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A Benchmark Estimate for the Capital Stock. An Optimal Consistency Method

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Abstract

There are alternative methods to estimate a capital stock for a benchmark year. These methods, however, do not allow for an independent check, which could establish whether the estimated benchmark level is too high or too low. I propose here an optimal consistency method (OCM), which may allow estimating a capital stock level for a benchmark year and/or checking the consistency of alternative estimates of a benchmark capital stock.

Suggested Citation

  • Jose Miguel Albala-Bertrand, 2001. "A Benchmark Estimate for the Capital Stock. An Optimal Consistency Method," Working Papers 434, Queen Mary University of London, School of Economics and Finance.
  • Handle: RePEc:qmw:qmwecw:wp434
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    1. André A. Hofman, 2000. "The Economic Development of Latin America in the Twentieth Century," Books, Edward Elgar Publishing, number 1534, February.
    2. Robert M. Solow, 1994. "Perspectives on Growth Theory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 45-54, Winter.
    3. Hulten, Charles R, 1992. "Growth Accounting When Technical Change Is Embodied in Capital," American Economic Review, American Economic Association, vol. 82(4), pages 964-980, September.
    4. Jose Miguel Albala-Bertrand, 1999. "Infrastructure Shortage: A Gap Approach," Working Papers 404, Queen Mary University of London, School of Economics and Finance.
    5. Raymond W. Goldsmith, 1951. "A Perpetual Inventory of National Wealth," NBER Chapters,in: Studies in Income and Wealth, Volume 14, pages 5-73 National Bureau of Economic Research, Inc.
    6. Hofman, Andre A, 2000. "Standardised Capital Stock Estimates in Latin America: A 1950-94 Update," Cambridge Journal of Economics, Oxford University Press, vol. 24(1), pages 45-86, January.
    7. Jose Miguel Albala-Bertrand, 1999. "Infrastructure Shortage: A Gap Approach," Working Papers 404, Queen Mary University of London, School of Economics and Finance.
    8. Charles R. Hulten, 1992. "Growth Accounting When Technical Change is Embodied in Capital," NBER Working Papers 3971, National Bureau of Economic Research, Inc.
    9. Hofman, André A., 2000. "The economic development of Latin America in the twentieth century," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1650 edited by Eclac.
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    More about this item

    Keywords

    Benchmark capital; Perpetual inventory method (PIM); Optimal consistency method (OCM);

    JEL classification:

    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology

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