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The Welfare Multiplier Of Public Infrastructure Investment
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Book Synopsis The Welfare Multiplier of Public Infrastructure Investment by : Mr.Giovanni Ganelli
Download or read book The Welfare Multiplier of Public Infrastructure Investment written by Mr.Giovanni Ganelli and published by International Monetary Fund. This book was released on 2016-02-29 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the welfare multipliers of public spending (the consumption equivalent change in welfare for one dollar change in public spending) in a DSGE model. The welfare multipliers of public infrastructure investment are positive if infrastructure is sufficiently effective. When the medium-term output multipliers are consistent with the empirical estimates (1-1.4), the welfare multiplier is 0.8. That is, a dollar spent by the government for investment raises domestic welfare by equivalent of 0.8 dollars of private consumption. This suggests that the welfare gains of public infrastructure investment, if chosen wisely, may be substantial.
Book Synopsis The Welfare Multiplier of Public Infrastructure Investment by : Juha Tervala
Download or read book The Welfare Multiplier of Public Infrastructure Investment written by Juha Tervala and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the welfare multipliers of public spending (the consumption equivalent change in welfare for one dollar change in public spending) in a DSGE model. The welfare multipliers of public infrastructure investment are positive if infrastructure is sufficiently effective. When the medium-term output multipliers are consistent with the empirical estimates (1-1.4), the welfare multiplier is 0.8. That is, a dollar spent by the government for investment raises domestic welfare by equivalent of 0.8 dollars of private consumption. This suggests that the welfare gains of public infrastructure investment, if chosen wisely, may be substantial. --Abstract.
Book Synopsis The Welfare Multiplier of Public Infrastructure Investment by : Mr.Giovanni Ganelli
Download or read book The Welfare Multiplier of Public Infrastructure Investment written by Mr.Giovanni Ganelli and published by International Monetary Fund. This book was released on 2016-02-29 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the welfare multipliers of public spending (the consumption equivalent change in welfare for one dollar change in public spending) in a DSGE model. The welfare multipliers of public infrastructure investment are positive if infrastructure is sufficiently effective. When the medium-term output multipliers are consistent with the empirical estimates (1-1.4), the welfare multiplier is 0.8. That is, a dollar spent by the government for investment raises domestic welfare by equivalent of 0.8 dollars of private consumption. This suggests that the welfare gains of public infrastructure investment, if chosen wisely, may be substantial.
Book Synopsis Productiveness and Welfare Implications of Public Infrastructure by : Felix K. Rioja
Download or read book Productiveness and Welfare Implications of Public Infrastructure written by Felix K. Rioja and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effects of public infrastructure investment policies. A dynamic general equilibrium model where the effective stock of public infrastructure is an input in production is used to analyze the consequences of changing the share of GDP devoted to public investment. Infrastructure has sizable long-run effects on an economy's GDP. The model is solved numerically using parameters from seven Latin American countries. While these countries may be under-investing in infrastructure, it is also shown that too much public investment can be detrimental.
Book Synopsis Public Infrastructure and Growth by : Pierre-Richard Agénor
Download or read book Public Infrastructure and Growth written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2006 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper provides an overview of the various channels through which public infrastructure may affect growth. In addition to the conventional productivity, complementarity, and crowding-out effects typically emphasized in the literature, the impact of infrastructure on investment adjustment costs, the durability of private capital, and the production of health and education services are also highlighted. Effects on health and education are well documented in a number of microeconomic studies, but macroeconomists have only recently begun to study their implications for growth. Links between health, infrastructure, and growth are illustrated in an endogenous growth model with transitional dynamics, and the optimal allocation of public expenditure is discussed. The concluding section draws implications of the analysis for the design of strategies aimed at promoting growth and reducing poverty.
