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- Journals and periodicals: 11F0027MGeography: CanadaDescription:
The Economic Analysis Research Paper Series provides the circulation of research conducted by the staff of National Accounts and Analytical Studies, visiting fellows and academic associates. The research paper series is meant to stimulate discussion on a range of topics including the impact of the new economy; productivity issues; firm profitability; technology usage; the effect of financing on firm growth; depreciation functions; the use of satellite accounts; savings rates; leasing; firm dynamics; hedonic estimations; diversification patterns; investment patterns; the differences in the performance of small and large, or domestic and multinational firms; and purchasing power parity estimates. Readers of the series are encouraged to contact the authors with comments, criticisms and suggestions.
The primary distribution medium for the papers is the Internet. These papers can be downloaded from the Internet at www.statcan.gc.ca for free. Papers in the series are distributed to Statistics Canada Regional Offices and provincial statistical focal points.
All papers in the Economic Analysis Series go through institutional and peer review to ensure that they conform to Statistics Canada's mandate as a government statistical agency and adhere to generally accepted standards of good professional practice.
The papers in the series often include results derived from multivariate analysis or other statistical techniques. It should be recognized that the results of these analyses are subject to uncertainty in the reported estimates.
The level of uncertainty will depend on several factors: the nature of the functional form used in the multivariate analysis; the type of econometric technique employed; the appropriateness of the statistical assumptions embedded in the model or technique; the comprehensiveness of the variables included in the analysis; and the accuracy of the data that are utilized. The peer group review process is meant to ensure that the papers in the series have followed accepted standards to minimize problems in each of these areas.
Release date: 2015-07-24 - Articles and reports: 15-206-X2012029Geography: CanadaDescription:
Intangible capital consists of investments that do not take on the solid, physical characteristics of machinery and equipment or buildings. Nevertheless, such investments have some of the properties of other types of investments in that they yield long-lasting benefits as a result of expenditures that are made today. In the National Accounts, these expenditures need to be capitalized rather than expensed as intermediate materials for purposes of estimating gross domestic product (GDP).
Recent papers have considered issues surrounding the measurement of intangibles. Baldwin et al. (2005) discussed issues surrounding research and development (R&D). They noted that R&D is only one of the components of innovation expenditures. Baldwin et al. (2009) extended the measurement of intangible investments beyond that of just R&D. At the heart of intangible investments, of course, are software and R&D. However, intangible investments also consist of purchased science services, own-account scientific services, exploration expenses in the resource sector, and advertising expenditures, because these create an intangible asset and yield long-term benefits.
This paper extends the authors' previous work in three ways. First, it expands it into several new areas--what are referred to as economic competencies. These involve primarily investments in human capital--via management and training investments as well as management consulting services. This not only provides broader coverage; it also allows cross-country comparisons of Canada to the United States.
Second, this paper moves from just measuring investment to also developing capital stock estimates. This requires assumptions about depreciation rates. In both instances, the paper adopts assumptions similar to those used elsewhere in developing estimates for the United States, in order to ensure comparability.
Third, the paper incorporates the estimates of intangible capital into the growth-accounting framework so as to understand how it is related to productivity growth. A comparison of Canada and the United States in this regard is also provided.
Release date: 2012-06-01 - 3. Economic Depreciation and Retirement of Canadian Assets: A Comprehensive Empirical Study ArchivedJournals and periodicals: 15-549-XGeography: CanadaDescription:
This paper offers empirical evidence on the actual rates and forms of economic depreciation for a comprehensive set of assets. Using a Canadian micro database on the purchase and disposal of capital goods from Statistics Canada's Capital Expenditure Survey, the study estimates depreciation rates for 36 asset categories, which represent half of the Canadian business capital stock. Depreciation rates for the remaining assets are calibrated using the average age-price relationship from the estimation and surveyed service lives obtained from the Capital Expenditure Survey. The impact of the estimated depreciation rates on the Canadian capital stock and depreciation allowances is also presented.
Release date: 2007-09-26 - 4. Housing Depreciation in the Canadian CPI ArchivedArticles and reports: 62F0014M2001015Geography: CanadaDescription:
The Canadian Consumer Price Index (CPI) applies a version of the user cost approach to measure the cost of home ownership. Because this approach specifically estimates the costs of using owned accommodation and not those faced by tenants, the measure includes a "replacement cost" (or depreciation) component. Depreciation is the only component in the CPI that is not an out-of-pocket expense. Consequently, economists face a unique set of methodological challenges when measuring depreciation.
Between 1949 and 1997, the annual housing depreciation rate used in the CPI was 2%. Statistics Canada adopted the rate from a study that analysed U.S. Federal Housing Administration field appraisal data from 1939.
This study argues that there is evidence that the 2% depreciation rate is too high to continue to use in the future. Consider that: 1) other Canadian studies show an upper bound of 1.7%, with a median estimate of 1.5%; 2) other statistical agencies use lower rates; and 3) every academic study over the past 40 years has arrived at a lower rate. As a consequence of this study and the existing supporting evidence, the depreciation rate in the Canadian CPI was lowered to 1.5% effective January 1998.
