Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates:
This paper discusses the sensitivity of capital and multifactor productivity (MFP) measurement to asset depreciation patterns and initial capital stock estimates. Applying the same depreciation rates in the US as in other G7 countries would reduce the US net investment rate and net capital stock by...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2023
|
| Schriftenreihe: | OECD Statistics Working Papers
no.2023/01 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper discusses the sensitivity of capital and multifactor productivity (MFP) measurement to asset depreciation patterns and initial capital stock estimates. Applying the same depreciation rates in the US as in other G7 countries would reduce the US net investment rate and net capital stock by up to one third and increase US GDP by up to 0.5%. Capital and MFP growth would be less affected. Estimating initial capital stocks often involves assuming constant investment growth, but this leads to unreliable results. Relying on average K/Y ratios across countries works well for the US, but this might not be the case for other countries due to the international dispersion in K/Y ratios. Two main recommendations for statistical agencies emerge from this analysis. First, they should regularly review asset depreciation patterns to ensure that measured differences across countries are well justified. Second, they should backcast investment series as much as possible before relying on stationarity assumptions to estimate initial capital stocks. |
| Beschreibung: | 1 Online-Ressource (48 p.) 21 x 28cm. |
| DOI: | 10.1787/92498395-en |
Internformat
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-092691188 | ||
| 003 | DE-627-1 | ||
| 005 | 20231204121542.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 230515s2023 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/92498395-en |2 doi | |
| 035 | |a (DE-627-1)092691188 | ||
| 035 | |a (DE-599)KEP092691188 | ||
| 035 | |a (FR-PaOEC)92498395-en | ||
| 035 | |a (EBP)092691188 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a O47 |2 jelc | ||
| 084 | |a E01 |2 jelc | ||
| 084 | |a E23 |2 jelc | ||
| 084 | |a E22 |2 jelc | ||
| 100 | 1 | |a Pionnier, Pierre-Alain |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates |c Pierre-Alain, Pionnier, María Belén, Zinni and Kéa, Baret |
| 264 | 1 | |a Paris |b OECD Publishing |c 2023 | |
| 300 | |a 1 Online-Ressource (48 p.) |c 21 x 28cm. | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Statistics Working Papers |v no.2023/01 | |
| 520 | |a This paper discusses the sensitivity of capital and multifactor productivity (MFP) measurement to asset depreciation patterns and initial capital stock estimates. Applying the same depreciation rates in the US as in other G7 countries would reduce the US net investment rate and net capital stock by up to one third and increase US GDP by up to 0.5%. Capital and MFP growth would be less affected. Estimating initial capital stocks often involves assuming constant investment growth, but this leads to unreliable results. Relying on average K/Y ratios across countries works well for the US, but this might not be the case for other countries due to the international dispersion in K/Y ratios. Two main recommendations for statistical agencies emerge from this analysis. First, they should regularly review asset depreciation patterns to ensure that measured differences across countries are well justified. Second, they should backcast investment series as much as possible before relying on stationarity assumptions to estimate initial capital stocks. | ||
| 650 | 4 | |a Finance and Investment | |
| 650 | 4 | |a Economics | |
| 700 | 1 | |a Zinni, María Belén |e MitwirkendeR |4 ctb | |
| 700 | 1 | |a Baret, Kéa |e MitwirkendeR |4 ctb | |
| 856 | 4 | 0 | |l FWS01 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/92498395-en |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-13-SOC-092691188 |
|---|---|
| _version_ | 1816797314816147456 |
| adam_text | |
| any_adam_object | |
| author | Pionnier, Pierre-Alain |
| author2 | Zinni, María Belén Baret, Kéa |
| author2_role | ctb ctb |
| author2_variant | m b z mb mbz k b kb |
| author_facet | Pionnier, Pierre-Alain Zinni, María Belén Baret, Kéa |
| author_role | aut |
| author_sort | Pionnier, Pierre-Alain |
| author_variant | p a p pap |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC |
| ctrlnum | (DE-627-1)092691188 (DE-599)KEP092691188 (FR-PaOEC)92498395-en (EBP)092691188 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/92498395-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02403cam a22004092 4500</leader><controlfield tag="001">ZDB-13-SOC-092691188</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20231204121542.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">230515s2023 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/92498395-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)092691188</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP092691188</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)92498395-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(EBP)092691188</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">O47</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E01</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E23</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E22</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Pionnier, Pierre-Alain</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates</subfield><subfield code="c">Pierre-Alain, Pionnier, María Belén, Zinni and Kéa, Baret</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2023</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (48 p.)