EconPapers    
Economics at your fingertips  
 

Measuring Depreciation For Japan: Rejoinder to Dekle and Summers

Fumio Hayashi

No 3836, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Recently, my claim that depreciation reported in the Japanese national accounts is underestimated by a substantial margin has been challenged by Dekle and Summers (NBER Working Paper No. 3690), on the ground that the implied depreciation rate (ratio of depreciation to the capital stock) is implausibly high. I argue in this rejoinder that Japan's high depreciation rate can be attributable to two factors. First, the depreciation rate for owner-occupied housing is much higher in Japan. Second, equipment capital (a component of the denominator in the depreciation rate) in the Japanese national accounts seems underestimated. Therefore, my estimate of the level of depreciation for Japan does not seem exaggerated.

Date: 1991-09
Note: PR
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed

Published as "Rejoinder to Dekle and Summers." Bank of Japan Monetary and Economic Studies, 9(2): 79-89, September 1991.

Downloads: (external link)
http://www.nber.org/papers/w3836.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:3836

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w3836

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Series data maintained by ().

 
Page updated 2017-09-29
Handle: RePEc:nbr:nberwo:3836