Dekle, Robert - Federal Reserve Board (Board of Governors of the … - 1994
Japanese government planners use the average age of the manufacturing capital stock as one measure of their country …'s international "competitiveness." Compared to the U.S., the data show that Japanese depreciation rates are higher and that capital … performance. A high depreciation rate lowers the net capital stock, and decreases the level of output. ; In this paper, we argue …