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The Dynamic Macroeconomic Effects Of Public Capital
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Book Synopsis The Dynamic Macroeconomic Effects of Public Capital by : Christophe Kamps
Download or read book The Dynamic Macroeconomic Effects of Public Capital written by Christophe Kamps and published by Springer Science & Business Media. This book was released on 2004-12-22 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the dynamic macroeconomic effects of public capital in industrialized countries. The issue of whether public capital is productive has received a great deal of recent attention. Yet, existing empirical analyses have been limited to a small set of countries. This book presents a new database that provides internationally comparable capital stock estimates for 22 OECD countries for the 1960-2001 period. Building on this database, the book estimates the dynamic effects of public capital using a variety of econometric methods. The results suggest that public capital is productive in OECD countries on average. The theoretical analysis based on a dynamic general equilibrium model shows that the effects of public capital depend crucially on the way the government chooses to finance additional spending.
Book Synopsis The Macroeconomic Effects of Public Investment by : Mr.Abdul Abiad
Download or read book The Macroeconomic Effects of Public Investment written by Mr.Abdul Abiad and published by International Monetary Fund. This book was released on 2015-05-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.
Book Synopsis Macroeconomic Policy by : Robert J. Barro
Download or read book Macroeconomic Policy written by Robert J. Barro and published by Harvard University Press. This book was released on 1990 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a collection of 13 papers by a leading proponent of new classical macroeconomics, published between 1981 and 1989. The papers are classified into three topical groups. The five papers in the first section, "Rules versus Discretion," provide an overview of the models and ideas that have been deployed in this policy debate. The next three papers investigate the impact of changes in the money supply on business cycles. The third category contains five papers that address various issues in fiscal policy. Of particular note is Barro's 1989 paper on the resuscitation of the Ricardian equivalence theorem. ISBN 0-674-54080-8: $37.50.
Book Synopsis The New Dynamic Public Finance by : Narayana R. Kocherlakota
Download or read book The New Dynamic Public Finance written by Narayana R. Kocherlakota and published by Princeton University Press. This book was released on 2010-07-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Download or read book Fiscal Therapy written by William G. Gale and published by Oxford University Press. This book was released on 2019-03-01 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keeping the economy strong will require addressing two distinct but related problems. Steadily rising federal debt makes it harder to grow our economy, boost our living standards, respond to wars or recessions, address social needs, and maintain our role as a global leader. At the same time, we have let critical investments lag and left many people behind even as overall prosperity has grown. In Fiscal Therapy, William Gale, a leading authority on how federal tax and budget policy affects the economy, provides a trenchant discussion of the challenges posed by the imbalances between spending and revenue. America is facing a gradual decline as debt accumulates and delay raises the costs of action. But there is hope: fiscal responsibility aligns with both conservative and liberal goals and citizens of all stripes can support the notion of making life better for our children and grandchildren. Gale provides a plan to make the economy and nation stronger, one that controls entitlement spending but preserves and enhances their anti-poverty and social insurance roles, increases public investments on human and physical capital, and raises and reforms taxes to pay for government services in a fair and efficient way. What is needed, he argues, is to balance today's needs against tomorrow's obligations. We face significant fiscal challenges but, if we are wise enough to seize our opportunities, we can strengthen our economy, increase opportunity, reduce inequality, and build better lives for our children and grandchildren. We do not have to kill popular programs or starve government. Indeed, one main goal of fiscal reform is to maintain the vital functions that government provides. We need to act responsibly, pay for the government we want, and shape that government in ways that serve us best.
Book Synopsis On the Substitution of Private and Public Capital in Production by : Zidong An
Download or read book On the Substitution of Private and Public Capital in Production written by Zidong An and published by International Monetary Fund. This book was released on 2019-11-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by estimating a nested-CES production function whereas the two types of capital are considered separately along with labor as inputs. The estimation is based on our newly developed dataset on public and private capital stocks for 151 countries over a period of 1960-2014 consistent with Penn World Table version 9. We find evidence against perfect substitutability between public and private capital, especially for emerging and LIDCs, with the point estimate of the elasticity of substitution estimated closely around 3.
Book Synopsis Das Public Kapital by : Selim Elekdag
Download or read book Das Public Kapital written by Selim Elekdag and published by International Monetary Fund. This book was released on 2014-12-17 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional spillovers. While time-to-build delays can weaken the impact of the stimulus in the short-run, the expansionary effects of higher public investment are substantially strengthened with an accommodative monetary policy stance—as is typical during periods of economic slack. The current low-interest rate environment presents a window of opportunity to finance higher public investment at historically favorable rates.
Book Synopsis Macroeconomic Effects of Tax Rate and Base Changes by : Frederico Lima
Download or read book Macroeconomic Effects of Tax Rate and Base Changes written by Frederico Lima and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the macroeconomic effects of tax changes during fiscal consolidations. We build a new narrative dataset of tax changes during fiscal consolidation years, containing detailed information on the expected yield, motivation, and announcement and implementation dates of more than 2,000 tax measures across 10 OECD countries. Using this data, we then analyze the macroeconomic impact of tax changes, distinguishing between tax rate and tax base changes, and further differentiating between changes in personal income, corporate income, and value added taxes. Our results suggest that base broadening during fiscal consolidations leads to smaller output and employment declines compared to rate hikes, even when distinguishing between tax types.
