America's Essential Infrastructure: A Key to Competitiveness

Cisneros, Henry G.

doi:10.1002/9781118268117.ch1

Cited by 2 publications

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“…Our measurement of infrastructure capital is largely consistent with the definition proposed by Cisneros (2010) as "basic systems that bridge distance and bring productive inputs together." Residential structures, K st , are the BEA measure of residential fixed assets.…”

Section: Aggregate Datasupporting

confidence: 67%

“…We think of infrastructure as any structure that makes the underlying land more productive for any end user, business, or household. Our measurement of infrastructure capital is largely consistent with the definition proposed by Cisneros (2010) as "basic systems that bridge distance and bring productive inputs together." Our data for depreciation, D st , D bt , and D f t , and investment price indices are consistent with our definitions of the capital stocks.…”

Section: Aggregate Datasupporting

confidence: 67%

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Macroeconomic Implications of Agglomeration

2014

Econometrica

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Cities exist because of the productivity gains that arise from clustering production and workers, a process called agglomeration. How important is agglomeration for aggregate growth? This paper constructs a dynamic stochastic general equilibrium model of cities and uses it to estimate the effect of local agglomeration on aggregate growth. We combine aggregate time-series and city-level panel data to estimate the model's parameters via generalized method of moments. The estimates imply a statistically and economically significant impact of local agglomeration on the growth rate of per capita consumption, raising it by about 10%. numerous seminar participants, the referees, and the editor for helpful comments. Yunjeen Kim provided outstanding research assistance. The views expressed herein are those of the authors and do not necessarily represent those of the Federal Reserve Bank of Chicago or the Federal Reserve System. 2 We do not prove that this equilibrium is unique, a point we discuss further below.

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Section: Aggregate Datasupporting

confidence: 67%

Section: Aggregate Datasupporting

confidence: 67%

Macroeconomic Implications of Agglomeration

2014

Econometrica

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“…Henry Cisneros, former Secretary of Housing and Urban Development (HUD), defined infrastructure capital as the structures and equipment that comprise "the basic systems that bridge distance and bring productive inputs together." (Cisneros, 2010. ) These systems or elements of them often are shared and can have characteristics of public goods-for example, the interstate highway system-though infrastructure also can be excludable and rival public goods (a toll road suffering from congestion).…”

Section: Defining Infrastructurementioning

confidence: 99%

Measuring Infrastructure in BEA's National Economic Accounts

Bennett

Kornfeld²,

Sichel

et al. 2020

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Infrastructure provides critical support for economic activity, and assessing its role requires reliable measures. This paper provides an overview of U.S. infrastructure data in the National Economic Accounts. After developing definitions of basic, social, and digital infrastructure, we assess trends in each of these categories and their components. Results are mixed depending on the category. Investment in some important types of basic infrastructure has barely or not kept up with depreciation and population growth in recent decades, while some other categories look better. We also show that the average age of most types of infrastructure in the U.S. has been rising, and the remaining service life has been falling. This paper also presents new prototype estimates of state-level investment in highways, highlighting the wide variation across states. In addition, we present new prototype data on maintenance expenditures for highways. In terms of future research, we believe that deprecation rates warrant additional attention given that current estimates are based on 40-year old research and are well below those used in Canada and other countries. We also believe that additional creative work on price indexes for infrastructure would be valuable. Finally, all of the data in this paper are downloadable, and we hope that the analysis in this paper and the availability of data will spur additional research. 'Basic' Infrastructure In Digital Infrastructure (e.g. communication-and cloud related) Social Infrastructure (e.g. schools and hospitals)

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America's Essential Infrastructure: A Key to Competitiveness

Cited by 2 publications

References 0 publications

Macroeconomic Implications of Agglomeration

Macroeconomic Implications of Agglomeration

Measuring Infrastructure in BEA's National Economic Accounts

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