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On the long run effect of public capital on aggregate output: Estimation and sensitivity analysis

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  • Raymond G. Batina

    ()
    (Department of Economics, Washington State University, Pullman, WA 99164-4741, USA)

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    Abstract

    We 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 Info

    Article provided by Springer in its journal Empirical Economics.

    Volume (Year): 24 (1999)
    Issue (Month): 4 ()
    Pages: 711-717

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    Handle: RePEc:spr:empeco:v:24:y:1999:i:4:p:711-717

    Note: received: January 1998/final version received: June 1999
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    Related research

    Keywords: Public capital; sensitivity analysis; DOLS;

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    Cited by:
    1. 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).
    2. 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 Department of Economics 2004/07, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
    3. 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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