Government Purchases And Real Output

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Government Purchases And Real Output

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Author : Teresa Garcia-Milà
language : en
Publisher:
Release Date : 1987

Government Purchases And Real Output written by Teresa Garcia-Milà and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Compras estatales categories.

Government Spending Taxes And Economic Growth

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Author : Mr.Paul Cashin
language : en
Publisher: International Monetary Fund
Release Date : 1994-08-01

Government Spending Taxes And Economic Growth written by Mr.Paul Cashin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-08-01 with Business & Economics categories.

This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth-enhancing effects of investment in public capital and transfer payments are modeled, as is the growth-inhibiting influence of the levying of distortionary taxes which are used to fund such expenditure. The theoretical implications of the model are then tested with data from 23 developed countries between 1971 and 1988, and time series cross sectional results are obtained which support the proposed influence of the public finance variables on economic growth.

The Effects Of Government Spending Under Limited Capital Mobility

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Author : Ms.Wenyi Shen
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-01

The Effects Of Government Spending Under Limited Capital Mobility written by Ms.Wenyi Shen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with Business & Economics categories.

This paper studies the effects of government spending under limited international capital mobility, as featured by most developing countries. While external financing of government debt mitigates the crowding-out effect, it generates real appreciation, which contracts traded output and lowers the fiscal multiplier in the short run. The decline of the multiplier is larger when facing debt-elastic country risk premia. Also, government spending is more expansionary with more home bias in government purchases, more sectoral rigidities, and a less flexible exchange rate. Whether the twin-deficit hypothesis holds depends crucially on the extent to which government deficits are financed externally.

Stylized Facts Of Government Finance In The G 7

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Author : Mr.Riccardo Fiorito
language : en
Publisher: International Monetary Fund
Release Date : 1997-10-01

Stylized Facts Of Government Finance In The G 7 written by Mr.Riccardo Fiorito and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-10-01 with Business & Economics categories.

The stylized facts of government finance in the Group of Seven (G-7) industrial countries show that revenues lag real GDP procyclically, while government spending in most cases fails to lead the economy procyclically. This finding is not confined to transfers but also applies to the wage component of government consumption as well as, in most cases, to government fixed investment. Government deficits are always countercyclical but there is little evidence that stabilization is equally successful in stimulating the economy before shocks materialize.

Cyclical Effects Of The Composition Of Government Purchases

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Author : Mr.Jahangir Aziz
language : en
Publisher: International Monetary Fund
Release Date : 1997-02-01

Cyclical Effects Of The Composition Of Government Purchases written by Mr.Jahangir Aziz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-02-01 with Business & Economics categories.

This paper constructs a general equilibrium model with monopolistically competitive firms and endogenous markups where government spending consists of both consumption and investment goods. It is shown that when markups are countercyclical, increases in the share of investment goods in aggregate government expenditure entail a trade-off between greater long- run efficiency and higher short-run volatility. Estimates based on the model, calibrated to the postwar U.S. economy, show that the effects on output, employment, and welfare can be significant

Government Size And Economic Growth

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Author : Richard K. Vedder
language : en
Publisher:
Release Date : 1998

Government Size And Economic Growth written by Richard K. Vedder and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Economic development categories.

Government Spending Effects In Low Income Countries

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Author : Ms.Wenyi Shen
language : en
Publisher: International Monetary Fund
Release Date : 2015-12-30

Government Spending Effects In Low Income Countries written by Ms.Wenyi Shen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-30 with Business & Economics categories.

Despite the voluminous literature on fiscal policy, very few papers focus on low-income countries (LICs). This paper develops a new-Keynesian small open economy model to show, analytically and through simulations, that some of the prevalent features of LICs—different types of financing including aid, the marginal efficiency of public investment, and the degree of home bias—play a key role in determining the effects of fiscal policy and related multipliers in these countries. External financing like aid increases the resource envelope of the economy, mitigating the private sector crowding out effects of government spending and pushing up the output multiplier. The same external financing, however, tends to appreciate the real exchange rate and as a result, traded output can respond quite negatively, reducing the overall output multiplier. Although capital scarcity implies high returns to public capital in LICs, declines in public investment efficiency can substantially dampen the output multiplier. Since LICs often import substantial amounts of goods, public investment may not be as effective in stimulating domestic production in the short run.

Explaining The Effects Of Government Spending Shocks On Consumption And The Real Exchange Rate

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Author : Morten O. Ravn
language : en
Publisher:
Release Date : 2007

Explaining The Effects Of Government Spending Shocks On Consumption And The Real Exchange Rate written by Morten O. Ravn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Consumption (Economics) categories.

Using structural VAR analysis, we document that in a panel of industrialized countries, an increase in government purchases leads to an expansion in output and private consumption, a deterioration in the trade balance, and a depreciation of the real exchange rate (i.e., a decrease in the domestic CPI relative to the exchange-rate adjusted foreign CPI). We propose an explanation for these observed effects based on the deep habit mechanism. We estimate the key parameters of the deep-habit model employing a limited information approach. The predictions of the estimated deep-habit model fit remarkably well the observed responses of output, consumption, the trade balance, and the real exchange rate to an unanticipated government spending shock. In addition, the deep-habit model predicts that in response to an anticipated increase in government spending consumption and wages fail to increase on impact, which is consistent with the empirical evidence stemming from the narrative identification approach. In this way, the deep-habit model reconciles the findings of the SVAR and narrative literatures on the effects of government spending shocks.

The Dynamic Macroeconomic Effects Of Public Capital

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Author : Christophe Kamps
language : en
Publisher: Springer Science & Business Media
Release Date : 2004-12-22

The Dynamic Macroeconomic Effects Of Public Capital written by Christophe Kamps and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-12-22 with Business & Economics categories.

This book analyzes the dynamic macroeconomic effects of public capital in industrialized countries. The issue of whether public capital is productive has received a great deal of recent attention. Yet, existing empirical analyses have been limited to a small set of countries. This book presents a new database that provides internationally comparable capital stock estimates for 22 OECD countries for the 1960-2001 period. Building on this database, the book estimates the dynamic effects of public capital using a variety of econometric methods. The results suggest that public capital is productive in OECD countries on average. The theoretical analysis based on a dynamic general equilibrium model shows that the effects of public capital depend crucially on the way the government chooses to finance additional spending.

The Impact Of Fiscal Policy Variables On Output Growth

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Author : Philip R. Gerson
language : en
Publisher: International Monetary Fund
Release Date : 1998

The Impact Of Fiscal Policy Variables On Output Growth written by Philip R. Gerson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.

This paper reviews the literature on the relationship between the structure of taxation and public expenditure and economic growth. Apart from its macroeconomic effects, fiscal policy can affect the rate of growth of aggregate output through many channels. The impacts of public education expenditure on human capital formation, of the provision of public sector infrastructure on the productivity of private capital, and of capital income taxation on saving are but three of these. Given the need to examine the impact of the components of expenditure and tax policy on growth, the paper adopts a disaggregated approach. Its major concern is the way in which the components of expenditure and tax policy will affect the supply and productivity of labor and of capital and the efficiency of resource allocation.