Measuring Real Investment: Trends in the United States and International Comparisons
Milka S. Kirova and
No 6404, NBER Working Papers from National Bureau of Economic Research, Inc
The standard measures of nominal capital formation show the United States investing a proportion of GDP much lower than those of other developed countries throughout the last 25 years and falling further behind over time. In contrast, measures we have calculated in real terms across countries and over time indicate that US investment ratios have been rising over time and have been coming closer and closer to those of the other countries. A broader measure of capital formation more consonant with economic concepts shows the United States to have been close to the other countries since 1970 and to have been investing an above average share of total output in the most recent period 1990-1994. Real capital formation per capita and per worker, even conventionally defined, has been consistently between 15 and 25 percent higher than in the other countries and broadly defined real capital formation per capita and per worker has been 30 to 60 percent higher.
JEL-codes: C8 E21 (search for similar items in EconPapers)
Note: ITI PR
References: View complete reference list from CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed
Published as The Federal Reserve Bank of St. Louis Review, Vol. 80, no. 1 (January-February 1998): 3-18
Downloads: (external link)
Journal Article: Measuring real investment: trends in the United States and international comparisons (1998)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:6404
Ordering information: This working paper can be ordered from
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.
Bibliographic data for series maintained by ().