摘要：Based on new estimates of public and private capital stocks for 22 OECD countries we studythe dynamic effect of public capital on the real gross domestic product using a vectorautoregression approach. Whereas most former studies put effort on examining the effects ofpublic capital in a single country, this paper covers a large set of OECD countries. The resultsshow that public capital has a positive effect on output in the short-, medium- and long-run inmost countries. In countries where the effect is negative, possible explanations as the differentproductivities of investments, crowding out or high growth rates of government debt areanalyzed.
关键词：Public capital stock; VAR model; Cointegration; OECD countries
