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New evidence on the retirement and depreciation of machine tools

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  • Stephen D. Oliner

Abstract

This paper uses data from machinery dealers to estimate the retirement and depreciation patterns for a broad set of conventional machine tools. According to the dealers, the average service life of these machines at the survey date was about thirty years. Service lives were even longer in the mid-1970s, with the reduction over time likely caused by the diffusion of superior, computer-controlled machines. Consistent with the relatively long average life, the conventional machines have depreciated slowly. The author uses the results to asses the average service life assumed by the Bureau of Economic Analysis to construct capital stocks for metalworking machinery. Copyright 1996 by Oxford University Press.
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Suggested Citation

  • Stephen D. Oliner, 1993. "New evidence on the retirement and depreciation of machine tools," Working Paper Series / Economic Activity Section 147, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgwe:147
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    Cited by:

    1. Michael J. Geske & Valerie A. Ramey & Matthew D. Shapiro, 2007. "Why Do Computers Depreciate?," NBER Chapters, in: Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches, pages 121-150, National Bureau of Economic Research, Inc.
    2. Jean-Paul Fitoussi & Hélène Baudchon & Jérôme Creel & Jean-Luc Gaffard & Eloi Laurent & Jacques Le Cacheux & Patrick Musso & Michel Aglietta & Vladimir Borgy & Jean Chateau & Michel Juillard & Gilles , 2005. "Potential Growth in the EU : Prospects from Technical Progress and Eastern Enlargment," Working Papers hal-03458887, HAL.
    3. Albonico, Alice & Kalyvitis, Sarantis & Pappa, Evi, 2014. "Capital maintenance and depreciation over the business cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 39(C), pages 273-286.
    4. Nicholas Oulton, 2002. "ICT and Productivity Growth in the United Kingdom," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 18(3), pages 363-379.
    5. Karl Storchmann, 2004. "On the Depreciation of Automobiles: An International Comparison," Transportation, Springer, vol. 31(4), pages 371-408, November.
    6. Mercado, P. Ruben & Cicowiez, Martin, 2013. "Growth analysis in developing countries: empirical issues and a small dynamic model," MPRA Paper 58017, University Library of Munich, Germany.
    7. Boyan Jovanovic & Yaw Nyarko, 1995. "Research and Productivity," NBER Working Papers 5321, National Bureau of Economic Research, Inc.
    8. Marcus Asplund, 2000. "What Fraction of a Capital Investment is Sunk Costs?," Journal of Industrial Economics, Wiley Blackwell, vol. 48(3), pages 287-304, September.
    9. Valerie A. Ramey & Matthew D. Shapiro, 1998. "Displaced Capital," NBER Working Papers 6775, National Bureau of Economic Research, Inc.
    10. repec:spo:wpmain:info:hdl:2441/2500 is not listed on IDEAS
    11. Andrew Street & Padraic Ward, 2009. "NHS input and productivity growth 2003/4 - 2007/8," Working Papers 047cherp, Centre for Health Economics, University of York.
    12. repec:hal:spmain:info:hdl:2441/2500 is not listed on IDEAS
    13. Patrick Musso, 2006. "Capital Obsolescence, Growth Accounting and Total Factor Productivity," Revue de l'OFCE, Presses de Sciences-Po, vol. 97(5), pages 217-233.
    14. Belousova, Irina, 2017. "The role of endogenous capital depreciation rate in Dynamic Stochastic General Equilibrium models: Evidence from Canada," MPRA Paper 102036, University Library of Munich, Germany.
    15. Hassler, John & Krusell, Per & Storesletten, Kjetil & Zilibotti, Fabrizio, 2008. "On the optimal timing of capital taxes," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 692-709, May.
    16. Nicholas Oulton & Sylaja Srinivasan, 2003. "Capital stocks, capital services, and depreciation: an integrated framework," Bank of England working papers 192, Bank of England.
    17. Yisheng Bu, 2006. "Fixed capital stock depreciation in developing countries: Some evidence from firm level data," Journal of Development Studies, Taylor & Francis Journals, vol. 42(5), pages 881-901.

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    Keywords

    Manufactures;

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