Book Synopsis The Macroeconomic Effects of Natural Resource Extraction by : Mr.Suman S Basu
Download or read book The Macroeconomic Effects of Natural Resource Extraction written by Mr.Suman S Basu and published by International Monetary Fund. This book was released on 2013-05-31 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: To investigate the effects on Papua New Guinea’s economy of substantial liquified natural gas revenues arriving in 2015, we employ a model to examine the macroeconomic effects of a scalingup of natural resource windfall revenues and the implications for a variety of policy responses. The model is a multi-sector dynamic stochastic general equilibrium (DSGE) model, and features components that allow for a detailed study of the effects of both fiscal and monetary policy in response to a positive shock to the mineral resource value of a country. The model contains tradable, non-tradable, and mining sectors, as well as an independent central bank and fiscal authority. We calibrate the model to the current economy of Papua New Guinea and run a suite of policy simulations. We find that macroeconomic effects from a resource boom typically associated with Dutch Disease effects such as a real appreciation and a fall in tradable sector production stem largely from the non-tradable component of government spending. The central bank can offset the real appreciation, but not without crowding out the private sector. A sovereign wealth fund (SWF), combined with a smooth capital spending path, entails the best means of dealing with macroeconomic volatility and maintaining a stable fiscal regime.
Book Synopsis The Dynamic Effects of Public Capital by : Christophe Kamps
Download or read book The Dynamic Effects of Public Capital written by Christophe Kamps and published by . This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Econometrics written by P. J. Dhrymes and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Accumulation and Economic Growth in a Small Open Economy by : Stephen J. Turnovsky
Download or read book Capital Accumulation and Economic Growth in a Small Open Economy written by Stephen J. Turnovsky and published by Cambridge University Press. This book was released on 2009-08-20 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the process of economic growth in a small open economy by one of the world's leading economists.
Book Synopsis Investing in Public Infrastructure by : Manoj Atolia
Download or read book Investing in Public Infrastructure written by Manoj Atolia and published by International Monetary Fund. This book was released on 2017-05-04 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do governments in developing economies invest in roads and not enough in schools? In the presence of distortionary taxation and debt aversion, the different pace at which roads and schools contribute to economic growth turns out to be central to this decision. Specifically, while costs are front-loaded for both types of investment, the growth benefits of schools accrue with a delay. To put things in perspective, with a “big push,” even assuming a large (15 percent) return differential in favor of schools, the government would still limit the fraction of the investment scale-up going to schools to about a half. Besides debt aversion, political myopia also turns out to be a crucial determinant of public investment composition. A “big push,” by accelerating growth outcomes, mitigates myopia—but at the expense of greater risks to fiscal and debt sustainability. Tied concessional financing and grants can potentially mitigate the adverse effects of both debt aversion and political myopia.
Book Synopsis Applied Macroeconomics for Public Policy by : Rafael Yanushevsky
Download or read book Applied Macroeconomics for Public Policy written by Rafael Yanushevsky and published by Academic Press. This book was released on 2018-09-28 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applied Macroeconomics for Public Policy applies system and control theory approaches to macroeconomic problems. The book shows how to build simple and efficient macroeconomic models for policy analysis. By using these models, instead of complex multi-criteria models with uncertain parameters, readers will gain new certainty in macroeconomic decision-making. As high debt to GDP ratios cause problems in societies, this book provides insights on improving economies during and after economic downturns. - Provides a detailed analysis of existing macroeconomic models - Addresses the dynamics of debt to GDP ratio and the effects of fiscal and monetary policy on this ratio - Shows how to use models to evaluate the dynamics of the debt to GDP ratio in cases of government spending and tax cuts and to decide whether such economic measures are efficient - Uses optimal theory to obtain optimal yearly debt levels to reach the established goals (decrease debt or balance budget) - Provides many examples and software exercises to promote learning by doing
Book Synopsis The Economics of the Government Budget Constraint by : Stanley Fischer
Download or read book The Economics of the Government Budget Constraint written by Stanley Fischer and published by World Bank Publications. This book was released on 1989 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimates of Government Net Capital Stocks for 26 Developing Countries, 1970-2002 by : Florence Arestoff
Download or read book Estimates of Government Net Capital Stocks for 26 Developing Countries, 1970-2002 written by Florence Arestoff and published by World Bank Publications. This book was released on 2006 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors provide various estimates of the government net capital stocks for a panel of 26 developing countries over the period 1970-2001. Two kinds of internationally comparable series of public capital stocks are presented. The first estimates are based on the standard perpetual inventory method and various assumptions regarding initial stocks and depreciation rates. The second set of estimates takes into account the potential inefficiency of public investments in creating capital with a nonparametric approach. Three estimates of net capital stocks are provided, on the basis of three assumptions regarding the efficiency of public investment.
Book Synopsis Capitalism without Capital by : Jonathan Haskel
Download or read book Capitalism without Capital written by Jonathan Haskel and published by Princeton University Press. This book was released on 2018-10-16 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success. But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the larger economic changes of the past decade, including the growth in economic inequality and the stagnation of productivity. Jonathan Haskel and Stian Westlake explore the unusual economic characteristics of intangible investment and discuss how an economy rich in intangibles is fundamentally different from one based on tangibles. Capitalism without Capital concludes by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.
