Measuring real investment: trends in the United States and international comparisons
AbstractThe standard measures of nominal capital formation suggest that the proportion of GDP the United States is dedicating to investment has been much lower than that of other developed countries throughout the last 25 years. By calculating the measures in real terms across countries and over time, authors Milka S. Kirova and Robert E. Lipsey show that the U.S. investment ratios have been rising over time, coming increasingly closer to those of other countries. Using a broader measure of capital formation that is more consonant with economic concepts, they show that U.S. investment has been close to that of other countries since 1970 and was an above-average share of total output in the most recent period studies (1990-94). Their calculations indicate that, broadly defined, real capital formation per capita and per worker has been 30 to 60 percent higher in the United States than in the other countries studied.
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Bibliographic InfoArticle provided by Federal Reserve Bank of St. Louis in its journal Review.
Volume (Year): (1998)
Issue (Month): Jan ()
Other versions of this item:
- Milka S. Kirova & Robert S. Lipsey, 1998. "Measuring Real Investment: Trends in the United States and International Comparisons," NBER Working Papers 6404, National Bureau of Economic Research, Inc.
- C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
- E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
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