FISCAL POLICY IN A GROWING ECONOMY WITH PUBLIC CAPITAL
FISCAL POLICY IN A GROWING ECONOMY WITH PUBLIC CAPITAL
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公共资本增长型经济体的财政政策
DOI：
10.1017/s1365100597004045
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发表时间：
1997
影响因子：
0.9
通讯作者：
S. Turnovsky
中科院分区：
文献类型：
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作者：
S. Turnovsky
在内生增长模型中引入公共资本约束，刻画了财政政策选择下公共资本约束下的动态变迁路径。从这个更一般的框架中获得了一些新的见解。在转轨过程中，两种资本存量总是从相反的方向接近它们共同的均衡增长率。政府政策会导致资本存量的更不稳定的反应，因为它最直接地影响到资本存量：在税收的情况下是私人资本，在支出的情况下是公共资本。最后，我们描述了一个随时间变化的所得税，使分散的经济复制的第一个最好的过渡动态和稳态均衡的中央计划经济。稳态部分修正了当政府支出偏离其社会最优值时产生的外部性，以及拥堵的影响。过渡组件校正代表代理沿着调整路径的近视行为。
Public capital subject to congestion is introduced into an endogenous growth model and the transitional dynamic paths under alternative fiscal policies are characterized. Several new insights are obtained from this more general framework. During the transition, the two capital stocks always approach their common equilibrium growth rate from opposite directions. Government policy induces the more volatile response in the capital stock upon which it impinges most directly: private capital in the case of a tax, public capital in the case of expenditure. Finally, we characterize a time-varying income tax that enables the decentralized economy to replicate both the first-best transitional dynamics and steady-state equilibrium of a centrally planned economy. The steady-state component corrects for externalities that arise when government expenditure deviates from its social optimum, and the effects of congestion. The transitional component corrects for myopic behavior by the representative agent along the adjustment path.