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estimate of the capital stock and its depreciation to those offered in the National Accounts. The basic difference is that the … depreciation rates underlying our calculations are substantially lower than those used in the Japanese National Accounts, and …
Persistent link: https://www.econbiz.de/10012469257
structure of an economy. Critical to these contributions of physical and R&D capital is the measurement of the stocks of … physical and R&D capital, which in turn requires measuring their depreciation rates. In this paper we have specified a model of … factor demand that allows for estimating the depreciation rate of both physical and R&D capital jointly with the other model …
Persistent link: https://www.econbiz.de/10012474349
In this paper, we investigate the problem of estimating distributed lags in short panels. Estimates of the parameter of distributed lag relationships based on single time-series of observations have been usually rather imprecise. The promise of panel data is in the N repetitions of the...
Persistent link: https://www.econbiz.de/10012478174
Economic growth is typically measured in per capita terms. But social welfare should arguably include the number of people as well as their standard of living. We decompose social welfare growth -- measured in consumption-equivalent (CE) units -- into contributions from rising population and...
Persistent link: https://www.econbiz.de/10014447320
We augment Henderson, Storeygard, and Weil (2012)'s two-signal model of true income growth with a third signal to overcome its underidentification problem. The additional moment conditions from the third signal help fully identify all model parameters without ad-hoc calibrations of the GDP's...
Persistent link: https://www.econbiz.de/10014322903
We provide a method to measure welfare, in money-metric terms, taking into account expectations about the future. Our two key assumptions are that (1) the expenditure function is separable between the present and the future, and (2) there are some households that do not face idiosyncratic...
Persistent link: https://www.econbiz.de/10014576596
We document new facts that link firms' markups to borrowing constraints: (1) less constrained firms within an industry have higher markups, especially in industries where assets are difficult to borrow against and firms rely more on earnings to borrow; (2) markup dispersion is also higher in...
Persistent link: https://www.econbiz.de/10015421911
added ("net labor share") may be more important in some settings, however, because depreciation is not consumed. In this …
Persistent link: https://www.econbiz.de/10012458059
produce updated estimates of net wealth stocks and depreciation. In this paper, major components of highways and streets other …, and non-pavement net wealth stocks, are controlled to current BEA estimates. The engineering-based depreciation patterns … are very dissimilar to the BEA patterns. The engineering-based net wealth pavement stock depreciation patterns fall from …
Persistent link: https://www.econbiz.de/10014635716
cost is the sum of the opportunity cost of lane miles, pavement quality, and depreciation. Each depends on the price of …
Persistent link: https://www.econbiz.de/10014226186