Political Economy of Debt and Growth
Political Economy of Debt and Growth
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债务与增长的政治经济学
DOI：
10.1016/j.jmoneco.2016.06.007
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Levon Barseghyan
中科院分区：
文献类型：
--
作者：
M. Battaglini;Levon Barseghyan
发展了内生财政政策与经济增长的理论。财政政策--债务、所得税、地方公共产品支出和公共投资--是通过立法谈判决定的。经济增长直接依赖于公共投资、私人对人力资本的投资，以及通过边干边学的劳动力供给。模型经济向平衡增长路径收敛，在向平衡增长路径过渡的过程中，公共债务增长快于GDP增长，公共产品和基础设施供给增长慢于GDP增长，税率下降。该模型被用来评估紧缩计划的福利影响。
A theory of endogenous fiscal policy and growth is developed. Fiscal policy–debt, income tax, spending on local public goods, and public investment–is determined through legislative bargaining. Economic growth depends directly on public investment, private investment in human capital, and, via learning-by-doing, labor supply. The model economy converges to a balanced growth path. During the transition to the balanced growth path, public debt grows faster than GDP, provisions of public goods and infrastructure grow slower than GDP, and the tax rate declines. The model is used to assess welfare implications of austerity programs.