LEADER 07044oam 22013574 450 001 9910788345003321 005 20230721045611.0 010 $a1-4623-1240-3 010 $a1-4527-7934-1 010 $a1-282-84169-6 010 $a1-4518-7076-0 010 $a9786612841699 035 $a(CKB)3170000000055123 035 $a(EBL)1608032 035 $a(SSID)ssj0001477818 035 $a(PQKBManifestationID)11847045 035 $a(PQKBTitleCode)TC0001477818 035 $a(PQKBWorkID)11452972 035 $a(PQKB)10633392 035 $a(OCoLC)762133412 035 $a(MiAaPQ)EBC1608032 035 $a(IMF)WPIEE2008218 035 $a(EXLCZ)993170000000055123 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Impact of Public Capital, Human Capital, and Knowledge on Aggregate Output /$fFrederick Joutz, Yasser Abdih 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (50 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/218 300 $aDescription based upon print version of record. 311 $a1-4519-1529-2 320 $aIncludes bibliographical references. 327 $aContents; 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 Cointegration 327 $aB. 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 Included 327 $a4.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 Space 327 $a4. Output Deviations from the Long Run Aggregate Production Function with Final Restrictions on the Cointegrating Space Imposed 330 3 $aThis paper investigates the impact of public capital on private sector output by testing and estimating an aggregate production function for the U.S. economy over the postwar period augmented to include the stock of public capital as an additional factor input. We use patent applications to proxy for knowledge/technology stocks and adjust labor hours for changes in human capital or skill. Using Johansen's (1988 and 1991) multivariate cointegration analysis, we find a positive and significant long run effect of public capital, private capital, skilladjusted labor, and technology/ knowledge on private sector output. We find that public capital accounts for about half of the post-1973 productivity slowdown, but only plays a minor role in the partial recovery of labor productivity growth since the mid 1980s. The largest contribution to that (partial) recovery comes from the knowledge stock and human capital. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/218 606 $aPublic investments$zUnited States$xEconometric models 606 $aHuman capital$zUnited States$xEconometric models 606 $aKnowledge management$zUnited States$xEconometric models 606 $aEconometrics$2imf 606 $aInvestments: Stocks$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aProduction and Operations Management$2imf 606 $aLabor Economics: General$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aTime-Series Models$2imf 606 $aDynamic Quantile Regressions$2imf 606 $aDynamic Treatment Effect Models$2imf 606 $aDiffusion Processes$2imf 606 $aHuman Capital$2imf 606 $aSkills$2imf 606 $aOccupational Choice$2imf 606 $aLabor Productivity$2imf 606 $aMacroeconomics: Production$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aInvestment & securities$2imf 606 $aEconometrics & economic statistics$2imf 606 $aStocks$2imf 606 $aVector autoregression$2imf 606 $aHuman capital$2imf 606 $aProductivity$2imf 606 $aLabor economics$2imf 606 $aIndustrial productivity$2imf 607 $aUnited States$2imf 615 0$aPublic investments$xEconometric models. 615 0$aHuman capital$xEconometric models. 615 0$aKnowledge management$xEconometric models. 615 7$aEconometrics 615 7$aInvestments: Stocks 615 7$aLabor 615 7$aMacroeconomics 615 7$aProduction and Operations Management 615 7$aLabor Economics: General 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aTime-Series Models 615 7$aDynamic Quantile Regressions 615 7$aDynamic Treatment Effect Models 615 7$aDiffusion Processes 615 7$aHuman Capital 615 7$aSkills 615 7$aOccupational Choice 615 7$aLabor Productivity 615 7$aMacroeconomics: Production 615 7$aLabour 615 7$aincome economics 615 7$aInvestment & securities 615 7$aEconometrics & economic statistics 615 7$aStocks 615 7$aVector autoregression 615 7$aHuman capital 615 7$aProductivity 615 7$aLabor economics 615 7$aIndustrial productivity 676 $a336.150973 700 $aJoutz$b Frederick$01150783 701 $aAbdih$b Yasser$01462111 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788345003321 996 $aThe Impact of Public Capital, Human Capital, and Knowledge on Aggregate Output$93716501 997 $aUNINA