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The Measurement of Capital Services in the Czech Republic

  • Dana Hajkova

When the contribution of capital to aggregate production is to be quantified, a measure of capital services should be used. In this paper I present two experimental measures of capital services for the Czech economy using the OECD methodology. These measures use information on the structure of capital assets by asset type and by the industry in which the capital is used. They weight the contributions of different types of assets by their marginal product instead of by their price, which is the case when using the net capital stock. The analysis shows that growth in the net capital stock, if used as an input into the production function, underestimates the growth of capital input especially in periods of strong investment in highly productive capital assets.

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Paper provided by Czech National Bank, Research Department in its series Working Papers with number 2008/11.

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Date of creation: Dec 2008
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Handle: RePEc:cnb:wpaper:2008/11
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  1. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  2. Paul Schreyer, 2003. "Capital Stocks, Capital Services and Multi-Factor Productivity Measures," OECD Economic Studies, OECD Publishing, vol. 2003(2), pages 163-184.
  3. Robert J. Barro, 1998. "Notes on Growth Accounting," NBER Working Papers 6654, National Bureau of Economic Research, Inc.
  4. Guido Schwerdt & Jarkko Turunen, 2007. "Growth In Euro Area Labor Quality," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 53(4), pages 716-734, December.
  5. Nicholas Oulton & Sylaja Srinivasan, 2005. "Productivity growth and the role of ICT in the United Kingdom: an industry view, 1970-2000," LSE Research Online Documents on Economics 19901, London School of Economics and Political Science, LSE Library.
  6. Nadim Ahmad & François Lequiller & Pascal Marianna & Dirk Pilat & Paul Schreyer & Anita Wölfl, 2003. "Comparing Labour Productivity Growth in the OECD Area: The Role of Measurement," OECD Statistics Working Papers 2003/5, OECD Publishing.
  7. Lubomir Lizal, 2001. "Depreciation Rates in a Transition Economy: Evidence from Czech Panel Data," Microeconomics 0012004, EconWPA.
  8. Vladislav Flek & Mojmír Hájek & Jaromír Hurník & Ladislav Prokop & Lenka Racková, 2001. "Supply-side performance and structure," Politická ekonomie, University of Economics, Prague, vol. 2001(6).
  9. Marcin Piatkowski, 2004. "Does ICT Investment Matter for Growth and Labor Productivity in Transition Economies?," Development and Comp Systems 0402008, EconWPA.
  10. Albers, Ronald & Vijselaar, Focco, 2002. "New technologies and productivity growth in the euro area," Working Paper Series 0122, European Central Bank.
  11. Kamil Dybczak & Vladislav Flek & Dana Hajkova & Jaromir Hurnik, 2006. "Supply-Side Performance and Structure in the Czech Republic (1995-2005)," Working Papers 2006/4, Czech National Bank, Research Department.
  12. Pierre-Olivier Beffy & Patrice Ollivaud & Pete Richardson & Franck Sédillot, 2006. "New OECD Methods for Supply-side and Medium-term Assessments: A Capital Services Approach," OECD Economics Department Working Papers 482, OECD Publishing.
  13. Jaromír Hurník & David Navrátil, 2005. "Potential Output in the Czech Republic: A Production Function Approach," Prague Economic Papers, University of Economics, Prague, vol. 2005(3), pages 253-266.
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