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Accounting for capital consumption and technological progress

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  • Michael Gort
  • Peter Rupert

Abstract

Methods currently used to calculate capital consumption, the stock of capital, and the sources of economic growth do not adequately measure the underlying growth in inputs due to technological advance. This lack affects tax policy as well as the design of programs targeting potential areas of economic growth. The authors present a model designed to surmount the problems affecting current methods of calculation.

Suggested Citation

  • Michael Gort & Peter Rupert, 1999. "Accounting for capital consumption and technological progress," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 13-18.
    • Handle: RePEc:fip:fedcer:y:1999:i:qii:p:13-18
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    References listed on IDEAS

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    1. repec:ucp:bknber:9780226304557 is not listed on IDEAS
    2. Hulten, Charles R. & Wykoff, Frank C., 1981. "The estimation of economic depreciation using vintage asset prices : An application of the Box-Cox power transformation," Journal of Econometrics, Elsevier, vol. 15(3), pages 367-396, April.
    3. Michael Gort & Jeremy Greenwood & Peter Rupert, 1999. "Measuring the Rate of Technological Progress in Structures," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(1), pages 207-230, January.
    4. R. E. Hall, 1968. "Technical Change and Capital from the Point of View of the Dual," Review of Economic Studies, Oxford University Press, vol. 35(1), pages 35-46.
    5. Greenwood, J. & Hercowitz, Z. & Krusell, P., 1992. "Macroeconomic Implications of Investment-Specific Technological Change," Papers 527, Stockholm - International Economic Studies.
    6. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, Juni.
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