| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28538 |
| 来源ID | Working Paper 28538 |
| Market Power in Neoclassical Growth Models | |
| Laurence M. Ball; N. Gregory Mankiw | |
| 发表日期 | 2021-03-08 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper examines the optimal accumulation of capital and the effects of government debt in neoclassical growth models in which firms have market power and therefore charge prices above marginal cost. In this environment, the real interest rate earned by savers is less than the net marginal product of capital. We establish a new method for evaluating dynamic efficiency that can be applied in such economies. A plausible calibration suggests that the wedge between the real interest rate and the marginal product of capital is more than 4 percentage points and that the U.S. economy is dynamically efficient. In addition, government Ponzi schemes can have different implications for welfare than they do under competition. Even if the government can sustain a perpetual rollover of debt and accumulating interest, the policy may nonetheless reduce welfare by depressing steady-state capital and aggregate consumption. These findings suggest that even with low interest rates, as have been observed recently, fiscal policymakers should still be concerned about the crowding-out effects of government debt. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Fiscal Policy ; Public Economics ; National Fiscal Issues ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w28538 |
| 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/586211 |
| 推荐引用方式 GB/T 7714 | Laurence M. Ball,N. Gregory Mankiw. Market Power in Neoclassical Growth Models. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28538.pdf（238KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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