Open Access
Public capital and long-run costs in u.k. manufacturing. in: transport infrastructure
C Lynde,J Richmond +1 more
TLDR
In this article, the role of public sector investment in the growth of aggregate output and productivity in United Kingdom manufacturing is examined and its role in production can be explicitly modeled and its contribution to productivity growth estimated.Abstract:
This paper examines the role public sector investment plays in growth of aggregate output and productivity in United Kingdom manufacturing. By treating the services of the government-owned capital stock as an input contributing to total factor productivity, its role in production can be explicitly modeled and its contribution to productivity growth estimated. The basic economic model is described, and the way in which intermediate goods prices are treated in a value-added framework is explained.read more
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Productive government expenditures and long-run growth
Gerhard Glomm,B. Ravikumar +1 more
TL;DR: In this paper, the authors focus on the growth effects of productive government spending in dynamic general equilibrium models and use a simple overlapping generations model as their basic framework and illustrate the role of taxes and spending.
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Infrastructure, transport costs and trade
TL;DR: In this article, the role of infrastructure in a bilateral trade model with transport costs is examined and it is shown that for pairs of countries for which investment in infrastructure is optimal, the model predicts a positive relationship between the level of infrastructure and the volume of trade.
Journal ArticleDOI
Intertemporal Output and Employment Effects of Public Infrastructure Capital: Evidence from 12 OECD Economies
TL;DR: In this article, the effects of public infrastructure capital on output supply and input demands in 12 OECD countries were investigated using an inter-temporal optimisation framework, and the authors found that public capital has positive long-run effects on both output and input demand.
BookDOI
Infrastructure and growth in developing countries : recent advances and research challenges
TL;DR: A survey of recent research on the economics of infrastructure in developing countries can be found in this paper, where energy, transport, telecommunications, water and sanitation are considered, as well as the linkages between infrastructure and economic growth.
Journal ArticleDOI
Public Investment, Congestion, and Private Capital Accumulation
TL;DR: In this paper, the impact of public investment on the dynamics of private capital formation in an intertemporal optimising market-clearing framework is analyzed. But the public good is treated as a durable capital good, subject to congestion.
References
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ReportDOI
A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix
Whitney K. Newey,Kenneth D. West +1 more
TL;DR: In this article, a simple method of calculating a heteroskedasticity and autocorrelation consistent covariance matrix that is positive semi-definite by construction is described.
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Is public expenditure productive
TL;DR: In this paper, the relationship between aggregate productivity and stock and flow government-spending variables is investigated and the empirical results indicate that the non-military public capital stock is dramatically more important in determining productivity than is either the flow of nonmilitary or military spending, and that military capital bears little relation to productivity.
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Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation
TL;DR: Using these results, data-dependent automatic bandwidth/lag truncation parameters are introduced and asymptotically optimal kernel/weighting scheme and bandwidth/agreement parameters are obtained.
Journal ArticleDOI
Statistical Inference in Instrumental Variables Regression with I(1) Processes
TL;DR: In this paper, the authors study the asymptotic properties of instrumental variable estimates of multivariate cointegrating regressions and allow for deterministic and stochastic regressors as well as quite general deterministic processes in the data generating mechanism.
Journal ArticleDOI
Estimating Long-run Economic Equilibria
Peter C.B. Phillips,Mico Loretan +1 more
TL;DR: In this paper, the single-equation ECM (SEECM) approach of Hendry is studied in detail and an asymptotic theory is provided to analyze a menu of currently existing estimators.