On the long run effect of public capital on aggregate output: Estimation and sensitivity analysis
AbstractWe undertake a sensitivity analysis of the productivity of public capital under the aggregate production function approach. Several proxies are used for the private inputs and for public capital, several dummy variables are included to adjust for energy price shocks, newly revised data is studied, and Stock and Watson's dynamic OLS estimator is used. Our main results are that the productivity of public capital depends critically on the proxies used, the effects are typically smaller than the early estimates, and omitting the oil price shocks introduces significant upward bias in the measured productivity of public capital.
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Bibliographic InfoArticle provided by Springer in its journal Empirical Economics.
Volume (Year): 24 (1999)
Issue (Month): 4 ()
Note: received: January 1998/final version received: June 1999
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Find related papers by JEL classification:
- H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
- H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
- E23 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Production
- E25 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
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- Alfredo Marvão Pereira & Jorge M. Andraz, 2013.
"On the economic effects of public infrastructure investment:A survey of the international evidence,"
108, Department of Economics, College of William and Mary.
- Alfredo Pereira & Jorge Andraz, 2012. "On the economic effects of public infrastructure investment: A survey of the international evidence," CEFAGE-UE Working Papers 2012_10, University of Evora, CEFAGE-UE (Portugal).
- Pina, Alvaro Manuel & St. Aubyn, Miguel, 2005.
"Comparing macroeconomic returns on human and public capital: An empirical analysis of the Portuguese case (1960-2001),"
Journal of Policy Modeling,
Elsevier, vol. 27(5), pages 585-598, July.
- Miguel ST. Aubyn & Álvaro Pina, 2004. "Comparing Macroeconomic Returns on human and Public Capital: An Empirical Analysis of the Portuguese Case (1960-2001)," Working Papers 2004/07, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon..
- Rioja, Felix K., 2003. "Filling potholes: macroeconomic effects of maintenance versus new investments in public infrastructure," Journal of Public Economics, Elsevier, vol. 87(9-10), pages 2281-2304, September.
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