The Experts below are selected from a list of 324 Experts worldwide ranked by ideXlab platform
Daniel Levy - One of the best experts on this subject based on the ideXlab platform.
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Estimates of Quarterly Capital Stock Series for the Post-War U.S. Economy
2005Co-Authors: Daniel Levy, Haiwei ChenAbstract:We construct quarterly aggregate gross and net Capital Stock series for the post-war U.S. economy using annual Capital Stock, Capital depreciation, and Capital discard figures along with quarterly investment series. We construct nominal and real measures of all three categories in the aggregate Capital Stock: consumer durable goods, producer durable goods, and business structures. In constructing the nominal series we take into account the changes in Capital goods' prices. The series are constructed using four different methods. Using time- and frequency-domain techniques, we compare the constructed series and characterize their short-run, business cycle, and long-run cyclical properties. We find that the constructed series exhibit very different cyclical and shock persistence dynamics. Practical implications are discussed.
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Capital Stock depreciation tax rules and composition of aggregate investment
EconStor Open Access Articles, 1995Co-Authors: Daniel LevyAbstract:I estimate time varying aggregate Capital Stock depreciation rates for the post-war U.S. economy using Capital-investment evolution equation along with the data on the annual net Capital Stock and corresponding quarterly gross investment series. I estimate depreciation rates of consumer durable goods, producer durable goods, and nonresidential business structures. The estimation results suggest that the three depreciation rate series have been behaving very differently over time. In particular, I find that over time the implied depreciation rate of nonresidential business structures has remained stable, the implied depreciation rate of consumer durable goods has been steadily declining, while the implied depreciation rate of producer durable goods has been increasing, especially during the last 10–15 years. These findings are interpreted in terms of the changes in the composition of the aggregate nonresidential business fixed and producer durable good Capital Stocks. In addition, I discuss the implications of the changes introduced during the 1980s in rules and regulations governing a depreciation accounting for tax purposes, and their effect on the estimates of Capital depreciation rates derived in this paper. The main argument the paper makes is that technological progress may be leading to accelerated depreciation of producer durable goods and equipment since newer and more advanced technology makes older equipment obsolete. The empirical evidence reported in this paper supports this argument.
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Capital Stock depreciation tax rules and composition of aggregate investment
Post-Print, 1995Co-Authors: Daniel LevyAbstract:I estimate time varying aggregate Capital Stock depreciation rates for the post-war U.S. economy using Capital-investment evolution equation along with the data on the annual net Capital Stock and corresponding quarterly gross investment series. I estimate depreciation rates of consumer durable goods, producer durable goods, and nonresidential business structures. The estimation results suggest that the three depreciation rate series have been behaving very differently over time. In particular, I find that over time the implied depreciation rate of nonresidential business structures has remained stable, the implied depreciation rate of consumer durable goods has been steadily declining, while the implied depreciation rate of producer durable goods has been increasing, especially during the last 10–15 years. These findings are interpreted in terms of the changes in the composition of the aggregate nonresidential business fixed and producer durable good Capital Stocks. In addition, I discuss the implications of the changes introduced during the 1980s in rules and regulations governing a depreciation accounting for tax purposes, and their effect on the estimates of Capital depreciation rates derived in this paper. The main argument the paper makes is that technological progress may be leading to accelerated depreciation of producer durable goods and equipment since newer and more advanced technology makes older equipment obsolete. The empirical evidence reported in this paper supports this argument. (This abstract was borrowed from another version of this item.)
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Estimates Of The Aggregate Quarterly Capital Stock For The Post-War U.S. Economy
1994Co-Authors: Daniel Levy, Haiwei ChenAbstract:We construct quarterly aggregate gross and net Capital Stock series for the postwar U.S. economy using annual Capital Stock, Capital depreciation, and Capital discard figures along with quarterly investment series. We construct nominal and real measures of all three categories in the aggregate Capital Stock: consumer durable goods, producer durable goods, and business structures. In constructing the nominal series we take into account the changes in Capital goods' prices. The series are constructed using four different methods. Using time-and frequency domain techniques, we compare the constructed series and characterize their short-run, business cycle, and long-run cyclical properties. We find that the constructed series exhibit very different cyclical and shock persistence dynamics. Practical implications are discussed.
