ダウンロード数: 212
タイトル: | Public Investment and Golden Rule of Public Finance in an Overlapping Generations Model |
著者: | Kamiguchi, Akira Tamai, Toshiki |
キーワード: | Public capital Golden rule of public finance Economic growth |
発行日: | 28-Apr-2017 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 971 |
開始ページ: | 1 |
終了ページ: | 22 |
抄録: | This paper develops an overlapping generations model with debt-financed public investment. The model assumes that the government is subject to the golden rule of public finance and that households are Yaari-Blanchard type. It is shown that the growth-maximizing and utility-maximizing tax rates do not satisfy the Barro tax rule, which is equal to the output elasticity of public capital. Furthermore, we show that both tax rates positively depend on longevity, with an aging population increasing debt per GDP. This result captures a tendency of increasing debt per GDP under population aging in the real world. |
URI: | http://hdl.handle.net/2433/226992 |
出現コレクション: | KIER Discussion Paper (英文版) |
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