The macroeconomic effects of public investment: Evidence from advanced economies
The macroeconomic effects of public investment: Evidence from advanced economies
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DOI：
10.1016/j.jmacro.2016.07.005
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发表时间：
2016-12-01
影响因子：
1.4
通讯作者：
Topalova, Petia
中科院分区：
文献类型：
--
作者：
Abiad, Abdul;Furceri, Davide;Topalova, Petia
本文为发达经济体公共投资的宏观经济效应提供了新的证据。本文利用公共投资预测误差来确定政府投资的因果关系以及模型模拟，发现增加的公共投资在短期和长期内都提高了产出，吸引了私人投资，并降低了失业率。有几个因素决定了公共投资的宏观经济效应。当经济疲软和货币宽松时，需求效应更强，公共债务与gdp之比实际上可能会下降。在公共投资效率较高的国家，通过发行债务融资的公共投资也更有效地促进了产出(C) 2016。
This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment as well as model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt (C) 2016 Published by Elsevier Inc.