Book Synopsis Public Capital, Growth and Welfare by : Pierre-Richard Agénor
Download or read book Public Capital, Growth and Welfare written by Pierre-Richard Agénor and published by Princeton University Press. This book was released on 2012-12-23 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: A framework for the analysis of public investment in the developing world In the past three decades, developing countries have made significant economic and social progress, from improved infant mortality rates to higher life expectancy. Yet, 1.3 billion people continue to live in extreme poverty in the developing world, leading policymakers to place a renewed emphasis on policies that could promote economic efficiency and the productivity of the poor. How should these policies be sequenced and implemented to spur growth? Would a large, front-loaded increase in public infrastructure investment yield the desired growth-promoting effect? Taking a rigorous look at this kind of investment and its outcomes, this book explores the different channels through which public capital in infrastructure may affect growth and human welfare, and develops a series of formal models for understanding how these channels operate. Bringing together a vast amount of research in one unifying framework, Pierre-Richard Agénor finds that in considering investment in infrastructure, a variety of externalities need to be factored into analytical models and introduced in policy debates. Lack of access to infrastructure not only constrains the expansion of markets and private investment, it may also hinder the achievement of health and education targets. Ease of access, conversely, promotes innovation and empowers women by allowing them to reallocate their time to productive uses. Laying a solid foundation of economic facts and ideas, Public Capital, Growth, and Welfare provides a comprehensive look at the critical role of public capital in development.
Book Synopsis Stabilization Policy, Infrastructure Investment, and Welfare in a Small Open Economy by : Yin Germaschewski
Download or read book Stabilization Policy, Infrastructure Investment, and Welfare in a Small Open Economy written by Yin Germaschewski and published by . This book was released on 2019 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies a joint monetary and fiscal policy response to an increase in public infrastructure investment in emerging market economies. I extend the neoclassical growth model to a two-sector open economy setting, and introduce heterogeneous agents to examine the distributional effects of public investment on welfare. My results show that the effects of public infrastructure investment hinge crucially on how the increases in government spending are ultimately financed. Monetary policy without fiscal adjustment for financing infrastructure expansion is inflationary, and has sizable crowding-out effects on private consumption and investment over shorter horizons. Fiscal stabilization policy is critical for the sustainability of rising government spending and price stability. With the joint effort of monetary and fiscal policy, infrastructure investment brings in significant welfare gains to the economy. Public investment has major distributional effects across agents, and the choice of fiscal instruments matters both quantitatively and qualitatively. Saving households accrue the highest welfare gains as a result of new bond issuance, while hand-to-mouth consumers are better off when non-distorting taxes are adjusted.
Book Synopsis What Have We Learned about the Effectiveness of Infrastructure Investment as a Fiscal Stimulus? by : Maria Vagliasindi
Download or read book What Have We Learned about the Effectiveness of Infrastructure Investment as a Fiscal Stimulus? written by Maria Vagliasindi and published by . This book was released on with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Great Depression of the 1930s, and through the more recent Asian Crisis of 1997 and Great Recession of 2008/09, governments have experimented with Keynesian style fiscal stimulus to support employment and accelerate economic recovery. The effectiveness of these policies depends on the size of fiscal multipliers. A large body of economic literature has estimated such multipliers, with gradually increasing precision, due to econometric improvements and better ways to identify fiscal impulses. Overall, the largest multipliers are found to be associated with public investment, as opposed to other types of spending. Such public investment multipliers are typically below one in the short run, but studies with multi-year horizons suggest that values higher than unity can be attained over time. The size of multipliers is sensitive to economic conditions. During recessions, and periods of high unemployment, transfer payments appear sometimes to offer higher multipliers than public investment. An important exception is when fiscal and monetary policies are closely coordinated and interest rates approach zero, conditions that provide the strongest evidence for the efficacy of public investment multipliers. Other institutional factors also play a crucial role in determining the size of the public investment multiplier, in particular the country's absorptive capacity, and the selection of high-quality shovel ready projects. However, there is limited empirical evidence available on the magnitude of fiscal multipliers in developing country settings, or for infrastructure sectors or subsectors specifically. The few studies available suggest that certain types of green infrastructure (energy efficiency, solar energy, and so forth) may bring employment benefits in the short run, while innovative digital infrastructure may yield longer-run benefits for economic growth. The relevance of these findings to the current COVID-19 crisis is explored.
