| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w27625
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| 来源ID | Working Paper 27625
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| The Macroeconomic Consequences of Infrastructure Investment |
| Valerie A. Ramey
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| 发表日期 | 2020-08-03
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | Can greater investment in infrastructure raise U.S. long-run output? Are infrastructure projects a good short-run stimulus to the economy? This paper uses insights from the macroeconomics literature to address these questions. I begin by analyzing the effects of government investment in both a stylized neoclassical model and a medium-scale New Keynesian model, highlighting the economic mechanisms that govern the strength of the short-run and long-run impacts. The analysis confirms earlier findings that the implementation delays inherent in infrastructure projects reduce short-run multipliers in most cases. In contrast, long-run multipliers can be sizable when government capital is productive. Moreover, these multipliers are greater if the economy starts from a point below the socially optimal amount of public capital. Turning to empirical estimation, I use the theoretical model to explain the econometric challenges to estimating the elasticity of output to public infrastructure. Using both artificial data generated by simulations of the model and extensions of existing empirical work, I demonstrate how both general equilibrium effects and optimal choice of public capital are likely to impart upward biases to output elasticity estimates. Finally, I review and extend some empirical estimates of the short-run effects, focusing on infrastructure spending in the ARRA. |
| 主题 | Macroeconomics
; Fiscal Policy
; Public Economics
; Public Goods
; National Fiscal Issues
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| URL | https://www.nber.org/papers/w27625
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585297
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推荐引用方式
GB/T 7714 |
Valerie A. Ramey. The Macroeconomic Consequences of Infrastructure Investment. 2020.
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文件名：
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w27625.pdf
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格式：
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Adobe PDF
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