NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Marginal Products of Residential and Non-Residential Capital Through 2009

Casey B. Mulligan, Luke Threinen

NBER Working Paper No. 15897
Issued in April 2010
NBER Program(s):   EFG   PE   PR

Estimates of the marginal product of capital can help forecast economic growth, test competing business cycle theories, and perform cost-benefit analysis. This paper presents annual and quarterly estimates of the marginal product of capital in the U.S. separately for the residential and non-residential sectors. The two sectors had positively correlated marginal products until the 2000s, when the residential marginal product fell during the housing boom, and rose during the housing bust. By the end of 2009, the residential MPK was back to the level of the 1990s. Although off its lows, the non-residential MPK is still below its historical average.

download in pdf format
   (927 K)

email paper

This paper is available as PDF (927 K) or via email.

An data appendix is available at http://www.nber.org/data-appendix/w15897

This paper was revised on December 5, 2011

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w15897

Users who downloaded this paper also downloaded these:
Gali w15871 Monetary Policy and Unemployment
Moser and Voena w15598 Compulsory Licensing - Evidence from the Trading with the Enemy Act
Greenwood, Sanchez, and Wang w15893 Quantifying the Impact of Financial Development on Economic Development
Morck and Yang w15884 The Shanxi Banks
Lazear w15878 Why Do Inventories Rise When Demand Falls in Housing and Other Markets?
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us