- Tytuł:
- Bayesian Estimation of Capital Stock and Depreciation in the Production Function Framework
- Autorzy:
-
Boratyński, Jakub
Osiewalski, Jacek - Powiązania:
- https://bibliotekanauki.pl/articles/2075283.pdf
- Data publikacji:
- 2021
- Wydawca:
- Polska Akademia Nauk. Czytelnia Czasopism PAN
- Tematy:
-
productive capital stock
depreciation rate
aggregate production function
Bayesian analysis - Opis:
- We propose a Bayesian approach to estimating productive capital stocks and depreciation rates within the production function framework, using annual data on output, employment and investment only. Productive capital stock is a concept related to the input of capital services to production, in contrast to the more common net capital stock estimates, representing market value of fixed assets. We formulate a full Bayesian model and employ it in a series of illustrative empirical examples. We find that parameters of our model, from which the time-path of capital is derived, are weakly identified with the data at hand. Nevertheless, estimation is feasible with the use of prior information on the production function parameters and the characteristics of productivity growth. We show how precision of the estimates can be improved by augmenting the model with an equation for the rate of return
- Źródło:
-
Central European Journal of Economic Modelling and Econometrics; 2021, 4; 455-486
2080-0886
2080-119X - Pojawia się w:
- Central European Journal of Economic Modelling and Econometrics
- Dostawca treści:
- Biblioteka Nauki
Artykuł