Reassessing Dynamic Efficiency ∗
Reassessing Dynamic Efficiency ∗
复制标题
重新评估动态效率*
DOI：
--
复制
发表时间：
2017
期刊：
影响因子：
--
通讯作者：
F. Geerolf
中科院分区：
文献类型：
--
作者：
F. Geerolf
在一篇开创性的论文中，Abel 等人。 （1989）认为美国和其他六个主要发达经济体是动态效率的。通过更新混合收入和土地租金的数据，我发现相比之下，动态效率的标准在任何发达经济体中都没有得到验证，而日本和韩国的资本积累无疑是过度积累的。这种世界性的“储蓄过剩”有可能解释低利率、企业持有现金、金融泡沫等难以理解的宏观经济事实。这也是微观经济观察的宏观经济对应，即平均企业的投资回报率低于其衡量的资本成本。因此，根据一些注意事项，公共债务的增加或现收现付制度的普遍化可能会导致帕累托改进。
In a seminal paper, Abel et al. (1989) argue that the United States and six other major advanced economies are dynamically efficient. Updating data on mixed income and land rents, I find in contrast that the criterion for dynamic efficiency is not verified for any advanced economy, and that Japan and South Korea have unambiguously over-accumulated capital. This world “savings glut” can potentially explain otherwise hard-to-understand macroeconomic stylized facts low interest rates, cash holding by firms, financial bubbles. It is also the macroeconomic counterpart of the microeconomic observation that average firms’ return on investment is lower than their measured cost of capital. Subject to some caveats, an increase of public debt, or a generalization of pay-as-you-go systems could therefore be Pareto-improving.