Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/206711
Authors: 
Levy, Daniel
Chen, Haiwei
Year of Publication: 
1994
Citation: 
[Journal:] Review of Income and Wealth [ISSN:] 1475-4991 [Volume:] 40 [Issue:] 3 [Pages:] 317-349
Abstract: 
We construct quarterly aggregate gross and net capital stock series for the post‐war U.S. economy using annual capital stock, capital depreciation, and capital discard figures along with quarterly investment series. We construct nominal and real measures of all three categories in the aggregate capital stock: consumer durable goods, producer durable goods, and business structures. In constructing the nominal series we take into account the changes in capital goods' prices. The series are constructed using four different methods. Using time‐ and frequency‐domain techniques, we compare the constructed series and characterize their short‐run, business cycle, and long‐run cyclical properties. We find that the constructed series exhibit very different cyclical and shock persistence dynamics. Practial implications are discussed.
Subjects: 
Capital Stock
Consumer Durable Goods
Producer Durable Goods
Business Structures
Capital Depreciation and Discard
Capital Goods Prices
Frequency Domain
Cyclical Behavior
Linear Interpolation
Numerical Iteration
JEL: 
E22
C82
E32
Published Version’s DOI: 
Document Type: 
Article
Document Version: 
Accepted Manuscript (Postprint)

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