The optimal composition of public spending in a deep recession
The optimal composition of public spending in a deep recession
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深度衰退中公共支出的最佳构成
DOI：
10.1016/j.jmoneco.2019.03.006
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发表时间：
2020
影响因子：
4.1
通讯作者：
Jordan Roulleau
中科院分区：
文献类型：
--
作者：
Hafedh Bouakez;M. Guillard;Jordan Roulleau
我们研究了在一个陷入深度衰退的经济体中的最优财政政策，这种衰退的特点是流动性陷阱，在这种情况下，政府可以将支出分配给消费和投资品。公共投资增加了公共资本存量，但受建设时间的限制。名义利率的零下限是一场巨大冲击的结果，这场冲击增加了家庭在无风险资产中储蓄的愿望，将自然利率推低至零以下。在名义僵化和次优货币政策下，冲击导致私人消费和投资大幅下滑。我们认为，对这种冲击的最佳反应是暂时将公共支出提高到经典原则所规定的水平之上，并使其构成向公共投资倾斜。这种成分转变在自然利率不再为负值后仍会持续很长时间。我们的研究结果表明，2009年的《美国复苏与再投资法案》对公共投资的导向不足。
We study optimal fiscal policy in an economy plunged into a deep recession characterized by a liquidity trap, and in which the government can allocate spending both to consumption and investment goods. Public investment increases the stock of public capital subject to a time-to-build constraint. The zero lower bound on the nominal interest rate binds as a result of a large shock that increases households’ desire to save in the risk-free asset, pushing the natural rate of interest below zero. Under nominal rigidities and sub-optimal monetary policy, the shock leads to a large decline in private consumption and investment. We show that the optimal response to such a shock is to temporarily raise public spending above the level that would be dictated by classical principles, and to tilt its composition towards public investment. This compositional shift lasts well after the natural rate has ceased to be negative. Our results suggest that the American Recovery and Reinvestment Act of 2009 was insufficiently oriented towards public investment.
DOI：
10.1093/restud/rdy030
发表时间：
2019
期刊：
The Review of Economic Studies
影响因子：
--
作者：
Michaillat P
通讯作者：
Michaillat P