Estimating the Capital Stock
Econometric estimates of the capital stock and the depreciation rate for the Spanish economy in the period 1970-1997, are presented. The methodology is based on the estimation of the production function, yielding a window for the depreciation rate between 5.5% and 6.5%. Methods to make the depreciation rate dependent on a set of variables, and to blend prior and sample information, are discussed and implemented. The unidenti...ability of the initial capital stock is also analysed.
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