| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21660 |
| 来源ID | Working Paper 21660 |
| Political Economy of Debt and Growth | |
| Marco Battaglini; Levon Barseghyan | |
| 发表日期 | 2015-10-26 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We present a theory of endogenous fiscal policy and growth. Fiscal policy — debt, income tax, spending on local public goods and public investment — is determined through legislative bargaining. Economic growth depends directly on public investment, private investment in human capital and, via learning-by-doing, labor supply. The model predicts that the economy converges to a balanced growth path in which consumption, private investment, public investment, public goods provision, public debt and productivity grow at the same constant rate. The transition to the balanced growth path is characterized by what we call the shrinking government effect: public debt grows faster than GDP, provisions of public goods and infrastructure grow slower than GDP and the tax rate declines. We use the model to study the impact of austerity programs which impose a ceiling on the amount of public debt a country can issue. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Macroeconomics ; Fiscal Policy ; Public Economics ; National Fiscal Issues ; Subnational Fiscal Issues |
| URL | https://www.nber.org/papers/w21660 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579335 |
| 推荐引用方式 GB/T 7714 | Marco Battaglini,Levon Barseghyan. Political Economy of Debt and Growth. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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