| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP496 |
| DP496 On Budgetary Policies and Economic Growth | |
| Frederick van der Ploeg; George Alogoskoufis | |
| 发表日期 | 1990-12-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper investigates the implications of budgetary policies for consumption and economic growth. We present a model that combines the Arrow-Romer endogenous growth model with the Blanchard-Yaari overlapping-generations model. We show that a rise in government debt, financed by lump-sum taxes, increases the share of private consumption to national income and reduces the long-run growth rate. We also show that a rise in government consumption financed by lump-sum taxes reduces both the share of private consumption in national income and the long-run growth rate. These results do not follow in infinite-horizon, representative-household models of endogenous growth. In such models the substitution of debt for tax finance does not affect consumption and the growth rate, and a balanced budget increase in government consumption crowds out private consumption one-for-one, without any effects on the growth rate. The paper examines the dynamic adjustment of consumption, growth and government debt to a temporary tax cut, and briefly discusses the empirical implications of the results. |
| 主题 | International Macroeconomics |
| 关键词 | Budgetary policy Burden of debt Consumption Endogenous growth |
| URL | https://cepr.org/publications/dp496 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529643 |
| 推荐引用方式 GB/T 7714 | Frederick van der Ploeg,George Alogoskoufis. DP496 On Budgetary Policies and Economic Growth. 1990. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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