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The Impact of Public Capital, Human Capital, and Knowledge on 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...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
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| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
2008.
©2008 |
| Colección: | IMF Working Papers ;
Working Paper no. 08/218. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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. |
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| Notas: | Available in PDF, ePUB, and Mobi formats on the Internet. |
| Descripción Física: | 1 online resource (48 pages) |
| ISBN: | 1451915292 9781451915297 9781451870763 1451870760 |
| ISSN: | 2227-8885 ; |