Abstract
AbstractThis paper describes a capital services dataset for the United Kingdom developed for use in empirical work, and some of its key features. The estimates are consistent with National Accounts output estimates, making them ideal for use in growth‐accounting or business‐cycle analysis. The divergence between the volume of capital services and the volume of the capital stock after 1980 is highlighted. This divergence is driven by a shift in investment towards short‐lived and more productive information and communication technology assets for which the flow of capital services is high. Standard capital stock measures understate growth in the productive input of capital, especially after 1990.
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