Government Spending, Capital Accumulation and the Optimal Policy Rule: The Role of Public Service Capital

doi:10.1016/j.econmod.2006.04.004

淡江大學機構典藏 > 商管學院 > 經濟學系暨研究所 > 期刊論文 > Item 987654321/110462

請使用永久網址來引用或連結此文件: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/110462

題名:	Government Spending, Capital Accumulation and the Optimal Policy Rule: The Role of Public Service Capital
作者:	Shieh, Jhy-yuan;Chen, Jhy-hwa;Lai;Ching-chong
關鍵詞:	Government consumption expenditure;Public capital;Social welfare
日期:	2006-04-01
上傳時間:	2017-07-04 02:11:14 (UTC+8)
出版者:	Elsevier BV
摘要:	In this paper, we modify the Djajić [Djajić, S., 1987. “Government Spending and the Optimal Rates of Consumption and Capital Accumulation,” Canadian Journal of Economics 20, 544–554.] model in such a way that government consumption expenditure provides utility to households via the total stock of government services rather than the government consumption flow alone. By using such a framework, we show that the optimality condition for the public service capital stock is the marginal rate of substitution between public service capital and consumption that equals the intertemporal marginal rate of transformation between the two goods. In addition, we show that the relationship between private consumption and public service capital in a household's utility plays an important role in determining the transitional behavior of relevant variables. We also examine the second-best government consumption expenditure policy. By contrast, in the standard flow specification, e.g., Turnovsky and Brock [Turnovsky, S.J. and Brock, W.A., 1980. “Time Consistency and Optimal Government Policies in Perfect Foresight Equilibrium,” Journal of Public Economics 13, 183–212.], Ihori [Ihori, T., 1990. “Government Spending and Private Consumption,” Canadian Journal of Economics 23, 60–69.], and Turnovsky and Fisher [Turnovsky, S.J. and Fisher, W.H., 1995. “The Composition of Government Expenditure and its Consequences for Macroeconomic Performance,” Journal of Economic Dynamics and Control 19, 747–786.], the second-best government consumption expenditure is decided on the basis that the marginal utility of consumption is equal to the discounted sum of the marginal utility of the government's flow spending.
關聯:	Economic Modelling 23(6), p. 875-889
DOI:	10.1016/j.econmod.2006.04.004
顯示於類別:	[經濟學系暨研究所] 期刊論文

文件中的檔案:

檔案	描述	大小	格式	瀏覽次數
Government Spending, Capital Accumulation and the Optimal Policy Rule The Role of Public Service Capital.pdf		197Kb	Adobe PDF	3	檢視/開啟
index.html		0Kb	HTML	227	檢視/開啟

在機構典藏中所有的資料項目都受到原著作權保護.

TAIR相關文章

資料載入中.....