Rates of return to public and private capital: new estimates using nonlinear Euler equations.

Autor:	Boscá *, José E., Cutanda, Antonio, Escribá, Javier
Předmět:	PUBLIC investments RATE of return ELASTICITY (Economics) ECONOMIC indicators
Zdroj:	Applied Economics; 6/20/2004, Vol. 36 Issue 11, p1225-1232, 8p, 2 Charts
Abstrakt:	Results obtained by Otto and Voss show that public investment undertaken in Australia over recent decades satisfies conditions for intertemporal efficiency. This paper confirms this result, although lower output elasticities and rates of return to private and public capital are obtained. The reason for these results is that the earlier work is extended by estimating the parameter related to the elasticity of intertemporal substitution that was earlier restricted to a specific value. In fact, it is shown here that it is possible to obtain an economically reasonable (and statistically significant) estimate of this parameter by assuming that the stochastic discount factor for the representative firm is the same as for the representative consumer and equal to a gross real interest rate. [ABSTRACT FROM AUTHOR]
Databáze:	Complementary Index
Externí odkaz:	Zobrazit plný text záznamu Plný text ve formátu HTML
Nepřihlášeným uživatelům se plný text nezobrazuje	K zobrazení výsledku je třeba se přihlásit.