07263oam 22014534 450 991097075270332120250426110700.0978661284169997814623124051462312403978145277934814527793419781282841697128284169697814518707631451870760(CKB)3170000000055123(EBL)1608032(SSID)ssj0001477818(PQKBManifestationID)11847045(PQKBTitleCode)TC0001477818(PQKBWorkID)11452972(PQKB)10633392(OCoLC)762133412(IMF)WPIEE2008218(MiAaPQ)EBC1608032(IMF)WPIEA2008218WPIEA2008218(EXLCZ)99317000000005512320020129d2008 uf 0engurcnu||||||||txtccrThe Impact of Public Capital, Human Capital, and Knowledge on Aggregate Output /Frederick Joutz, Yasser Abdih1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (50 p.)IMF Working PapersIMF working paper ;WP/08/218Description based upon print version of record.9781451915297 1451915292 Includes bibliographical references.Contents; I. Introduction and Contribution; II. Literature Review; III. The Model; IV. Data; A. Output, Private Capital, and Public Capital; B. Skill-Adjusted Labor; C. The Knowledge Stock; V. Initial Data Analysis and Reduction of the System; A. Initial Plots and Integration Tests; B. VAR Model Specification and Estimation; C. Lag length selection of the VAR; D. Residual Diagnostics from the VAR Model; E. Recursive Analysis for Model Constancy and Stability; VI. Cointegration Analysis; A. Testing for CointegrationB. Cointegration, Weak Exogeneity, and Testing Restrictions on the Production Function C. The Final Long run Aggregate Production Function; VII. Growth Accounting for the Postwar U.S. Economy; VIII. Concluding Remarks; References; Tables; 1. The Information Set:Data Series from 1948 to 2004; 2.A. ADF Tests for Variables in Levels, Constant and Trend Included; 2.B. ADF Tests for Variables in Levels, Constant Included; 3.A. ADF Tests for Variables in First Differences, Constant and Trend Included; 3.B. ADF Tests for Variables in First Differences, Constant Included4.A. Lag Length Analysis: Seclected Statistics 4.B. Lag Length Analysis: F-Tests for Model Reduction; 5. Individual Equation and Vector Misspecification Tests for the VAR Model of the Production Function; 6. Cointegration Analysis with Johansen's Test; 7. Hypotheses Tests on the Cointegrating Relation; 8. Growth Accounting for the Postwar U.S. Economy; Figures; 1. The Variables in Natural Logarithms; 2. Recursive System Diagnostics for VAR(3) Model; 3. Recursive Likelihood Ratio Test Statistic for Final Restrictions on the Cointegrating Space4. Output Deviations from the Long Run Aggregate Production Function with Final Restrictions on the Cointegrating Space ImposedThis paper investigates the impact of public capital on private sector output by testing and estimating an aggregate production function for the U.S. economy over the postwar period augmented to include the stock of public capital as an additional factor input. We use patent applications to proxy for knowledge/technology stocks and adjust labor hours for changes in human capital or skill. Using Johansen's (1988 and 1991) multivariate cointegration analysis, we find a positive and significant long run effect of public capital, private capital, skilladjusted labor, and technology/ knowledge on private sector output. We find that public capital accounts for about half of the post-1973 productivity slowdown, but only plays a minor role in the partial recovery of labor productivity growth since the mid 1980s. The largest contribution to that (partial) recovery comes from the knowledge stock and human capital.IMF Working Papers; Working Paper ;No. 2008/218Public investmentsUnited StatesEconometric modelsHuman capitalUnited StatesEconometric modelsKnowledge managementUnited StatesEconometric modelsDiffusion ProcessesimfDynamic Quantile RegressionsimfDynamic Treatment Effect ModelsimfEconometrics & economic statisticsimfEconometricsimfFinancial InstrumentsimfHuman CapitalimfHuman capitalimfIncome economicsimfIndustrial productivityimfInstitutional InvestorsimfInvestment & securitiesimfInvestments: StocksimfLabor economicsimfLabor Economics: GeneralimfLabor ProductivityimfLaborimfLabourimfMacroeconomicsimfMacroeconomics: ProductionimfNon-bank Financial InstitutionsimfOccupational ChoiceimfPension FundsimfProduction and Operations ManagementimfProductivityimfSkillsimfStocksimfTime-Series ModelsimfVector autoregressionimfUnited StatesimfPublic investmentsEconometric models.Human capitalEconometric models.Knowledge managementEconometric models.Diffusion ProcessesDynamic Quantile RegressionsDynamic Treatment Effect ModelsEconometrics & economic statisticsEconometricsFinancial InstrumentsHuman CapitalHuman capitalIncome economicsIndustrial productivityInstitutional InvestorsInvestment & securitiesInvestments: StocksLabor economicsLabor Economics: GeneralLabor ProductivityLaborLabourMacroeconomicsMacroeconomics: ProductionNon-bank Financial InstitutionsOccupational ChoicePension FundsProduction and Operations ManagementProductivitySkillsStocksTime-Series ModelsVector autoregression336.150973Joutz Frederick1150783Abdih Yasser1815983DcWaIMFBOOK9910970752703321The Impact of Public Capital, Human Capital, and Knowledge on Aggregate Output4372869UNINA