Christophe Kamps, Kiel Institute for World Economics, April 2004

This workbook contains net capital stock estimates for the period 1960 - 2001 for the following 22 OECD countries:

Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Netherlands, New Zealand, Norway,

Portugal, Spain, Sweden, Switzerland, United Kingdom, United States.

These estimates are constructed applying the Perpetual Inventory Method. Following the practice of the U.S. Department of Commerce, Bureau of Economic

Analysis, it is assumed that depreciation (i.e. consumption of fixed capital) follows a geometric pattern. The depreciation rate is assumed to be time-varying and

different across the three broad types of assets considered. The depreciation rate is assumed to gradually increase from 2.5 in 1960 to 4 % in 2001 for

government fixed assets, from 4.25 to 8.5 % for private non-residential fixed assets. The rate is assumed to be constant for private residential fixed assets (1.5 %).

Data on real gross fixed capital formation for the period 1960-2001 are taken from the OECD Analytical Database (Version: June 2002). These data are

supplemented with own estimates for the period 1860-1959 assuming an annual growth rate of 4 percent. These estimates for the period 1860-1959 are

needed in order to calculate a benchmark net capital stock for 1960. The results of a sensitivity analysis regarding the importance of this assumption for the

resulting capital stock series are reported in Christophe Kamps (2004), New Estimates of Government Net Capital Stocks for 22 OECD countries 1960-2001,

IMF Working Paper 04/67, Washington, DC.

The following OECD series for real gross fixed capital formation at 1995 prices are used as input in the capital stock estimations:

IGV   u   Government fixed capital formation, volume

IBV   u   Private non-residential fixed capital formation, volume

IHV   u   Private residential fixed capital formation, volume

IPV   u   Private total fixed capital formation, volume

ITV   u   Gross total fixed capital formation, volume

The resulting capital stock estimates are labelled according to OECD conventions:

KGV   u   Government net capital stock, volume

KBV   u   Private non-residential net capital stock, volume

KHV   u   Private residential net capital stock, volume

KPV   u   Private total net capital stock, volume

KTV   u   Total net capital stock, volume

The workbook also contains the OECD series for real GDP (GDPV) taken from the Analytical Database (Version: June 2002) and ratios of the government

as well as the total capital stock with respect to GDP (KGV-GDPV and KTV-GDPV, respectively).

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