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Estimated U.S. Manufacturing Production Capital and Technology Based on an Estimated Dynamic Economic Model

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  • Baoline Chen
  • Peter A. Zadrozny

Abstract

Production capital and technology, fundamental to understanding output and productivity growth, are unobserved except at disaggregated levels and must be estimated prior to being used in empirical analysis. We develop and apply a new estimation method, based on advances in economics, statistics, and applied mathematics, which involves estimating a structural dynamic economic model of a representative production firm and using the estimated model to compute Kalman-filtered estimates of capital and technology for the sample period. We apply the method to annual data from 1947-97 for U.S. total manufacturing and compare the estimates with those reported by the Bureau of Labor Statistics.

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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1526.

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Date of creation: 2005
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Handle: RePEc:ces:ceswps:_1526

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Keywords: Kalman filter estimation of unobserved state variables;

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  1. Gordon, Robert J, 2000. "Does the 'New Economy' Measure up to the Great Inventions of the Past?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2607, C.E.P.R. Discussion Papers.
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Cited by:
  1. Konrad, Kai A. & Skaperdas, Stergios, 2012. "The market for protection and the origin of the state," Munich Reprints in Economics, University of Munich, Department of Economics 13961, University of Munich, Department of Economics.
  2. Rodrigo Fuentes, Marco Morales, 2007. "Measuring TFP: A Latent Variable Approach," Working Papers Central Bank of Chile, Central Bank of Chile 419, Central Bank of Chile.

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