Journal ArticleDOI
What have we learned from three decades of research on the productivity of public capital
Pedro R. D. Bom,Jenny Ligthart +1 more
TLDR
This paper used meta-regression analysis to reconcile the empirical findings of the literature by quantitatively analyzing a sample of 578 estimates collected from 68 studies for the 1983-2008 period.Abstract:
The last three decades have witnessed a great deal of research effort devoted to measuring the private output elasticity of public capital. The wide range of available estimates have precluded any consensus so far, however. This paper reconciles the empirical findings of the literature by quantitatively analyzing a sample of 578 estimates collected from 68 studies for the 1983–2008 period. Using meta-regression analysis, we show how study design characteristics and publication bias can explain a large fraction of the variation across estimates. We find a short-run output elasticity of public capital supplied at the central government level of 0.083, which increases to 0.122 in the long run. If, in addition, only core infrastructure at a regional/local level of government is considered, these estimates are almost doubled. The average output elasticity of public capital amounts to 0.106. Our results suggest that public capital is undersupplied in OECD economies.read more
Citations
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Journal ArticleDOI
Bootstrap-Based Improvements for Inference with Clustered Errors
TL;DR: In this article, the authors investigate inference using cluster bootstrap-t procedures that provide asymptotic refinement, including the example of Bertrand, Duflo, and Mullainathan.
Posted Content
Meta-Regression Methods for Detecting and Estimating Empirical Effects in the Presence of Publication Selection
TL;DR: This study investigates the small‐sample performance of meta‐regression methods for detecting and estimating genuine empirical effects in research literatures tainted by publication selection and finds them to be robust against publication selection.
Journal ArticleDOI
The productivity of transport infrastructure investment: A meta-analysis of empirical evidence
TL;DR: In this paper, the authors conduct a meta-analysis of the empirical evidence on the output elasticity of transport infrastructure, based on a sample of 563 estimates obtained from 33 studies.
Book ChapterDOI
Random Effects Models
TL;DR: A random effect factor is defined as a factor that represents a large set of interest as discussed by the authors, where the levels of the factor represent a larger set of topics of interest than a small subset of topics.
References
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Journal ArticleDOI
Co-integration and Error Correction: Representation, Estimation and Testing
TL;DR: The relationship between co-integration and error correction models, first suggested in Granger (1981), is here extended and used to develop estimation procedures, tests, and empirical examples.
Journal ArticleDOI
Statistical analysis of cointegration vectors
TL;DR: In this paper, the authors consider a nonstationary vector autoregressive process which is integrated of order 1, and generated by i.i.d. Gaussian errors, and derive the maximum likelihood estimator of the space of cointegration vectors and the likelihood ratio test of the hypothesis that it has a given number of dimensions.
Journal ArticleDOI
Spurious regressions in econometrics
Clive W. J. Granger,P. Newbold +1 more
TL;DR: In this paper, it is pointed out that it is very common to see reported in applied econometric literature time series regression equations with an apparently high degree of fit, as measured by the coefficient of multiple correlation R2 or the corrected coefficient R2, but with an extremely low value for the Durbin-Watson statistic.
Posted Content
Government spending in a simple model of endogenous growth
TL;DR: This article extended these models to include tax- financed government services that affect production or utility, and showed that growth and saving rates fall with an increase in utility-type expenditures; the two rates rise initially with productive government expenditures but subsequently decline.
Journal ArticleDOI
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.