How Important is Technology Capital for the United States?
成果类型：
Article
署名作者：
Kapicka, Marek
署名单位：
University of California System; University of California Santa Barbara
刊物名称：
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
ISSN/ISSBN：
1945-7707
DOI：
10.1257/mac.4.2.218
发表日期：
2012
页码：
218-248
关键词：
摘要：
I construct measures of technology capital and country openness for the US economy and the rest of the world for 1982-2007. The key identifying assumption is that firms equalize returns on tangible and technology capital. For the US economy, technology capital is about one-third of tangible capital, and the degree of openness is between 0.61 and 0.70. I provide both a two-country estimation and a multicountry estimation, and find that the US estimates are almost identical in both cases. The welfare loss from totally closing the US economy is small, but the welfare gain from totally opening the US economy is large. (JEL E22, F41, O30)
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