New Tests of Public Capital’s Role in Aggregate Production
نویسندگان
چکیده
This paper presents evidence on the contribution of public capital (infrastructure) to aggregate economic performance using panel data for the U.S. states from 1970 to 2005. Attempts to quantify the role of public or government capital in the production of aggregate output have been beset by thorny econometric issues since the early 1990s. We present estimates of the output elasticity of public capital that are robust to various specifications and assumptions regarding the underlying data generation process. JEL classifications: H7, O4, R1
منابع مشابه
Cross-country Variation in Factor Shares and its Implications for Development Accounting*
The stability of factor shares has long been considered one of the “stylized facts” of macroeconomics. However, the relationship between cross-country factor shares and economic development is dependent on how factor shares are measured. Most factor share studies acknowledge only two factors of production: total capital and total labor. The failure to acknowledge more than two factors yields mi...
متن کاملA new Approach Versus Benders Decomposition in Aggregate Production Planning
This paper proposes a simplified solution procedure to the model presented by Akinc and Roodman. The Benders’ decomposition procedure for analyzing this model has been developed, and its shortcomings have been highlighted. Here, the special nature of the problem is exploited which allowed us to develop a new algorithm through surrogating method. The two methods are compared by several numerical...
متن کاملA New Bi-objective Mathematical Model to Optimize Reliability and Cost of Aggregate Production Planning System in a Paper and Wood Company
In this research, a bi-objective model is developed to deal with a supply chain including multiple suppliers, multiple manufacturers, and multiple customers, addressing a multi-site, multi-period, multi-product aggregate production planning (APP) problem. This bi-objective model aims to minimize the total cost of supply chain including inventory costs, manufacturing costs, work force costs, hir...
متن کاملCooperative aggregate production planning: a game theory approach
Production costs in general, and workforce and inventory costs in particular, constitute a large fraction of the operating costs of many manufacturing plants. We introduce cooperative aggregate production planning as a way to decrease these costs. That is, when production planning of two or more facilities (plants) is integrated, they can interchange workforce and products inventory; thus, thei...
متن کاملOptimal Government Budget Allocation According to Aggregate Welfare using Generalized Method of Moments
How should the government budget be allocated to public education, higher education, health, transportation, IT, energy, or indirect public services including expenses on laws and regulations, business governance, and tax reforms. We examine data between 1989 and 2019 of public spending and their outcomes for each affair and title. The results show that despite that number of students declined ...
متن کامل