Fiscal Policy, Inflation and the Accumulation of Risky Capital
Fiscal Policy, Inflation and the Accumulation of Risky Capital
复制标题
财政政策、通货膨胀和风险资本积累
DOI：
10.2307/2297156
复制
发表时间：
1981
期刊：
影响因子：
--
通讯作者：
J. Eaton
中科院分区：
文献类型：
--
作者：
J. Eaton
政府政策对投资水平和通货膨胀的影响已成为一些工业国家决策者的主要关切。提高商业投资水平的建议包括全面减税、刺激投资的税收优惠和减少政府支出水平。本文提供了一个理论工具来探讨财政政策、政府债务、通货膨胀和资本积累之间的关系。它建立了一个包含随机生产函数和政府财政政策的单部门增长模型。经济中的原子代理人选择消费水平，并在风险资本和风险政府债务之间分配他们的财富，以使无限范围内的预期贴现效用最大化。财政政策通过影响资产收益，影响投资组合的构成、政府债券的价格和资本积累。该模型被用来回答三个一般性问题：（1）政府支出水平是否影响资本积累率和稳态通货膨胀率？(2)当在所得税和赤字财政之间进行选择时，政府的财政模式会影响这些幅度吗？(3)资本生产率的不确定性对增长有什么影响？本文的分析涉及以下几个方面的文献：（1）资本积累与债务关系的分析，（2）政府债务需求理论，（3）所得税对风险承担影响的考虑，（4）不确定条件下的资本积累分析。1.政府的支出决策和通过税收或债务发行为其支出融资的决策对产出和资本存量的影响在两个主要的经济理论体系中进行了探讨。例如，Modigliani（1961）、Diamond（1965）以及Phelps and Shell（1969）所发展的关于“债务负担”的文献表明，增加未偿政府债务价值的政策往往会通过用私人财富中的公共债务取代资本来降低资本存量水平。托宾（1965）和西德劳斯基（1967 b）所代表的货币与增长理论也暗示政府债务会取代资本，但特别承认资本收益对政府债务的作用。
The effect of government policies on the level of investment and inflation has become a major concern of policy-makers in a number of industrial countries. Proposals to raise the level of business investment have included overall tax cuts, tax incentives to spur investment and a reduction in the level of government spending. This paper presents a theoretical apparatus to explore the relationships between fiscal policy, government debt, inflation and capital accumulation. It develops a one-sector growth model embodying a stochastic production function and government fiscal policy. Atomistic agents in the economy choose consumption levels and allocate their wealth between risky capital and risky government debt to maximize expected discounted utility over an infinite horizon. Fiscal policy, by affecting asset yields, affects the composition of portfolios, the price of government bonds and the accumulation of capital. The model is used to answer three general questions: (1) Does the level of government expenditure affect the rate of capital accumulation and inflation in steady state? (2) Does the mode of government finance, when the choice is between an income tax and deficit finance, affect these magnitudes? (3) What is the effect of uncertainty in the productivity of capital on growth? The analysis relates to several areas of literature: (1) the analysis of the relationship between capital accumulation and debt, (2) the theory of the demand for government debt, (3) considerations of the effect of income taxation on risk bearing, and (4) the analysis of capital accumulation under uncertainty. 1. The effects on output and the capital stock of the government's expenditure decision and its decision to finance its expenditure by taxation or debt issue are explored in two major bodies of economic theory. The literature on the "burden of the debt" as developed by Modigliani (1961), Diamond (1965), and Phelps and Shell (1969), for example, implies that policies which increase the value of outstanding government debt will tend to lower the level of the capital stock by displacing capital with public debt in private wealth. The theory of money and growth as represented by Tobin (1965) and Sidrauski (1967b) also implies that government debt displaces capital, but specifically recognizes the role of capital gains on government debt.