Fiscal Policy in a Growing Economy with Financial Frictions and Firm Heterogeneity
Fiscal Policy in a Growing Economy with Financial Frictions and Firm Heterogeneity
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DOI：
10.1111/jere.12087
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发表时间：
2016-03
期刊：
影响因子：
--
通讯作者：
Kazuo Mino
中科院分区：
文献类型：
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作者：
Kazuo Mino
本文构建了一个具有金融摩擦和企业异质性的内生增长模型。我们在基础模型中引入要素所得税、消费税以及政府消费，探讨财政政策的增长效应。我们表明，从定性的角度来看，在我们的模型中的财政行动的长期效果是类似的代表代理模型中得到的。然而，在我们的环境中，财政政策对长期增长的定量影响可能与代理商同质且没有金融摩擦的模型中建立的影响有很大不同。
This paper constructs a tractable model of endogenous growth with financial frictions and fi rm heterogeneity. We introduce factor income tax, consumption tax as well as the government consumption into the base model and explore the growth effect of fiscal policy. We show that from the qualitative perspective, the long-run effects of fiscal actions in our model are similar to those obtained in the representative-agent models. However, the quantitative impacts of fiscal policy on long-run growth in our setting can be substantially different from those established in the model where agents are homogeneous and there is no fi nancial friction.