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Estimates of the Aggregate Quarterly Capital Stock for the Post- War U.S. Economy

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  • Daniel Levy

    (Bar-Ilan University)

  • Haiwei Chen

    (Westminster College)

Abstract

We 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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File URL: http://128.118.178.162/eps/othr/papers/0505/0505008.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Others with number 0505008.

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Length: 76 pages
Date of creation: 15 May 2005
Date of revision: 16 May 2005
Handle: RePEc:wpa:wuwpot:0505008

Note: Type of Document - pdf; pages: 76
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Web page: http://128.118.178.162

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Keywords: 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;

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References

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  1. Dezhbakhsh, Hashem & Levy, Daniel, 1994. "Periodic properties of interpolated time series," Economics Letters, Elsevier, vol. 44(3), pages 221-228.
  2. Cochrane, John H, 1988. "How Big Is the Random Walk in GNP?," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 893-920, October.
  3. Edward C. Prescott, 1986. "Theory ahead of business cycle measurement," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 9-22.
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Citations

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Cited by:
  1. Daniel Levy & Hashem Dezhbakhsh, 2004. "International Evidence on Output Fluctuation and Shock Persistence," Macroeconomics 0402016, EconWPA.
  2. Daniel Levy, 2000. "Investment-Saving Comovement and Capital Mobility: Evidence from Century Long U.S. Time Series," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(1), pages 100-137, January.
  3. Gallegati, Marco & Ramsey, James B., 2013. "Structural change and phase variation: A re-examination of the q-model using wavelet exploratory analysis," Structural Change and Economic Dynamics, Elsevier, vol. 25(C), pages 60-73.
  4. Daniel Levy & Hashem Dezhbakhsh, 2003. "On the typical spectral shape of an economic variable," Applied Economics Letters, Taylor & Francis Journals, vol. 10(7), pages 417-423.
  5. Bruno Chiarini & Paolo Piselli, 2000. "Aggregate Fluctuations In A Unionized Labor Market," Working Papers 2_2000, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.
  6. Baoline Chen & Peter A. Zadrozny, 2009. "Estimated U.S. Manufacturing Production Capital and Technology Based on an Estimated Dynamic Structural Economic Model," Working Papers 429, U.S. Bureau of Labor Statistics.
  7. Michael D. Bordo & Joseph G. Haubrich, 2009. "Credit Crises, Money and Contractions: an historical view," NBER Working Papers 15389, National Bureau of Economic Research, Inc.
  8. Subhash C. Sharma & Yijian He, 1995. "Quarterly Aggregate Capital Input and the Cost of Capital for the," Data 9506001, EconWPA, revised 20 Jun 1995.
  9. Daniel Levy, 2005. "Capital Stock Depreciation, Tax Rules, and Composition of Aggregate Investment," Others 0505007, EconWPA.

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