EMPIRICAL STUDIES OF DEPRECIATION

Dale W. Jorgenson

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Economic Growth and Productivity Accounting Theory and Financial Reporting Economic Theory and Policy

Abstract

This paper surveys empirical research on depreciation based on an econometric model of asset prices introduced by Hall in 1971 and shows how Hall's model provides a vehicle for unifying research on constant quality price indices and depreciation. An additional objective of the paper is to illustrate the use of this research in constructing an integrated system of income, product, and wealth accounts. A system of vintage accounts, like that originated by Christensen and Jorgenson in 1973, is the key to successful integration.

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References

1967The Explanation of Productivity Change 1921Survey of current business 1976On the Welfare Significance of National Product in a Dynamic Economy 1971Price Indexes and Quality Change 1990The Measurement of Durable Goods Prices 1981The estimation of economic depreciation using vintage asset prices 1981Depreciation, inflation, and the taxation of income from capital 1989Technology and Capital Formation

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n.d.Measuring Capital in the New Economy 2006Fixed capital stock depreciation in developing countries: Some evidence from firm level data 2000Progress in Measuring the Price and Quantity of Capital 2003Expectations, Capital Gains, and Income 2015Modelling Technical Efficiency in Cross Sectionally Dependent Stochastic Frontier Panels 2013Capital maintenance and depreciation over the business cycle

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