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A Method For Improved Capital Measurement By Combining Accounts And Firm Investment Data

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Author Info
Arvid Raknerud
Dag Rønningen
Terje Skjerpen

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Abstract

We 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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File URL: http://www.blackwell-synergy.com/links/doi/10.1111/j.1475-4991.2007.00241.x/enhancedabs
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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Income and Wealth.

Volume (Year): 53 (2007)
Issue (Month): 3 (09)
Pages: 397-421
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Handle: RePEc:bla:revinw:v:53:y:2007:i:3:p:397-421

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  1. Rolf Golombek and Arvid Raknerud, 2005. "Exit Dynamics with Adjustment Costs," Discussion Papers 442, Research Department of Statistics Norway. [Downloadable!]
  2. Øivind A. Nilsen, Arvid Raknerud, Marina Rybalka and Terje Skjerpen, 2008. "Skill Composition: Exploring a Wage-based Skill Measure," Discussion Papers 531, Research Department of Statistics Norway. [Downloadable!]
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This page was last updated on 2008-9-29.

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