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Author : Kevin J. Lansing
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (933 download)
Download or read book Optimal Fiscal Policy when Public Capital is Productive written by Kevin J. Lansing and published by . This book was released on 1994 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steven P. Cassou
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 ( download)
Download or read book Optimal Fiscal Policy, Public Capital, and the Productivity Slowdown written by Steven P. Cassou and published by . This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kenneth J. Arrow
Publisher : Routledge
ISBN 13 : 113598882X
Total Pages : 253 pages
Book Rating : 4.1/5 (359 download)
Download or read book Public Investment, the Rate of Return, and Optimal Fiscal Policy written by Kenneth J. Arrow and published by Routledge. This book was released on 2013-10-18 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Author : Kevin J. Lansing
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Optimal Fiscal Policy in a Business Cycle Model with Public Capital written by Kevin J. Lansing and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Kevin J. Lansing
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Optimal Fiscal Policy when Public Capital is Productive written by Kevin J. Lansing and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344658
Total Pages : 257 pages
Book Rating : 4.4/5 (983 download)
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Kenneth S. Rogoff
Publisher : MIT Press
ISBN 13 : 0262072726
Total Pages : 479 pages
Book Rating : 4.2/5 (62 download)
Download or read book NBER Macroeconomics Annual 2005 written by Kenneth S. Rogoff and published by MIT Press. This book was released on 2006-04 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Author : Steven Peter Cassou
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (318 download)
Download or read book Fiscal Policy and Productivity Growth in the OECD written by Steven Peter Cassou and published by . This book was released on 1999 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : T. Ihori
Publisher : Springer
ISBN 13 : 0230389902
Total Pages : 311 pages
Book Rating : 4.2/5 (33 download)
Download or read book Public Finance in an Overlapping Generations Economy written by T. Ihori and published by Springer. This book was released on 1996-11-20 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Richard Hemming
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Author : Hyun Park
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Expenditure Composition and Distortionary Tax for Equitable Economic Growth written by Hyun Park and published by International Monetary Fund. This book was released on 2006-06 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Willi Semmler
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4./5 ( download)
Download or read book Fiscal Policy, Public Expenditure Composition, and Growth written by Willi Semmler and published by World Bank Publications. This book was released on 2007 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of public expenditure on economic growth. Policy makers and some researchers have argued that expenditure on growth-enhancing functions could enhance future revenue and justify the provision of "fiscal space" in the budget. But there are no simple ways to identify the growth-maximizing composition of public expenditure. The current paper lays out a research strategy to explore the effects of fiscal policy, including the composition of public expenditure, on economic growth, using a time series approach. Based on the modeling strategy of Greiner, Semmler and Gong (2005) we develop a general model that features a government that undertakes public expenditure on (a) education and health facilities which enhance human capital, (b) public infrastructure such as roads and bridges necessary for market activity, (c) public administration to support government functions, (d) transfers and public consumption facilities, and (e) debt service. The proposed model is numerically solved, calibrated and the impact of the composition of public expenditure on the long-run per capita income explored for low-, lower-middle- and upper-middle-income countries. Policy implications and practical policy rules are spelled out, the extension to an estimable model indicated, a debt sustainability test proposed, and the out-of-steady-state dynamics studied.
Author : Giancarlo Corsetti
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Optimal Government Spending and Taxation in Endogenous Growth Models written by Giancarlo Corsetti and published by . This book was released on 1996 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Gian Milesi-Ferretti
Publisher : International Monetary Fund
ISBN 13 : 1451848234
Total Pages : 38 pages
Book Rating : 4.4/5 (518 download)
Download or read book Growth Effects of Income and Consumption Taxes written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 1995-07-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effects of income and consumption taxation are examined in the context of models in which the growth process is driven by the accumulation of human and physical capital. The different channels through which these taxes affect economic growth are discussed, and it is shown that in general the taxation of factor incomes (human and physical capital) is growth-reducing. The effects of consumption taxation on growth depend crucially on the elasticity of labor supply, and therefore on the specification of the leisure activity. The paper also derives some implications for the optimal intertemporal choice of tax instruments.
Author : Ioana Moldovan
Publisher : International Monetary Fund
ISBN 13 : 149831211X
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)
Download or read book Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid written by Ioana Moldovan and published by International Monetary Fund. This book was released on 2019-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the optimal setting of fiscal spending and foreign exchange rate intervention policies in response to volatile foreign aid, in a small open economy model that incorporates typical features of low-income countries. Within a class of policy rules, it jointly considers the optimal aid spending and international reserve accumulation policies. The results show that it is optimal to adjust government spending gradually in response to unpredictable fluctuations in aid, while partially accumulating foreign exchange reserves to offset Dutch disease effects. Also, allocating relatively more of the government spending to productive public investment, and less to government consumption, is welfare improving.
Author : Mark Aguiar
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book Efficient Fiscal Policy and Amplification written by Mark Aguiar and published by . This book was released on 2005 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We provide a rationale for the observed pro-cyclicality of tax policies in emerging markets and present a novel mechanism through which tax policy amplifies the business cycle. Our explanation relies on two features of emerging markets: limited access to financial markets and limited commitment to tax policy. We present a small open economy model with capital where a government maximizes the utility of a working population that has no access to financial markets and is subject to endowment shocks. The government's insurance motive generates pro-cyclical taxes on capital income. If the government could commit, this policy is not distortionary. However, we show that if the government lacks the ability to commit, the best fiscal policy available exacerbates the economic cycle by distorting investment during recessions. We characterize the mechanism through which limited commitment generates cycles in investment in an environment where under commitment investment would be constant. We extend our results to standard productivity shocks and to the case where the government has access to intra-period insurance markets. Lastly, we conjecture that our results would hold as well if the government could issue debt subject to borrowing constraints"--NBER website
Author : Moisa Altar
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (129 download)
Download or read book Fiscal Policy, Public Capital and Economic Growth written by Moisa Altar and published by . This book was released on 2008 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effect of public investment on economic growth is a crucial public policy issue. Empirical research into this question was stimulated by Aschauer (1989), who suggested that public capital has a powerful impact on the productivity of private capital.Aschauer's results were controversial and have generated substantial empirical research directed at determining the robustness of his position. The present paper analyses the way in which public investment and fiscal policy influences the performances of economic growth. We analyze the impact of public investment on the dynamics of private capital formation in an intertemporal optimizing framework.Following W.H. Fischer and S.J.Turnovsky (1998), the public good is treated as a durable capital good, subject to congestion. The analysis is made on the basis of a dynamic model with discrete variables. The optimality conditions for the representative agent's problem are deduced on the basis of the Maximum Principle for discrete dynamic systems (Altar, 1976).The production function considered within the model is a function of three variables: labour, stock of private capital and services obtained from the stock of public capital. A critical feature of the model concerns the specification of the productive services derived by the representative agent from public capital. Several variants for this function are analysed in the paper. We also analyse several alternative modes of government financing. A qualitative analysis of the optimal trajectories is performed, on the basis of the information provided by the Maximum Principle, concerning the dynamics of the dual variable and the properties of the Lagrange multipliers. Finally, we analyse the influence of several fiscal and investment decisions on the optimal trajectories and on the performance-function of the model.
