total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect … substitutes. In this paper we test this assumption by estimating a nested-CES production function whereas the two types of capital … private capital stocks for 151 countries over a period of 1960-2014 consistent with Penn World Table version 9. We find …

income distribution and the NAIRU are influenced by capital formation, technical progress, and labor force expansion, and how … these factors’ impact depends on the elasticity of substitution between capital and labor. The paper distinguishes between … the short-run NAIRU when capital stock is exogenous, and the long-run NAIRU when it is endogenous. It also considers how …

function with utilization-adjusted capital and labor inputs; and (3) defining potential output as the level of output obtained … when both capital and labor are at their estimated natural rates. The results suggest that the output gap in Russia was …

Data on the weekly operating time of capital improve the measurement of effective capital input in production. The … 1970s, but more slowly since 1994. During the 1990s, a secular increase in shift work raised the operating time of capital …