For many macroeconomic purposes, such as the study of productivity or the assessment of capacity utilisation, we need measures of the level and growth rate of the productive services that the capital stock is capable of providing. The official estimates of the capital stock produced by the...

This paper studies interjurisdictional competition in the fight against crime and its impact on occupational choice and the allocation of capital. In a world where capital is mobile, jurisdictions are inhabited by individuals who choose to become workers or criminals. Because the return of the...

Neo-classical theory provides an integrated framework by means of which we can measure capital stocks, capital services and depreciation. In this paper the theory is set out and reviewed. The paper finds that the theory is quite robust and can deal with assets like computers that are subject to...

I estimate adjustment costs for labor and capital from the Euler equations for factor demand. For both factors, I find relatively strong evidence against substantial adjustment costs. My estimates use annual data from two-digit industries. I investigate the potential effects of three types of...

In this paper, substitutional relationships between capital, labour, material, electricity, and fossil fuels in German producing and service sectors are estimated using a translog cost function. Estimates are based on a pooled time-series cross-sectional data sample for the period 1978-90 and...

Any serious empirical study of factor substitutability has to allow the data to display complementarity as well as substitutability. The standard approach reflecting this idea is a translog specification - this is also the approach used by numerous studies analyzing the relative capital-skill...

In this article, I derive expressions for the Morishima elasticities of substitution (MES) for the variable profit function and estimate these elasticities to shed some light on the substitutability between imports, capital services, and labor services. The results reveal that capital services...

Introduction to Capital Equipment Purchasing.- Characterisation of Capital Equipment.- Characterisation of Capital Equipment Purchasing -- Typical Challenges and Possible Solutions in the Procurement of Capital Equipment -- Process for the Procurement of Capital Equipment.- Instruments and...

In this paper we provide a thorough characterization of the asset return implied by a simple general equilibrium production economy with convex investment adjustment costs. When households have Epstein-Zin preferences, there exist plausible parameter values such that the model generates...