G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6160
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
URLhttps://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.
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