Book Synopsis Public Infrastructure Investments, Productivity and Welfare in Fixed Geographic Areas by : Andrew Haughwout
Download or read book Public Infrastructure Investments, Productivity and Welfare in Fixed Geographic Areas written by Andrew Haughwout and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Measures of the value of public investments are critical inputs into the policy process, and aggregate production and cost functions have become the dominant methods of evaluating these benefits. This paper examines the limitations of these approaches in light of applied production and spatial equilibrium theories. A spatial general equilibrium model of an economy with nontraded, localized public goods like infrastructure is proposed, and a method for identifying the role of public capital in firm production and household preferences is derived. Empirical evidence from a sample of large U.S. cities suggests that while public capital provides significant productivity and consumption benefits, an ambitious program of locally funded infrastructure provision would likely generate negative net benefits for these cities.
Book Synopsis Impact of Transport Infrastructure Investment on Regional Development by : OECD
Download or read book Impact of Transport Infrastructure Investment on Regional Development written by OECD and published by OECD Publishing. This book was released on 2002-05-23 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report describes evaluation methods for transport infrastructure investments to ensure that scarce resources are allocated in a way that maximises their net return to society.
Book Synopsis The Macroeconomic Consequences of Infrastructure Investment by : Valerie Ann Ramey
Download or read book The Macroeconomic Consequences of Infrastructure Investment written by Valerie Ann Ramey and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can greater investment in infrastructure raise U.S. long-run output? Are infrastructure projects a good short-run stimulus to the economy? This paper uses insights from the macroeconomics literature to address these questions. I begin by analyzing the effects of government investment in both a stylized neoclassical model and a medium-scale New Keynesian model, highlighting the economic mechanisms that govern the strength of the short-run and long-run impacts. The analysis confirms earlier findings that the implementation delays inherent in infrastructure projects reduce short-run multipliers in most cases. In contrast, long-run multipliers can be sizable when government capital is productive. Moreover, these multipliers are greater if the economy starts from a point below the socially optimal amount of public capital. Turning to empirical estimation, I use the theoretical model to explain the econometric challenges to estimating the elasticity of output to public infrastructure. Using both artificial data generated by simulations of the model and extensions of existing empirical work, I demonstrate how both general equilibrium effects and optimal choice of public capital are likely to impart upward biases to output elasticity estimates. Finally, I review and extend some empirical estimates of the short-run effects, focusing on infrastructure spending in the ARRA.
Book Synopsis A European Public Investment Outlook by : Floriana Cerniglia
Download or read book A European Public Investment Outlook written by Floriana Cerniglia and published by Open Book Publishers. This book was released on 2020-06-12 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: This outlook provides a focused assessment of the state of public capital in the major European countries and identifies areas where public investment could contribute more to stable and sustainable growth. A European Public Investment Outlook brings together contributions from a range of international authors from diverse intellectual and professional backgrounds, providing a valuable resource for the policy-making community in Europe to feed their discussion on public investment. The volume both offers sector-specific advice and highlights larger areas which should be prioritized in the policy debate (from transport to social capital, R&D and the environment). The Outlook is structured into two parts: the chapters of Part I respectively explore public investment trends in France, Germany, Italy, Spain and Europe as a whole, and illuminate how the legacy of the 2008 Global Financial Crisis is one of insufficient public investment. Part II investigates some areas into which resources could be channelled to reverse the recent trend and provide European economies with an adequate public capital stock. The essays in this outlook collectively foster a broad approach to and definition of public investment, that is today more relevant than ever. Offering up a timely and clear case for the elimination of bias against investment in European fiscal rules, this outlook is a welcome contribution to the European debate, aimed both at policy makers and general readers.
