Public Capital and Total Factor Productivity
通过估计美国超越对数利润函数参数，发现公共资本服务对生产重要，且公共资本劳动比下降解释了约40%的生产率下降。
This paper examines the impact of the stock of public capital on output levels and productivity growth rates in the United States. The analysis is based on the estimation of parameters in a translog profit function. Prices of intermediate goods are introduced into a quasiproduction function for value-added. Recently developed econometric techniques for dealing with nonstationary time series are used in the estimation. The authors find that the services of public capital are an important part of the production process and that about 40 percent of the productivity decline is explained by a fall in the public capital-labor ratio. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.