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  1. How should we measure infrastructure?
    the case of highways and streets
    Author: Kornfeld, Robert; Fraumeni, Barbara M.
    Published: July 2024
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    The recent debates on infrastructure spending have led to renewed interest in the measurement of infrastructure and its effects on growth and well-being. This paper updates estimates of one important type of infrastructure capital—highways and... more

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    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 4
    Inter-library loan:
    No inter-library loan

     

    The recent debates on infrastructure spending have led to renewed interest in the measurement of infrastructure and its effects on growth and well-being. This paper updates estimates of one important type of infrastructure capital—highways and streets. We compare BEA's capital measures with more readily understood physical measures of road and lane miles, road quality and usage, and other measures from Highway Statistics (HS) data from FHWA. We also use the HS data and related research to disaggregate investment in highways and streets into more detailed types, such as new construction, repair and resurfacing, and bridge work, and apply separate depreciation rates to each type to produce updated estimates of net wealth stocks and depreciation. Relative to published BEA estimates, constant-price depreciation is revised up by about $9–$12 billion annually in recent years, and constant-price net stocks are revised down by about 22 percent. For the period from 2007 forward, net stocks per capita are flat in the published BEA estimates but decline slightly in the revised estimates. In addition, we update Fraumeni's (2007) estimates of productive stocks that are converted to wealth stocks to facilitate a comparison. These updated wealth estimates also show lower net stocks and higher depreciation than in the published BEA estimates. We hope this paper encourages discussion about how to measure infrastructure capital, particularly highways and streets, and its effects.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/302673
    Series: Discussion paper series / IZA ; no. 17156
    Subjects: depreciation; infrastructure; highways; streets; capital stocks
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  2. Constructing BEA highways and streets net wealth stocks with detailed types of investment and engineering-based estimates of depreciation
    Author: Fraumeni, Barbara M.; Kornfeld, Robert
    Published: July 2024
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    This paper builds on a previous paper by the authors (Kornfeld and Fraumeni, 2022) that primarily used U.S. Federal Highway Administration Highway Statistics data to disaggregate investment in highways and streets into more detailed types to produce... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 4
    Inter-library loan:
    No inter-library loan

     

    This paper builds on a previous paper by the authors (Kornfeld and Fraumeni, 2022) that primarily used U.S. Federal Highway Administration Highway Statistics data to disaggregate investment in highways and streets into more detailed types to produce updated estimates of net wealth stocks and depreciation. Major components of highways and streets other than pavement: grading, bridges and other structures, traffic management, safety, and environmental, are set equal to comprehensive revision updated versions of those derived in the earlier paper. All capital outlays are controlled to current BEA estimates. The engineering-based depreciation patterns are very dissimilar to the BEA patterns. The engineering-based net wealth pavement stock depreciation patterns fall from an efficiency level of about 0.055 to zero after 20 years of life; the BEA Hulten-Wykoff-based net wealth pavement stock depreciation patterns are at approximately the same efficiency level after 62 years. BEA adopted Hulten-Wykoff default depreciation rates in the absence of other information (Fraumeni, 1997). Engineering-based pavement depreciation rates for highways and streets were generated by Picher (Fraumeni, 1999, 2007).

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/302674
    Series: Discussion paper series / IZA ; no. 17157
    Subjects: depreciation; infrastructure; highways; streets; capital stocks
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen