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How should we measure the return on public investment in a VAR?

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Author Info
Álvaro Manuel Pina () (ISEG, Technical University of Lisbon)
Miguel St. Aubyn () (ISEG, Technical University of Lisbon)

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Abstract

A new method of empirically computing the macroeconomic returns to public investment is proposed. Pereira’s (2000) technique is modified, and a measure which accounts for both public and private investment costs is suggested. An empirical application to US data shows that differences between alternative ways of measuring rates of return are non-trivial - taking into consideration the full investment effort halves estimated returns when partial public costs only are considered.

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File URL: http://economicsbulletin.vanderbilt.edu/2006/volume8/EB-06H50001A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 8 (2006)
Issue (Month): 5 ()
Pages: 1-4
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ebl:ecbull:v:8:y:2006:i:5:p:1-4

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Postal: Economics Bulletin, Department of Economics, 414 Calhoun Hall, Vanderbilt University, Nashville TN 37235, USA
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Related research
Keywords: public investment; rate of return; VAR;

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Find related papers by JEL classification:
H5 - Public Economics - - National Government Expenditures and Related Policies
H4 - Public Economics - - Publicly Provided Goods

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March. [Downloadable!] (restricted)
    Other versions:
  2. Aschauer, David Alan, 1989. "Does public capital crowd out private capital?," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 171-188, September. [Downloadable!] (restricted)
    Other versions:
  3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
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This page was last updated on 2009-11-16.

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