Abstract
Summary This paper presents estimates of the aggregate net (wealth) capital stock and aggregate capital services for Switzerland. We derive these estimates in a consistent manner using the perpetual inventory method. Due to changes in data availability, the annual time series cover the period 1970–2005 for a 2-asset breakdown (equipment and structures) and 1990–2005 for a 12-asset breakdown (nine categories of equipment and three of structures). The sensitivity of the results is examined by varying assumptions on the initial capital stocks, the length of asset lives, the method for calculating service prices, and the choice of ICT deflators. The paper also presents quarterly measures of capital and estimates of capital services based on mid-year asset stocks.
Highlights
Measures of capital are used for many different purposes and the appropriate definition may differ, depending on the issue in question
We do not consider inventories, land, and intangible assets such as patents and trade marks. For both capital services and the capital stock, results are provided based on two different breakdowns of investment data: the 2-asset case drawing upon data for structures and equipment, and the 12-asset case drawing upon data for three categories of structures and nine categories of equipment
We have reviewed our earlier estimates of capital stocks and capital services in light of the Swiss Federal Statistical Office (SFSO) publication
Summary
Measures of capital are used for many different purposes and the appropriate definition may differ, depending on the issue in question. We do not consider inventories, land, and intangible assets such as patents and trade marks For both capital services and the capital stock, results are provided based on two different breakdowns of investment data: the 2-asset case drawing upon data for structures and equipment, and the 12-asset case drawing upon data for three categories of structures and nine categories of equipment. To explore the robustness of our measures of capital, we recalculate our results based on several sets of alternative assumptions These assumptions concern the life span of the various types of assets, the starting values of the asset stocks, the method for calculating the user costs of capital, and the choice of price indices used to compute ICT investment volumes. Appendix C describes the differences between our calculations and those by the SFSO
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