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

Daniel Levy () and Haiwei Chen
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Haiwei Chen: Westminster College

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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: Capital Stock; Consumer Durable Goods; Producer Durable Goods; Business Structures; Capital Depreciation and Discard; Capital Goods Prices; Frequency Domain; Cyclical Behavior; Linear Interpolation; Numerical Iteration (search for similar items in EconPapers)
JEL-codes: E22 C82 E32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his and nep-mac
Date: 2005-05-15, Revised 2005-05-16
Note: Type of Document - pdf; pages: 76
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Related works:
Journal Article: Estimates of the Aggregate Quarterly Capital Stock for the Post-war U.S. Economy (1994)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpot:0505008

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