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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP6160 |
DP6160 Learning-by-Doing, Organizational Forgetting and Industry Dynamics | |
David Besanko; Ulrich Doraszelski; Yaroslav Kryukov; Mark Satterthwaite | |
发表日期 | 2007-03-02 |
出版年 | 2007 |
语种 | 英语 |
摘要 | This paper explores the implications of public investment for macroeconomic performance within a simple two-period policymaking model. We show that under the balanced-budget rule, the contribution of public investment to future output plays a key role in determining its effects on macroeconomic performance. When policymakers resort to debt issue in financing expenditures, the attractiveness of public investment crucially depends on the return from capital spending relative to the cost of public borrowing. We also consider the case of a capital borrowing rule where only public investment could be financed by additional borrowing and find similar results. Our findings point to the key role of the quality of public investment in its impact on macroeconomic outcome and highlight the importance of efficient mechanisms for selection, implementation and monitoring of public investment projects in both developed and developing countries. |
主题 | International Macroeconomics |
关键词 | Macroeconomic performance Public debt Public investment |
URL | https://cepr.org/publications/dp6160 |
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/534998 |
推荐引用方式 GB/T 7714 | David Besanko,Ulrich Doraszelski,Yaroslav Kryukov,et al. DP6160 Learning-by-Doing, Organizational Forgetting and Industry Dynamics. 2007. |
条目包含的文件 | 条目无相关文件。 |
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