Market Power in Neoclassical Growth Models
Market Power in Neoclassical Growth Models
复制标题
新古典增长模型中的市场力量
DOI：
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发表时间：
2021
期刊：
影响因子：
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通讯作者：
N. Mankiw
中科院分区：
文献类型：
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作者：
L. Ball;N. Mankiw
本文考察了新古典增长模型中的最优资本积累和政府债务的影响，在新古典增长模型中，企业具有市场支配力，因此收取高于边际成本的价格。在这种环境下，储蓄者赚取的真实的利率低于资本的净边际产品。我们建立了一个新的方法来评估动态效率，可以应用在这样的经济。一个合理的校准表明，真实的利率和资本边际产量之间的楔形约为4个百分点，美国经济是动态有效的。此外，政府庞氏骗局对福利的影响可能与竞争下的不同。即使政府能够维持债务的永久展期和利息的不断积累，该政策也可能通过抑制稳态资本和总消费来降低福利。这些研究结果表明，即使在低利率的情况下，正如最近所观察到的那样，财政政策制定者仍然应该关注政府债务的挤出效应。
This paper examines the optimal accumulation of capital and the effects of government debt in neoclassical growth models in which firms have market power and therefore charge prices above marginal cost. In this environment, the real interest rate earned by savers is less than the net marginal product of capital. We establish a new method for evaluating dynamic efficiency that can be applied in such economies. A plausible calibration suggests that the wedge between the real interest rate and the marginal product of capital is about 4 percentage points and that the U.S. economy is dynamically efficient. In addition, government Ponzi schemes can have different implications for welfare than they do under competition. Even if the government can sustain a perpetual rollover of debt and accumulating interest, the policy may nonetheless reduce welfare by depressing steady-state capital and aggregate consumption. These findings suggest that even with low interest rates, as have been observed recently, fiscal policymakers should still be concerned about the crowding-out effects of government debt.