A multivariate time series analysis of the United States aggregate production function
A multivariate time series analysis of the United States aggregate production function
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美国总生产函数的多元时间序列分析
DOI：
10.1007/bf01205822
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发表时间：
1994
影响因子：
3.2
通讯作者：
D. Smyth
中科院分区：
文献类型：
--
作者：
W. McMillin;D. Smyth
本研究考察了1952- 1990年期间美国私营部门单位资本的工作时间、能源的相对价格、私营部门单位资本的政府资本以及通货膨胀对私营部门单位资本产出的影响。一个小的向量自回归模型，包括通常采用的变量在单一方程估计的总生产函数。方差分解和累积脉冲响应函数表明，每单位私营部门资本的工作时间，能源的相对价格和通货膨胀率有显着的影响私营部门单位资本产出在1952年至1990年期间。然而，没有证据表明政府资本对每单位私人资本有显著影响。从1973年“生产率暴跌”开始，一直持续到1990年的历史分解表明，对每单位资本工作时间的冲击、石油的相对价格和通货膨胀在解释每单位资本产出方面似乎很重要，但对政府资本的冲击并不重要。
This study examines the effects of hours of work per unit of private sector capital, the relative price of energy, government capital per unit of private sector capital, and inflation on private sector output per unit of capital in the U.S. over the period 1952–90. A small vector autoregressive model that comprises the variables typically employed in single-equation estimates of the aggregate production function is used. Variance decompositions and cumulative impulse response functions indicate that hours of work per unit of private sector capital, the relative price of energy, and the inflation rate have significant effects on private sector output per unit of capital over the 1952–90 period. However, there is no evidence of a significant effect for government capital per unit of private capital. An historical decomposition that begins in 1973 with the emergence of a “productivity slump” and continues through 1990 indicates that shocks to hours of work per unit of capital, the relative price of oil, and inflation appear important in explaining output per unit of capital but shocks to government capital are not important.