Contribution of Highway Capital to Output and Productivity Growth in the US Economy and Industries

M. Ishaq Nadiri^a,b
and
Theofanis P. Mamuneas^c

August 1998

1. Introduction
2. Literature Review: Results from Production and Cost (Profit) Function Methods
3. The Main Findings of the 1996 Report
4. Analytical Framework
5. Data Construction, Industry Prices, and Cost Structure
6. Model Estimation
7. Contribution of Highway Capital at the Industry Level
8. Contribution of Highway Capital at the Aggregate Macro Economy Level
9. The Recent Period 1981-91
10. Summary, Conclusions and Directions for Future Research
11. Notes

References, Tables and Appendicies:

• Table 1: Selected Production Function Studies
• Table 2: Cost or Profit Function Estimates
• Table 3: Comparison of the Old and the Revised Jorgenson Data
• Table 4: Descriptive Statistics
• Table 5: Estimation of Demand Function
• Table 6: Estimation of Translog Cost Functions
• Table 7: Translog Cost Function Elasticities
• Table 8a: Direct Elasticities of Conditional Input Demand
• Table 8b: Total Elasticities of Input Demand
• Table 9: Marginal Benefits (MB) of Highway Capital
• Table 10: Decomposition of Total Factor Productivity Growth
• Table 12: The Average Net Rates of Return on Highway Capital and Private Capital, and the Interest Rate
• Table 13: Decomposition of Aggregate TFP by periods
• Appendix 1: Industry Classification
• Appendix 2: Total Factor Productivity (TFP) Decomposition
• References

^aDepartment of Economics, New York University, 269 Mercer Street, New York, NY 10003
^bNational Bureau of Economic Research, 1050 Massachusetts Avenue, Cambridge, MA 02138
^cDepartment of Economics, University of Cyprus, P.O. Box 537, Nicosia, Cyprus

The authors wish to thank Parama Chaudhury, Hyunbae Chun, Hui Guo and Frances Hui, Seongjun Kim, Elizabeth Klee for their assistance on the paper.

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