State-Level Capital and Investment: Refinements and Update

Makram El-Shagi and Steven Yamarik ()

No 2018/1, CFDS Discussion Paper Series from Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China

Abstract: This paper presents updated estimates for state-level capital and investment for 1950 to 2015. We improve upon the procedure of Garofalo and Yamarik (2002) and Yamarik (2013) by using quantity measures to apportion the mining capital stock and a geometric pattern of depreciation to derive investment data. In an empirical application we use our data to estimate the production function and a simple growth model. We find coefficient estimates that support constant returns to scale and a 1/3 output elasticity of capital. These results are consistent with past regional and cross-country papers, supporting the plausibility of our data.

Keywords: capital stock; investment; production function; Solow (search for similar items in EconPapers)
JEL-codes: O47 O51 R11 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2018-02
New Economics Papers: this item is included in nep-mac and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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http://cfds.henuecon.education/images/dpaper/WP_1_2018_State_Capital.pdf First version, 2018 (application/pdf)

Related works:
Journal Article: State‐level capital and investment: Refinements and update (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:fds:dpaper:201801

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