Optimal Fiscal Policy When Public Capital Is Productive
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Optimal Fiscal Policy, Public Capital, and the Productivity Slowdown
Author | : Steven P. Cassou |
Publisher | : |
Total Pages | : 48 |
Release | : 1995 |
Genre | : Fiscal policy |
ISBN | : |
Public Investment, the Rate of Return, and Optimal Fiscal Policy
Author | : Kenneth J. Arrow |
Publisher | : Routledge |
Total Pages | : 253 |
Release | : 2013-10-18 |
Genre | : Business & Economics |
ISBN | : 113598882X |
This book, co-authored by the Nobel-prized economist, Kenneth Arrow, considers public expenditures in the context of modern growth theory. It analyzes optimal growth with public capital. A theory of 'controllability' is developed and injected into public economics and growth models. Originally published in 1970
Fiscal Policy and Long-Term Growth
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 257 |
Release | : 2015-04-20 |
Genre | : Business & Economics |
ISBN | : 1498344658 |
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Optimal Fiscal Policy in a Business Cycle Model with Public Capital
Author | : Kevin J. Lansing |
Publisher | : |
Total Pages | : 0 |
Release | : 1998 |
Genre | : |
ISBN | : |
This paper extends the real business cycle model with fiscal policy to allow for endogenous government expenditures and taxes. Fiscal policy in the model is determined by a government that seeks to maximize the welfare of a representative household under the assumption of commitment. On the revenue side, the government chooses an optimal program of distortionary taxes and borrowing in a dynamic version of the Ramsey (1927) optimal tax problem. On the expenditure side, government spending is disaggregated into an investment component that is productive and a consumption component that yields current period utility. The objective is to study the model's predictions for the behavior of the policy variables themselves. In particular, I try to account for the following empirical observations based on detrended post-war U.S. data: 1. Investment in the public-sector is less variable than private-sector investment. 2. Public consumption is more variable than private consumption. 3. The components of public-sector expenditures exhibit low correlations with output, in contrast to the highly procyclical nature of their private-sector counterparts. 4. The tax rate on capital income appears to be more variable than the tax rate on labor income. 5. Tax rates are weakly correlated with output. 6. The government debt-to-output ratio has a high standard deviation relative to output. 7. The government debt ratio exhibits a weak negative correlation with output. I find that a version of the model with multiple stochastic shocks (to technology and preferences) can broadly account for observations 1, 2, 4, 6, and 7. The model partially captures observation 3 but not observation 5.
Optimal Fiscal Policy when Public Capital is Productive
Author | : Kevin J. Lansing |
Publisher | : |
Total Pages | : 44 |
Release | : 1995 |
Genre | : Business cycles |
ISBN | : |
NBER Macroeconomics Annual 2005
Author | : Kenneth S. Rogoff |
Publisher | : MIT Press |
Total Pages | : 479 |
Release | : 2006-04 |
Genre | : Business & Economics |
ISBN | : 0262072726 |
The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Fiscal Policy and Productivity Growth in the OECD
Author | : Steven Peter Cassou |
Publisher | : |
Total Pages | : 22 |
Release | : 1999 |
Genre | : Labor productivity |
ISBN | : |
Public Finance in an Overlapping Generations Economy
Author | : T. Ihori |
Publisher | : Springer |
Total Pages | : 311 |
Release | : 1996-11-20 |
Genre | : Business & Economics |
ISBN | : 0230389902 |
This book presents a theoretically-based comprehensive analysis of macroeconomic consequences of fiscal policy using a popular economic model: the overlapping generations growth model. A wide range of essential public finance issues is analyzed, including the effects of tax reform on dynamic efficiency, positive and normative effects of public spending, considerations of taxes on fixed assets and monetary holdings, and sustainability of deficits. A unique approach is applied in the study of public finance: one expected to generate substantial interest among current graduate students and active researchers.
Expenditure Composition and Distortionary Tax for Equitable Economic Growth
Author | : Hyun Park |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2006-06 |
Genre | : Business & Economics |
ISBN | : |
This paper continues the study of optimal fiscal policy in a growing economy by exploring a case in which the government simultaneously provides three main categories of expenditures with distortionary tax finance: public production services, public consumption services, and state-contingent redistributive transfers. The paper shows that in a general equilibrium model with given exogenous fiscal policy, a nonlinear relation exists between the suboptimal longrun growth rate in a competitive economy and distortionary tax rates. When fiscal policy is endogenously chosen at a social optimum, the relation between the rate of growth and tax rates is always negative. These two conclusions suggest that the interaction between fiscal policy and growth may be complicated enough that it cannot be captured in a simple linear model using an aggregate measure of fiscal policy. The sources of nonlinearity include expectation and coordination of fiscal policy, impluse response of government policies, and the presence of positive externality due to government spending.