ANALYZING THE IMPACT OF PUBLIC CAPITAL STOCK USING THE NEG WAGE EQUATION: A SPATIAL PANEL DATA APPROACH
使用西班牙各省1985-2004年面板数据，基于新经济地理工资方程估计空间面板模型，发现各省生产率直接取决于本地公共资本存量，但邻近省份资本存量变化存在负向溢出效应。
ABSTRACT This paper examines the relationship between the level of public infrastructure and the level of productivity using panel data for the Spanish provinces over the period 1985–2004, a period that is particularly relevant due to the substantial changes occurring in the Spanish economy at that time. The underlying model used for the data analysis is based on the wage equation, which is one of a handful of simultaneous equations which when satisfied correspond to the short‐run equilibrium of New Economic Geography (NEG) theory. This is estimated using various spatial panel models with either fixed or random effects to allow for individual heterogeneity. Using these models, we find consistent evidence that productivity depends directly on the public capital stock endowment of each province, but also there is evidence of negative spillover effects from changes in capital stock in neighboring provinces.