The Simultaneity problems in the Estimation of Effect of Public Capital-A Review of the Japanese studies- (in Japanese)

Masayoshi Hayashi

Economic Analysis, 2003, vol. 169, 88-104

Abstract: This paper surveys the growing empirical literature on the production effects of public capital in Japan. Limiting our discussion to the estimation of aggregate production function, we focus on the issue of simultaneity of public capital, or 'reverse causation' from output to public capital, and highlight how the issue is conceived and tackled in the existing literature. As it turns out, the simultaneity of public capital is a cerebrated issue that very few understand properly.

Date: 2003
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Working Paper: The Simultaneity Problems in the Estimation of Production Effect of Public Capital:A Review of the Japanese Studies(in Japanese) (2002)
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