Estimates of Quarterly Capital Stock Series for the Post-War U.S. Economy

Posted: 25 Feb 2005

See all articles by Daniel Levy

Daniel Levy

Bar-Ilan University - Department of Economics; Emory University - Department of Economics; Rimini Center for Economic Analysis

Haiwei Chen

Westminster College (Utah) - Gore School of Business

Abstract

We construct quarterly aggregate gross and net capital stock series for the post-war U.S. economy using annual capital stock, capital depreciation, and capital discard figures along with quarterly investment series. We construct nominal and real measures of all three categories in the aggregate capital stock: consumer durable goods, producer durable goods, and business structures. In constructing the nominal series we take into account the changes in capital goods' prices. The series are constructed using four different methods. Using time- and frequency-domain techniques, we compare the constructed series and characterize their short-run, business cycle, and long-run cyclical properties. We find that the constructed series exhibit very different cyclical and shock persistence dynamics. Practical implications are discussed.

Keywords: Quarterly gross and net aggregate capital stock, consumer durable goods, producer durable goods, business structures, capital goods' prices

JEL Classification: C82, E22, C22

Suggested Citation

Levy, Daniel and Chen, Haiwei, Estimates of Quarterly Capital Stock Series for the Post-War U.S. Economy. Review of Income and Wealth, Vol. 40, No. 3, pp. 317-349, September 1994. Available at SSRN: https://ssrn.com/abstract=671807

Daniel Levy (Contact Author)

Bar-Ilan University - Department of Economics ( email )

Ramat-Gan, 5290002
Israel
+972 3 531-8345 (Phone)
+972 3 738-4034 (Fax)

HOME PAGE: http://econ.biu.ac.il/en/levy

Emory University - Department of Economics ( email )

1602 Fishburne Drive, Suite 306
Rich Building
Atlanta, GA 30322-0001
United States

HOME PAGE: http://economics.emory.edu/home/people/faculty/Levydaniel.html

Rimini Center for Economic Analysis ( email )

Wilfrid Laurier University
75 University Ave W.
Waterloo, Ontario N2L3C5
Canada

HOME PAGE: http://rcea.org/

Haiwei Chen

Westminster College (Utah) - Gore School of Business ( email )

1840 South 1300 East
Salt Lake City, UT 84105
United States
801-832-2645 (Phone)
801-484-3767 (Fax)

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