The macroeconomic effects of fiscal policy in a stochastically growing economy
The macroeconomic effects of fiscal policy in a stochastically growing economy
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随机增长经济中财政政策的宏观经济效应
DOI：
10.1016/j.econmod.2013.08.001
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发表时间：
2013
影响因子：
4.7
通讯作者：
Toshiki Tamai
中科院分区：
文献类型：
--
作者：
Miyazato;Naomi;宮里尚三;宮里尚三;Toshiki Tamai;玉井 寿樹;Toshiki Tamai;Toshiki Tamai
本文建立了一个带有生产性政府支出的内生增长随机模型。在此，我们根据最近的经验证据确定了CES生产函数。在不确定的情况下，替代弹性在决定宏观经济表现和财政政策有效性方面起着关键作用。结果表明，较大的替代弹性提供了较大的预期增长率，同时也提供了较大的增长率波动。考虑到这些影响，根据替代弹性的不同，不确定条件下的增长最大化税率和福利最大化税率要大于或小于确定性经济的税率。
This paper develops a stochastic model of endogenous growth with productive government expenditure. Herein, we specify the CES production function according to recent empirical evidence. The elasticity of substitution plays a key role in determining macroeconomic performance and the effectiveness of fiscal policy under uncertainty. Results demonstrate that a large elasticity of substitution provides a large expected growth rate and also large volatility of the growth rate. Regarding these effects, the growth-maximizing tax rate and welfare-maximizing tax rate under uncertainty are larger or smaller than those of deterministic economy according to the elasticity of substitution.