This paper considers a capital accumulation model that was previously analyzed by Barucci (1998). The specific feature of the model is that revenue is a convex function of the capital stock. We extend Barucci's work by giving a full analytical characterization of the case where a saddle point with a positive capital stock level exists. Furthermore we also analyze the other cases.

We measure the United States capital stock of money implied by the Divisia monetary aggregate service flow, in a manner consistent with the present-value model of economic capital stock and asset pricing theory. The resulting measures differ substantially from the usual simple sum accounting monetary aggregates. We permit non-martingale expectations and time varying discount rates. Based on Bar...

Using the efficiency of capital allocation function to characterize the stock market system efficiency.Using panel data analysis method,from a regional perspective empirical analysisto implement the stock market during the capital allocation function efficiency issue approval system for China.The results show: the efficiency of resource allocation of China stock market is lower,and stock market...

The national estimates of fixed capital comprise four vital measures: investment, the most dynamic component of GDP; the gross capital stock, which determines national output capacity; the net stock, the value of future capacity and a large part of measured national wealth; and capital consumption, the annual amount by which the latter shrinks, through wear-and-tear and obsolescence. Yet, it is...

The issue of whether government capital is productive has received a great deal of recent attention. Yet, empirical analyses of public capital productivity have been limited to a small sample of countries for which official capital stock estimates are available. Building on a new database that provides internationally comparable capital stock estimates, this paper estimates the dynamic effects ...

In this paper, I develop a new measure of human capital stock that has two advantages over previous measures. First, it allows for the fact that the cost of education varies across time, countries, and levels. Second, the unit of measurement is dollars, which allows comparison of human capital stocks with other macroeconomic variables, including national income (GDP) and physical capital stocks...

This paper revisits the discussion about the contribution of Total Factor Productivity (TFP) growth to Indonesia’s economic growth during 1971-2005. It re-estimates the contribution of TFP to economic growth during this period on the basis of new estimates of GDP, capital stock, education-adjusted employment, and factor income shares. After accounting for the growth of capital stock and educati...

Let X ∈ R denote a random stock market return vector, where Xj is the value of a one unit investment in stock j at the end of the trading day. We require that Xj ≥ 0 for j = 1, 2, . . . , m, that is, an investor cannot lose more than the invested capital. Let b, bj ≥ 0, ∑m j=1 bj = 1, denote a portfolio, that is, an allocation of investor’s capital across the investment alternatives. Let B deno...

This paper addresses the following question: does the stock market influence the process of capital accumulation? If exchanging ownership of firms on a stock market is equivalent to exchanging the ownership of their capital on a capital goods market, then introducing a stock market will not affect the predictions of the real models of capital accumulation–the Ramsey model (1928) if agents are i...

It is the flow of capital services, instead of the capital stock, along with the flows of other inputs which is related to the flows of outputs in economic theory of cost and production. In applied research, quite often to capture the dynamic phenomena which occurs within a year, there is a need to use quarterly data which may not be captured by annual data. However, quarterly data on capital i...