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The Measurement of Capital Services in the Czech Republic

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Author Info
Dana Hajkova
Abstract

When the contribution of capital to aggregate production is to be quantified, a measure of capital services should be used. In this paper I present two experimental measures of capital services for the Czech economy using the OECD methodology. These measures use information on the structure of capital assets by asset type and by the industry in which the capital is used. They weight the contributions of different types of assets by their marginal product instead of by their price, which is the case when using the net capital stock. The analysis shows that growth in the net capital stock, if used as an input into the production function, underestimates the growth of capital input especially in periods of strong investment in highly productive capital assets.

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Paper provided by Czech National Bank, Research Department in its series Working Papers with number 2008/11.

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Date of creation: Dec 2008
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Handle: RePEc:cnb:wpaper:2008/11

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Related research
Keywords: Capital services; growth accounting; production function; total factor productivity.;

Find related papers by JEL classification:
E23 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Production
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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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. Guido Schwerdt & Jarkko Turunen, 2006. "Growth in euro area labour quality," Working Paper Series 575, European Central Bank. [Downloadable!]
    Other versions:
  2. Nadim Ahmad & François Lequiller & Pascal Marianna & Dirk Pilat & Paul Schreyer & Anita Wölfl, 2003. "Comparing Labour Productivity Growth in the OECD Area: The Role of Measurement," OECD Science, Technology and Industry Working Papers 2003/14, OECD, Directorate for Science, Technology and Industry. [Downloadable!]
    Other versions:
  3. Robert J. Barro, 1998. "Notes on Growth Accounting," NBER Working Papers 6654, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Pierre-Olivier Beffy & Patrice Ollivaud & Pete Richardson & Franck Sédillot, 2006. "New OECD Methods for Supply-side and Medium-term Assessments: A Capital Services Approach," OECD Economics Department Working Papers 482, OECD, Economics Department. [Downloadable!]
  5. Lubomír Lízal, 1999. "Depreciation Rates in a Transition Economy: Evidence from Czech Panel Data," Prague Economic Papers, University of Economics, Prague, vol. 1999(3). [Downloadable!] (restricted)
    Other versions:
  6. Ronald M. Albers, 2002. "New technologies and productivity growth in the Euro area," Working Paper Series 122, European Central Bank. [Downloadable!]
  7. Nicholas Oulton & Sylaja Srinivasan, 2005. "Productivity Growth and the Role of ICT in the United Kingdom: An Industry View, 1970-2000," CEP Discussion Papers dp0681, Centre for Economic Performance, LSE. [Downloadable!]
  8. Vladislav FLEK, 2001. "Supply-Side Performance And Structure," Politická ekonomie, University of Economics, Prague, vol. 2001(6). [Downloadable!] (restricted)
  9. Jaromír Hurník & David Navrátil, 2005. "Potential Output In The Czech Republic: A Production Function Approach," Prague Economic Papers, University of Economics, Prague, vol. 2005(3), pages 253-266. [Downloadable!] (restricted)
  10. Kamil Dybczak & Vladislav Flek & Dana Hajkova & Jaromir Hurnik, 2006. "Supply-Side Performance and Structure in the Czech Republic (1995-2005)," Working Papers 2006/4, Czech National Bank, Research Department. [Downloadable!]
  11. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
    Other versions:
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