A method for improved capital measurement by combining accounts and firm investment data. A revised version
Working paper
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Date
2007Metadata
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- Discussion Papers [1005]
Abstract
Abstract:
We propose a new method for estimating capital stocks at the firm level by combining business
accounts information and investment data. The method also produces capital estimates at the sector
or industry level by summing individual firms' capital stocks and appropriately inflating this sum to
account for firms with missing data. Our approach has two major advantages compared with the
much used Perpetual Inventory Method (PIM). First, long investment series are not necessary.
Second, sector capital estimates are automatically adjusted for changes in the capital stock because
of entry and exit of firms. While capital growth rates in Norwegian manufacturing were only 1 percent
on average during 1993--2004 according to national accounts figures, our method yields much
higher growth rates of 5.5 percent on average.
Keywords: Capital measurement, Accounts data, Firm panel data, Net capital stocks, Depreciation
Publisher
Statistics Norway, Research DepartmentSeries
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