results of timing analysis of the XMM-Newton observation of the Seyfert 2 galaxy NGC 6300. The hard X-ray spectrum above 2 keV consists of a Compton-thin-absorbed power law, as is often seen in Seyfert 2 galaxies. We clearly detected rapid time variability on a time scale of about 1000 s from the light curve above 2 keV. The excess variance of the time variability (sigma2_RMS) is calculated to be ~0.12, and the periodogram of the light curve is well represented by a power law function with a slope of 1.75. In contrast with previous results from Seyfert 2 nuclei, these variability characteristics are consistent with those of Seyfert 1 galaxies. This consistency suggests that NGC 6300 has a similar black hole mass and accretion properties as Seyfert 1 galaxies. Using the relation between time variability and central black hole mass by Hayashida et al. (1998), the black hole mass of NGC 6300 is estimated to be ~2.8x10^5 Mo. Taking uncertainty of this method into account, the black hole mass is less than 10^7 Mo. Taking the bolometric luminosity of 3.3x10^43 erg/s into consideration, this yields an accretion rate of > 0.03 of the Eddington value, and comparable with estimates from Seyfert 1 galaxies using this method. The time variability analysis suggests that NGC 6300 actually has a Seyfert 1 nucleus obscured by a thick matter, and more generally provides a new pillar of support for the unified model of Seyfert galaxies based on obscuration.Comment: 11 pages, 6 figures, accepted for publication in Ap

The Next Generation of the Penn World Table

We describe the theory and practice of real GDP comparisons across countries and over time. Version 8 of the Penn World Table expands on previous versions in three respects. First, in addition to comparisons of living standards using components of real GDP on the expenditure side, we provide a measure of productive capacity, called real GDP on the output side. Second, growth rates are benchmarked to multiple years of cross-country price data so they are less sensitive to new benchmark data. Third, data on capital stocks and productivity are (re)introduced. Applications including the Balassa-Samuelson effect and development accounting are discussed