Book Synopsis The Macroeconomic Consequences of Infrastructure Investment by : Valerie A. Ramey
Download or read book The Macroeconomic Consequences of Infrastructure Investment written by Valerie A. Ramey and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Can greater investment in infrastructure raise U.S. long-run output? Are infrastructure projects a good short-run stimulus to the economy? This paper uses insights from the macroeconomics literature to address these questions. I begin by analyzing the effects of government investment in both a stylized neoclassical model and a medium-scale New Keynesian model, highlighting the economic mechanisms that govern the strength of the short-run and long-run impacts. The analysis confirms earlier findings that the implementation delays inherent in infrastructure projects reduce short-run multipliers in most cases. In contrast, long-run multipliers can be sizable when government capital is productive. Moreover, these multipliers are greater if the economy starts from a point below the socially optimal amount of public capital. Turning to empirical estimation, I use the theoretical model to explain the econometric challenges to estimating the elasticity of output to public infrastructure. Using both artificial data generated by simulations of the model and extensions of existing empirical work, I demonstrate how both general equilibrium effects and optimal choice of public capital are likely to impart upward biases to output elasticity estimates. Finally, I review and extend some empirical estimates of the short-run effects, focusing on infrastructure spending in the ARRA.
Book Synopsis An Option Approach to Public Infrastructure Investment by : Joshua R. Hendrickson
Download or read book An Option Approach to Public Infrastructure Investment written by Joshua R. Hendrickson and published by . This book was released on 2016 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do we ensure that public infrastructure is properly and adequately maintained and replaced? How can we ensure that the allocation of infrastructure spending is not motivated by the political process? In this paper, I present an option value approach that offers an answer to both questions and I argue that this approach is superior to the current net present value approach (NPV). This yields several important results. First, I show that the NPV approach is not sufficient. Second, the option value approach allows for an explicit valuation for comparisons between projects. Third, the option approach provides an explicit formula for managing a transportation fund for infrastructure projects. Finally, the option value approach provides the means for a rule-of-law for managing infrastructure projects that ensures that both needed investment takes place and that funding is not allocated based on political value.
Book Synopsis Infrastructure and Economic Growth in Asia by : John Cockburn
Download or read book Infrastructure and Economic Growth in Asia written by John Cockburn and published by Springer. This book was released on 2013-12-05 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public spending on infrastructure plays an important role in promoting economic growth and poverty alleviation. Empirical studies unequivocally show that under-investment in infrastructure limit economic growth. At the same time, numerous other studies have shown that investment in infrastructure can be a highly effective tool in fighting poverty reduction1. In that context, the financing of infrastructure has been a critical element of most economic growth and poverty reduction strategies in developing countries, since the start of this millennium. This book provides a comparative analysis of the aggregate and sectoral implications of higher spending on infrastructure in three very different Asian countries: China, Pakistan, and the Philippines. Particular attention is paid to the role of alternative financing mechanisms for increasing public infrastructure investment, namely distortionary and non-distortionary means of financing. The book will be of interest to scholars and policy-makers concerned with economic growth in developing countries.
Book Synopsis How the Stock Market Works by : Michael Becket
Download or read book How the Stock Market Works written by Michael Becket and published by Kogan Page Publishers. This book was released on 2012-01-03 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now more than ever, people are being affected by the fluctuations in the global economy and by financial uncertainty - with major impacts on their savings, portfolios and pensions. Fully updated for this fourth edition, How the Stock Market Works tells investors what is being traded and how, who does what with whom, and how to evaluate a particular share or bond in light of rival claims from critics and admirers. From the practical consequences of being a shareholder to a basic coverage of the taxation regime, the book provides a wealth of information on individual product types as well as the key players themselves.
Book Synopsis Africa's Infrastructure by : Vivien Foster
Download or read book Africa's Infrastructure written by Vivien Foster and published by World Bank Publications. This book was released on 2010 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: This booklet contains the Overview as well as a list of contents from the forthcoming book Africa's Infrastructure: A time for Transformation.