Release date: 2001-11-28
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- Journals and periodicals: 11F0027MGeography: CanadaDescription:
The Economic Analysis Research Paper Series provides the circulation of research conducted by the staff of National Accounts and Analytical Studies, visiting fellows and academic associates. The research paper series is meant to stimulate discussion on a range of topics including the impact of the new economy; productivity issues; firm profitability; technology usage; the effect of financing on firm growth; depreciation functions; the use of satellite accounts; savings rates; leasing; firm dynamics; hedonic estimations; diversification patterns; investment patterns; the differences in the performance of small and large, or domestic and multinational firms; and purchasing power parity estimates. Readers of the series are encouraged to contact the authors with comments, criticisms and suggestions.
The primary distribution medium for the papers is the Internet. These papers can be downloaded from the Internet at www.statcan.gc.ca for free. Papers in the series are distributed to Statistics Canada Regional Offices and provincial statistical focal points.
All papers in the Economic Analysis Series go through institutional and peer review to ensure that they conform to Statistics Canada's mandate as a government statistical agency and adhere to generally accepted standards of good professional practice.
The papers in the series often include results derived from multivariate analysis or other statistical techniques. It should be recognized that the results of these analyses are subject to uncertainty in the reported estimates.
The level of uncertainty will depend on several factors: the nature of the functional form used in the multivariate analysis; the type of econometric technique employed; the appropriateness of the statistical assumptions embedded in the model or technique; the comprehensiveness of the variables included in the analysis; and the accuracy of the data that are utilized. The peer group review process is meant to ensure that the papers in the series have followed accepted standards to minimize problems in each of these areas.
Release date: 2015-07-24 - Articles and reports: 15-206-X2012029Geography: CanadaDescription:
Intangible capital consists of investments that do not take on the solid, physical characteristics of machinery and equipment or buildings. Nevertheless, such investments have some of the properties of other types of investments in that they yield long-lasting benefits as a result of expenditures that are made today. In the National Accounts, these expenditures need to be capitalized rather than expensed as intermediate materials for purposes of estimating gross domestic product (GDP).
Recent papers have considered issues surrounding the measurement of intangibles. Baldwin et al. (2005) discussed issues surrounding research and development (R&D). They noted that R&D is only one of the components of innovation expenditures. Baldwin et al. (2009) extended the measurement of intangible investments beyond that of just R&D. At the heart of intangible investments, of course, are software and R&D. However, intangible investments also consist of purchased science services, own-account scientific services, exploration expenses in the resource sector, and advertising expenditures, because these create an intangible asset and yield long-term benefits.
This paper extends the authors' previous work in three ways. First, it expands it into several new areas--what are referred to as economic competencies. These involve primarily investments in human capital--via management and training investments as well as management consulting services. This not only provides broader coverage; it also allows cross-country comparisons of Canada to the United States.
Second, this paper moves from just measuring investment to also developing capital stock estimates. This requires assumptions about depreciation rates. In both instances, the paper adopts assumptions similar to those used elsewhere in developing estimates for the United States, in order to ensure comparability.
Third, the paper incorporates the estimates of intangible capital into the growth-accounting framework so as to understand how it is related to productivity growth. A comparison of Canada and the United States in this regard is also provided.
Release date: 2012-06-01 - 3. Economic Depreciation and Retirement of Canadian Assets: A Comprehensive Empirical Study ArchivedJournals and periodicals: 15-549-XGeography: CanadaDescription:
This paper offers empirical evidence on the actual rates and forms of economic depreciation for a comprehensive set of assets. Using a Canadian micro database on the purchase and disposal of capital goods from Statistics Canada's Capital Expenditure Survey, the study estimates depreciation rates for 36 asset categories, which represent half of the Canadian business capital stock. Depreciation rates for the remaining assets are calibrated using the average age-price relationship from the estimation and surveyed service lives obtained from the Capital Expenditure Survey. The impact of the estimated depreciation rates on the Canadian capital stock and depreciation allowances is also presented.
Release date: 2007-09-26 - 4. Housing Depreciation in the Canadian CPI ArchivedArticles and reports: 62F0014M2001015Geography: CanadaDescription:
The Canadian Consumer Price Index (CPI) applies a version of the user cost approach to measure the cost of home ownership. Because this approach specifically estimates the costs of using owned accommodation and not those faced by tenants, the measure includes a "replacement cost" (or depreciation) component. Depreciation is the only component in the CPI that is not an out-of-pocket expense. Consequently, economists face a unique set of methodological challenges when measuring depreciation.
Between 1949 and 1997, the annual housing depreciation rate used in the CPI was 2%. Statistics Canada adopted the rate from a study that analysed U.S. Federal Housing Administration field appraisal data from 1939.
This study argues that there is evidence that the 2% depreciation rate is too high to continue to use in the future. Consider that: 1) other Canadian studies show an upper bound of 1.7%, with a median estimate of 1.5%; 2) other statistical agencies use lower rates; and 3) every academic study over the past 40 years has arrived at a lower rate. As a consequence of this study and the existing supporting evidence, the depreciation rate in the Canadian CPI was lowered to 1.5% effective January 1998.
Release date: 2001-11-28
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