The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output:
This paper investigates the impact of public capital on private sector output by testing and estimating an aggregate production function for the U.S. economy over the postwar period augmented to include the stock of public capital as an additional factor input. We use patent applications to proxy fo...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2008
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 08/218 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | This paper investigates the impact of public capital on private sector output by testing and estimating an aggregate production function for the U.S. economy over the postwar period augmented to include the stock of public capital as an additional factor input. We use patent applications to proxy for knowledge/technology stocks and adjust labor hours for changes in human capital or skill. Using Johansen''s (1988 and 1991) multivariate cointegration analysis, we find a positive and significant long run effect of public capital, private capital, skilladjusted labor, and technology/ knowledge on private sector output. We find that public capital accounts for about half of the post-1973 productivity slowdown, but only plays a minor role in the partial recovery of labor productivity growth since the mid 1980s. The largest contribution to that (partial) recovery comes from the knowledge stock and human capital |
| Beschreibung: | 1 Online-Ressource (48 p) |
| ISBN: | 1451870760 9781451870763 |
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| index_date | 2024-07-03T20:13:25Z |
| indexdate | 2024-07-10T09:35:33Z |
| institution | BVB |
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| series2 | IMF Working Papers |
| spelling | Joutz, Frederick L. Verfasser aut The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output Joutz, Frederick L Washington, D.C International Monetary Fund 2008 1 Online-Ressource (48 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/218 This paper investigates the impact of public capital on private sector output by testing and estimating an aggregate production function for the U.S. economy over the postwar period augmented to include the stock of public capital as an additional factor input. We use patent applications to proxy for knowledge/technology stocks and adjust labor hours for changes in human capital or skill. Using Johansen''s (1988 and 1991) multivariate cointegration analysis, we find a positive and significant long run effect of public capital, private capital, skilladjusted labor, and technology/ knowledge on private sector output. We find that public capital accounts for about half of the post-1973 productivity slowdown, but only plays a minor role in the partial recovery of labor productivity growth since the mid 1980s. The largest contribution to that (partial) recovery comes from the knowledge stock and human capital Online-Ausg Abdih, Yasser Sonstige oth http://elibrary.imf.org/view/IMF001/09607-9781451870763/09607-9781451870763/09607-9781451870763.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Joutz, Frederick L. The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output |
| title | The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output |
| title_auth | The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output |
| title_exact_search | The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output |
| title_exact_search_txtP | The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output |
| title_full | The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output Joutz, Frederick L |
| title_fullStr | The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output Joutz, Frederick L |
| title_full_unstemmed | The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output Joutz, Frederick L |
| title_short | The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output |
| title_sort | the impact of public capital human capital and knowledgeon aggregate output |
| url | http://elibrary.imf.org/view/IMF001/09607-9781451870763/09607-9781451870763/09607-9781451870763.xml |
| work_keys_str_mv | AT joutzfrederickl theimpactofpubliccapitalhumancapitalandknowledgeonaggregateoutput AT abdihyasser theimpactofpubliccapitalhumancapitalandknowledgeonaggregateoutput |