Resumen de Estimating the Capital Stock

Ignacio Mauleón Torres, José A. Hernández

• Econometric estimates of the capital stock and the depreciation rate for the Spanish economy in the period 1970-1997, are presented. The methodology is based on the estimation of the production function, yielding a window for the depreciation rate between 5.5% and 6.5%. Methods to make the depreciation rate dependent on a set of variables, and to blend prior and sample information, are discussed and implemented. The unidenti¿ability of the initial capital stock is also analysed.