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The Effect of Public Capital on Aggregate Output – Empirical Evidence for 22 OECD Countries –

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  • Wesselhöft, Jan-Erik

    (Helmut Schmidt University, Hamburg)

Abstract

Based on new estimates of public and private capital stocks for 22 OECD countries we study the dynamic effect of public capital on the real gross domestic product using a vector autoregression approach. Whereas most former studies put effort on examining the effects of public capital in a single country, this paper covers a large set of OECD countries. The results show that public capital has a positive effect on output in the short-, medium- and long-run in most countries. In countries where the effect is negative, possible explanations as the different productivities of investments, crowding out or high growth rates of government debt are analyzed.

Suggested Citation

  • Wesselhöft, Jan-Erik, 2013. "The Effect of Public Capital on Aggregate Output – Empirical Evidence for 22 OECD Countries –," Working Paper 135/2013, Helmut Schmidt University, Hamburg.
    • Handle: RePEc:ris:vhsuwp:2013_135
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    More about this item

    Keywords

    Public capital stock; VAR model; Cointegration; OECD countries;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures

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