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Public investment, the rate of return, and optimal fiscal policy in a stochastically growing economy
http://hdl.handle.net/2237/25598
http://hdl.handle.net/2237/255988acba157-f7a7-47ee-b966-1971265f2973
名前 / ファイル | ライセンス | アクション |
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Item type | 学術雑誌論文 / Journal Article(1) | |||||
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公開日 | 2017-02-17 | |||||
タイトル | ||||||
タイトル | Public investment, the rate of return, and optimal fiscal policy in a stochastically growing economy | |||||
言語 | en | |||||
著者 |
Tamai, Toshiki
× Tamai, Toshiki |
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アクセス権 | ||||||
アクセス権 | open access | |||||
アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||
権利 | ||||||
言語 | en | |||||
権利情報 | © 2016. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | Public capital | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | Optimal fiscal policy | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | Economic growth | |||||
抄録 | ||||||
内容記述 | This study examines the optimal fiscal policy in a stochastic endogenous growth model with private and public capital. The government is willing to actualize a socially optimal equilibrium using a lump-sum tax and government debt linked to public investments, subject to the budget constraint under the golden rule of public finance. A socially optimal fiscal policy states that a deterministic rate of return on government bonds sets the marginal product of public capital. Moreover, public investments optimally adjust the ratio of private capital to public capital to equate the rates of return on such capital. The presence of stochastic disturbances results in a disparity between the optimal marginal products of the two types of capital, as reported in previous empirical studies. This disparity significantly affects the socially optimal growth rate in response to investment risk. | |||||
言語 | en | |||||
内容記述タイプ | Abstract | |||||
出版者 | ||||||
言語 | en | |||||
出版者 | Elsevier | |||||
言語 | ||||||
言語 | eng | |||||
資源タイプ | ||||||
資源タイプresource | http://purl.org/coar/resource_type/c_6501 | |||||
タイプ | journal article | |||||
出版タイプ | ||||||
出版タイプ | AM | |||||
出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||
DOI | ||||||
関連タイプ | isVersionOf | |||||
識別子タイプ | DOI | |||||
関連識別子 | https://doi.org/10.1016/j.jmacro.2016.04.006 | |||||
ISSN | ||||||
収録物識別子タイプ | PISSN | |||||
収録物識別子 | 0164-0704 | |||||
書誌情報 |
en : Journal of Macroeconomics 巻 49, p. 1-17, 発行日 2016-09 |
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著者版フラグ | ||||||
値 | author | |||||
URI | ||||||
識別子 | http://dx.doi.org/10.1016/j.jmacro.2016.04.006 | |||||
識別子タイプ | DOI | |||||
URI | ||||||
識別子 | http://hdl.handle.net/2237/25598 | |||||
識別子タイプ | HDL |