Estimates of the Aggregate Quarterly Capital Stock for the Post- War U.S. Economy
AbstractWe construct quarterly aggregate gross and net capital stock series for the post-war U.S. economy using annual capital stock, capital depreciation, and capital discard figures along with quarterly investment series. We construct nominal and real measures of all three categories in the aggregate capital stock: consumer durable goods, producer durable goods, and business structures. In constructing the nominal series we take into account the changes in capital goods’ prices. The series are constructed using four different methods. Using time- and frequency domain techniques, we compare the constructed series and characterize their short-run, business cycle, and long-run cyclical properties. We find that the constructed series exhibit very different cyclical and shock persistence dynamics. Practical implications are discussed.
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Bibliographic InfoPaper provided by EconWPA in its series Others with number 0505008.
Length: 76 pages
Date of creation: 15 May 2005
Date of revision: 16 May 2005
Note: Type of Document - pdf; pages: 76
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Capital Stock; Consumer Durable Goods; Producer Durable Goods; Business Structures; Capital Depreciation and Discard; Capital Goods Prices; Frequency Domain; Cyclical Behavior; Linear Interpolation; Numerical Iteration;
Other versions of this item:
- Levy, Daniel & Chen, Haiwei, 1994. "Estimates of the Aggregate Quarterly Capital Stock for the Post-war U.S. Economy," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 40(3), pages 317-49, September.
- E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-05-23 (All new papers)
- NEP-HIS-2005-05-23 (Business, Economic & Financial History)
- NEP-MAC-2005-05-23 (Macroeconomics)
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