A Method For Improved Capital Measurement By Combining Accounts And Firm Investment Data
AbstractWe propose a new method for estimating capital stocks at the firm level by combining business accounts information and investment data. The method also produces capital estimates at the sector or industry level by summing individual firms' capital stocks and appropriately inflating this sum to account for firms not included in the data set. Our approach has two major advantages compared with the much used Perpetual Inventory Method (PIM). First, long investment series are not necessary. Second, sector capital estimates are automatically adjusted for changes in the capital stock because of entry and exit of firms. While capital growth rates in Norwegian manufacturing were only 1 percent on average during 1993-2004 according to national accounts figures, our method yields much higher growth rates of 5.5 percent on average. Copyright � 2007 The Authors; Journal compilation � International Association for Research in Income and Wealth 2007.
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Bibliographic InfoArticle provided by International Association for Research in Income and Wealth in its journal Review of Income and Wealth.
Volume (Year): 53 (2007)
Issue (Month): 3 (09)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6586
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- Øivind A. Nilsen & Arvid Raknerud & Marina Rybalka & Terje Skjerpen, 2009. "Lumpy investments, factor adjustments, and labour productivity," Oxford Economic Papers, Oxford University Press, vol. 61(1), pages 104-127, January.
- Nilsen, Øivind Anti & Raknerud, Arvid & Rybalka, Marina & Skjerpen, Terje, 2010.
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- Rolf Golombek & Arvid Raknerud, 2005. "Exit Dynamics with Adjustment Costs," Discussion Papers 442, Research Department of Statistics Norway.
- Øivind A. Nilsen & Arvid Raknerud & Marina Rybalka & Terje Skjerpen, 2008. "Skill Composition: Exploring a Wage-based Skill Measure," Discussion Papers 531, Research Department of Statistics Norway.
- Rolf Golombek & Arvid Raknerud, 2012. "Exit dynamics of start-up firms. Does profit matter?," Discussion Papers 706, Research Department of Statistics Norway.
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