Niveau: Supérieur, Doctorat, Bac+8
How to Estimate Public Capital Productivity? Christophe Hurliny June 2007 Abstract We propose an evaluation of the main empirical approaches used in the liter- ature to estimate the contribution of public capital stock to growth and private factors?productivity. Our analysis is based on the replication of these approaches on pseudo-samples generated using a stochastic general equilibrium model, built as to reproduce the main long-run relations observed in US post-war historical data. The results suggest that the production function approach may not be reliable to estimate this contribution. In our model, this approach largely overestimates the public capital elasticity, given the presence of a common stochastic trend shared by all non-stationary inputs Key Words : Infrastructures, Public capital, Cointegrated regressors.. J.E.L Classi?cation : H54, C15, C32. I am grateful for comments and advices from Pierre-Yves Hénin, Fabrice Collard, Patrick Fève, Béatrice Bri?ault and two anonymous referees. I am, however, solely responsible for any remaining errors. yLEO, University of Orléans. Rue de Blois. BP 6739. 45067 Orléans Cedex 2. France. email: . A substantial part of the work for this paper was undertaken in the Department of Economics of the University Paris IX Dauphine, EURIsCO and in CEPREMAP. 1
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