Haiwei Chen - One of the best experts on this subject based on the ideXlab platform.
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Estimates of Quarterly Capital Stock Series for the Post-War U.S. Economy
2005Co-Authors: Daniel Levy, Haiwei ChenAbstract:We construct quarterly aggregate gross and net Capital Stock series for the post-war U.S. economy using annual Capital Stock, Capital depreciation, and Capital discard figures along with quarterly investment series. We construct nominal and real measures of all three categories in the aggregate Capital Stock: consumer durable goods, producer durable goods, and business structures. In constructing the nominal series we take into account the changes in Capital goods' prices. The series are constructed using four different methods. Using time- and frequency-domain techniques, we compare the constructed series and characterize their short-run, business cycle, and long-run cyclical properties. We find that the constructed series exhibit very different cyclical and shock persistence dynamics. Practical implications are discussed.
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Estimates Of The Aggregate Quarterly Capital Stock For The Post-War U.S. Economy
1994Co-Authors: Daniel Levy, Haiwei ChenAbstract:We construct quarterly aggregate gross and net Capital Stock series for the postwar U.S. economy using annual Capital Stock, Capital depreciation, and Capital discard figures along with quarterly investment series. We construct nominal and real measures of all three categories in the aggregate Capital Stock: consumer durable goods, producer durable goods, and business structures. In constructing the nominal series we take into account the changes in Capital goods' prices. The series are constructed using four different methods. Using time-and frequency domain techniques, we compare the constructed series and characterize their short-run, business cycle, and long-run cyclical properties. We find that the constructed series exhibit very different cyclical and shock persistence dynamics. Practical implications are discussed.
Jun Zhang - One of the best experts on this subject based on the ideXlab platform.
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Estimation of China's provincial Capital Stock (1952–2004) with applications
Journal of Chinese Economic and Business Studies, 2008Co-Authors: Jun ZhangAbstract:Construction of physical Capital Stock data is a key element for estimating production functions, measuring total factor productivity growth, and for growth accounting. Existing literature, however, shows great variations in the estimates of China's national Capital Stocks because different methodologies and statistical sources were used. Systematic improvements and adjustments to China's GDP accounting practices have made it possible to produce a consistent and comparable series for provincial level Capital Stock using the perpetual inventory method (PIM). This article recommends a standardized procedure in constructing the level of Capital Stock for 30 Chinese provinces from 1952 to 2004. The merit of such statistical construction, although with some drawbacks, is that the series can be easily updated to more recent years using official statistics. Applying our Capital Stock data, we estimate total factor productivity growth and characterize the spatial pattern across provinces in post-reform China.
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estimation of china s provincial Capital Stock 1952 2004 with applications
Journal of Chinese Economic and Business Studies, 2008Co-Authors: Jun ZhangAbstract:Construction of physical Capital Stock data is a key element for estimating production functions, measuring total factor productivity growth, and for growth accounting. Existing literature, however, shows great variations in the estimates of China's national Capital Stocks because different methodologies and statistical sources were used. Systematic improvements and adjustments to China's GDP accounting practices have made it possible to produce a consistent and comparable series for provincial level Capital Stock using the perpetual inventory method (PIM). This article recommends a standardized procedure in constructing the level of Capital Stock for 30 Chinese provinces from 1952 to 2004. The merit of such statistical construction, although with some drawbacks, is that the series can be easily updated to more recent years using official statistics. Applying our Capital Stock data, we estimate total factor productivity growth and characterize the spatial pattern across provinces in post-reform China.
Steven Yamarik - One of the best experts on this subject based on the ideXlab platform.
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regional convergence evidence from a new state by state Capital Stock series
The Review of Economics and Statistics, 2002Co-Authors: Gasper A Garofalo, Steven YamarikAbstract:This paper seeks to reconcile the growth empirics technique of Mankiw, Romer, and Weil (1992) with the empirical results of Barro and Sala-"i-Martin (1991) through the development of a new database covering the 1977-96 period. We create state-by-state Capital Stock and gross investment estimates by apportioning the national Capital Stock among the states. Using these estimates along with gross state product and employment data, we find evidence that the Solow growth model explains state-wide growth during this period. We consistently find a rate of convergence of around 2%. Our results, as a consequence, suggest that the empirical results of Barro and Sala-i-Martin are driven by the neoclassical growth process of Solow. © 2002 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
Yanrui Wu - One of the best experts on this subject based on the ideXlab platform.
