教師資料查詢 | 類別: 期刊論文 | 教師: 陳智華 Jhy-hwa Chen (瀏覽個人網頁)

標題:Government Spending, Capital Accumulation and the Optimal Policy Rule: The Role of Public Service Capital
學年94
學期2
出版(發表)日期2006/04/01
作品名稱Government Spending, Capital Accumulation and the Optimal Policy Rule: The Role of Public Service Capital
作品名稱(其他語言)
著者Shieh,Jhy-yuan; Chen, Jhy-hwa; Lai, . Author links open the author workspace.Ching-chong
單位
出版者
著錄名稱、卷期、頁數Economic Modelling 23(6), p. 875-889
摘要In this paper, we modify the Djajić [Djajić, S., 1987. “Government Spending and the Optimal Rates of Consumption and Capital Accumulation,” Canadian Journal of Economics 20, 544–554.] model in such a way that government consumption expenditure provides utility to households via the total stock of government services rather than the government consumption flow alone. By using such a framework, we show that the optimality condition for the public service capital stock is the marginal rate of substitution between public service capital and consumption that equals the intertemporal marginal rate of transformation between the two goods. In addition, we show that the relationship between private consumption and public service capital in a household's utility plays an important role in determining the transitional behavior of relevant variables. We also examine the second-best government consumption expenditure policy. By contrast, in the standard flow specification, e.g., Turnovsky and Brock [Turnovsky, S.J. and Brock, W.A., 1980. “Time Consistency and Optimal Government Policies in Perfect Foresight Equilibrium,” Journal of Public Economics 13, 183–212.], Ihori [Ihori, T., 1990. “Government Spending and Private Consumption,” Canadian Journal of Economics 23, 60–69.], and Turnovsky and Fisher [Turnovsky, S.J. and Fisher, W.H., 1995. “The Composition of Government Expenditure and its Consequences for Macroeconomic Performance,” Journal of Economic Dynamics and Control 19, 747–786.], the second-best government consumption expenditure is decided on the basis that the marginal utility of consumption is equal to the discounted sum of the marginal utility of the government's flow spending.
關鍵字Government consumption expenditure;Public capital;Social welfare
語言英文
ISSN0264-9993
期刊性質國外
收錄於SSCI;
產學合作
通訊作者Chen, Jhy-hwa
審稿制度
國別荷蘭
公開徵稿
出版型式,紙本
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