کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
984334 934231 2015 20 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Productive government spending and its consequences for the growth–inequality tradeoff
ترجمه فارسی عنوان
مخارج دولتی تولیدی و پیامدهای آن برای نابرابری رشد و تقاضا؟
کلمات کلیدی
سرمایه گذاری دولتی، شوک های ایدئوساینکراتیک، رشد نابرابری
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی

This paper investigates the effects of productive government spending on the relationship between growth and inequality in an economy subject to idiosyncratic production shocks and heterogeneous endowments. Assuming lognormal distributions, we derive tractable closed form solutions describing the equilibrium dynamics. We show how the effect of government investment on the equilibrium dynamics of both inequality and growth depends crucially upon the elasticity of substitution between public and private capital in production. This has important consequences for the growth- and welfare-maximizing rates of government investment. Finally, we supplement our theoretical analysis with numerical simulations, calibrated to approximate the productive characteristics of a real world economy. With the empirical evidence strongly supporting the complementarity between public and private capital, our simulations suggest that conclusions based on the commonly employed Cobb–Douglas production function may be seriously misleading.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in Economics - Volume 69, Issue 4, December 2015, Pages 621–640
نویسندگان
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