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Measuring China’s Capital Stock
Productivity Efficiency and Economic Growth in China, 2020Co-Authors: Yanrui WuAbstract:China’s continuingly high growth for almost three decades has attracted a lot of attention. As a result, a vast literature has emerged.1 While working on China’s economic statistics, researchers have confronted a major problem, i.e. no Capital Stock data are reported in the Chinese statistical system. Subsequently, researchers have attempted to derive China’s Capital Stock data by themselves. Earlier works include Zhang (1991), He (1992), Chow (1993), Li et al. (1995), Hu and Khan (1997) and the World Bank (1997a). In these studies, the methods involved vary considerably and so do their results.’ The objective of this chapter is to review previous methods as well as findings, and propose an alternative approach. In particular, the recently released national accounts figures are employed to derive Capital Stock series for China’s 31 regions. A review of the literature is presented in Section 2.1. This is followed by discussion of the existing methods and description of an alternative approach in Section 2.2. New Capital Stock estimates for China’s regional economies together with the preliminary analysis are reported in Section 2.3. The relationship between Capital formation and growth in China’s regional economies is examined in Section 2.4. Finally summary comments are presented in the concluding section (Section 2.5).
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Capital Stock Estimates for China's Regional Economies: Results and Analyses
2020Co-Authors: Yanrui WuAbstract:The lack of Capital Stock statistics for empirical research on the Chinese economy has for a long time been one of the major impediments. Though many authors have attempted to derive their own data series, most authors have focused on investigations at the national level and their findings are not without controversies. Few studies have provided estimates of Capital Stock for China's regional economies. This paper adds to the literature in several ways. First, it presents a critical review of the methods and findings in the existing literature. Second, it proposes an alternative approach to estimate China's regional Capital Stock values. Finally, the derived Capital Stock series are applied to examine growth, disparity and convergence in China's regional economies.
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China’s Capital Stock Series by Region and Sector
Frontiers of Economics in China, 2016Co-Authors: Yanrui WuAbstract:The lack of Capital Stock statistics for empirical research of the Chinese economy has for a long time been one of the major impediments in the profession. Professor Gregory Chow is one of the pioneers who attempted to deal with this matter. His seminal paper on China’s Capital formation and economic growth was published in 1993 (Chow 1993). Since then many authors have estimated their own Capital Stock data series. However, most authors have focused on investigations at the national level and their findings are not without controversies. In particular, few studies have provided estimates of Capital Stock for China’s regional economies. This paper adds to the existing literature in several ways. First, it presents a critical review of the methods and findings in the existing literature. Second, it proposes an alternative approach to estimate China’s Capital Stock series by region as well as across three economic sectors (agriculture, industry and services). Finally, preliminary analyses of the derived Capital Stock statistics are conducted to examine growth, disparity and convergence in China’s regional economies.
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china s Capital Stock series by region and sector
Frontiers of Economics in China, 2016Co-Authors: Yanrui WuAbstract:The lack of Capital Stock statistics for empirical research of the Chinese economy has for a long time been one of the major impediments in the profession. Professor Gregory Chow is one of the pioneers who attempted to deal with this matter. His seminal paper on China’s Capital formation and economic growth was published in 1993 (Chow 1993). Since then many authors have estimated their own Capital Stock data series. However, most authors have focused on investigations at the national level and their findings are not without controversies. In particular, few studies have provided estimates of Capital Stock for China’s regional economies. This paper adds to the existing literature in several ways. First, it presents a critical review of the methods and findings in the existing literature. Second, it proposes an alternative approach to estimate China’s Capital Stock series by region as well as across three economic sectors (agriculture, industry and services). Finally, preliminary analyses of the derived Capital Stock statistics are conducted to examine growth, disparity and convergence in China’s regional economies.
