Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board , Washington , D . C . Revisiting the Supply-Side Effects of Government Spending
Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board , Washington , D . C . Revisiting the Supply-Side Effects of Government Spending
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发表时间：
2008
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通讯作者：
Vasia Panousi
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作者：
Vasia Panousi
在新古典经济增长模型中，当经济主体面临无保险的特殊投资风险时，我们重新审视政府消费的宏观经济效应。在完全市场条件下，政府消费的持续增加对利率和资本劳动比率没有长期影响，但由于负财富效应，政府消费增加了工作时间。一旦我们考虑到不完全市场，这些结果就会被打乱。同样的负财富效应现在导致了风险承担和投资需求的减少。这导致无风险利率降低，在某些条件下，也会导致资本劳动比率降低，生产率降低。JEL代码：E13， E62。
We revisit the macroeconomic effects of government consumption in the neoclassical growth model when agents face uninsured idiosyncratic investment risk. Under complete markets, a permanent increase in government consumption has no long-run effect on the interest rate and the capital-labor ratio, while it increases hours due to the negative wealth effect. These results are upset once we allow for incomplete markets. The same negative wealth effect now causes a reduction in risk taking and the demand for investment. This leads to a lower risk-free rate and, under certain conditions, also to a lower capital-labor ratio, and lower productivity. JEL codes: E13, E62.