|
Título:
|
Revisiting the optimal stationary public investment policy in endogenous growth economies
|
|
Autores:
|
Marrero, Gustavo A.
|
|
Tipo de documento:
|
texto impreso
|
|
Editorial:
|
Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid, 2005
|
|
Dimensiones:
|
application/pdf
|
|
Nota general:
|
info:eu-repo/semantics/openAccess
|
|
Idiomas:
|
|
|
Palabras clave:
|
Estado = Publicado
,
Materia = Ciencias Sociales: Economía: Economía pública
,
Tipo = Documento de trabajo o Informe técnico
|
|
Resumen:
|
One strand of the literature on endogenous growth concerns models in which public infrastructure affects the private production process. A puzzle in this literature is that observed public investment-to-output ratios for developed economies tend to fall short of theoretical model-based optimal ratios. We reexamine the optimal choice of public investment in a more general and plausible framework, which allows for a gradual transition between diferent steady states, a lower depreciation rate for public capital than for private capital, an elasticity of intertemporal substitution that differs from unity and the need to finance a non-trivial share of public services in output in each period. Given other fundamentals in the economy, we show that the optimal public investment-to-output ratio is smaller for low-growth economies, for economies populated by consumers with low preferences for substituting consumption intertemporally and when public capital is durable. Moreover, for a calibrated economy, we show that a combination of these factors solves the public investment puzzle.
|
|
En línea:
|
https://eprints.ucm.es/id/eprint/7902/1/0509.pdf
|