</subfield><subfield code="c">21 x 28cm.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Statistics Working Papers</subfield><subfield code="v">no.2023/01</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">This paper discusses the sensitivity of capital and multifactor productivity (MFP) measurement to asset depreciation patterns and initial capital stock estimates. Applying the same depreciation rates in the US as in other G7 countries would reduce the US net investment rate and net capital stock by up to one third and increase US GDP by up to 0.5%. Capital and MFP growth would be less affected. Estimating initial capital stocks often involves assuming constant investment growth, but this leads to unreliable results. Relying on average K/Y ratios across countries works well for the US, but this might not be the case for other countries due to the international dispersion in K/Y ratios. Two main recommendations for statistical agencies emerge from this analysis. First, they should regularly review asset depreciation patterns to ensure that measured differences across countries are well justified. Second, they should backcast investment series as much as possible before relying on stationarity assumptions to estimate initial capital stocks.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance and Investment</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Zinni, María Belén</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Baret, Kéa</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/92498395-en</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-092691188 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:55:37Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-863 DE-BY-FWS |
| owner_facet | DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (48 p.) 21 x 28cm. |
| psigel | ZDB-13-SOC |
| publishDate | 2023 |
| publishDateSearch | 2023 |
| publishDateSort | 2023 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Statistics Working Papers |
| spelling | Pionnier, Pierre-Alain VerfasserIn aut Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates Pierre-Alain, Pionnier, María Belén, Zinni and Kéa, Baret Paris OECD Publishing 2023 1 Online-Ressource (48 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Statistics Working Papers no.2023/01 This paper discusses the sensitivity of capital and multifactor productivity (MFP) measurement to asset depreciation patterns and initial capital stock estimates. Applying the same depreciation rates in the US as in other G7 countries would reduce the US net investment rate and net capital stock by up to one third and increase US GDP by up to 0.5%. Capital and MFP growth would be less affected. Estimating initial capital stocks often involves assuming constant investment growth, but this leads to unreliable results. Relying on average K/Y ratios across countries works well for the US, but this might not be the case for other countries due to the international dispersion in K/Y ratios. Two main recommendations for statistical agencies emerge from this analysis. First, they should regularly review asset depreciation patterns to ensure that measured differences across countries are well justified. Second, they should backcast investment series as much as possible before relying on stationarity assumptions to estimate initial capital stocks. Finance and Investment Economics Zinni, María Belén MitwirkendeR ctb Baret, Kéa MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/92498395-en Volltext |
| spellingShingle | Pionnier, Pierre-Alain Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates Finance and Investment Economics |
| title | Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates |
| title_auth | Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates |
| title_exact_search | Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates |
| title_full | Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates Pierre-Alain, Pionnier, María Belén, Zinni and Kéa, Baret |
| title_fullStr | Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates Pierre-Alain, Pionnier, María Belén, Zinni and Kéa, Baret |
| title_full_unstemmed | Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates Pierre-Alain, Pionnier, María Belén, Zinni and Kéa, Baret |
| title_short | Sensitivity of capital and MFP measurement to asset depreciation patterns and initial capital stock estimates |
| title_sort | sensitivity of capital and mfp measurement to asset depreciation patterns and initial capital stock estimates |
| topic | Finance and Investment Economics |
| topic_facet | Finance and Investment Economics |
| url | https://doi.org/10.1787/92498395-en |
| work_keys_str_mv | AT pionnierpierrealain sensitivityofcapitalandmfpmeasurementtoassetdepreciationpatternsandinitialcapitalstockestimates AT zinnimariabelen sensitivityofcapitalandmfpmeasurementtoassetdepreciationpatternsandinitialcapitalstockestimates AT baretkea sensitivityofcapitalandmfpmeasurementtoassetdepreciationpatternsandinitialcapitalstockestimates |