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Estimated U.S. Manufacturing Production Capital and Technology Based on an Estimated Dynamic Economic Model

Author

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  • Baoline Chen
  • Peter A. Zadrozny

Abstract

Production capital and technology, fundamental to understanding output and productivity growth, are unobserved except at disaggregated levels and must be estimated prior to being used in empirical analysis. We develop and apply a new estimation method, based on advances in economics, statistics, and applied mathematics, which involves estimating a structural dynamic economic model of a representative production firm and using the estimated model to compute Kalman-filtered estimates of capital and technology for the sample period. We apply the method to annual data from 1947-97 for U.S. total manufacturing and compare the estimates with those reported by the Bureau of Labor Statistics.

Suggested Citation

  • Baoline Chen & Peter A. Zadrozny, 2005. "Estimated U.S. Manufacturing Production Capital and Technology Based on an Estimated Dynamic Economic Model," CESifo Working Paper Series 1526, CESifo Group Munich.
  • Handle: RePEc:ces:ceswps:_1526
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    File URL: http://www.cesifo-group.de/DocDL/cesifo1_wp1526.pdf
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    References listed on IDEAS

    as
    1. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
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    More about this item

    Keywords

    Kalman filter estimation of unobserved state variables;

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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