Dissertation•
Essays in dynamic macroeconomics and fiscal policy
01 Feb 2015-
About: The article was published on 2015-02-01 and is currently open access. It has received 4 citations till now. The article focuses on the topics: Fiscal policy.
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167 citations
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TL;DR: In this article, all Matlab and C++ programs necessary to produce the results of the article were described and a spreadsheet with Mexican data was also provided, along with a spreadsheet containing Mexican data.
Abstract: All Matlab and C++ programs necessary to produce the results of the article. There is also a Excel spreadsheet with Mexican data.
150 citations
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TL;DR: In this paper, the authors use a standard growth model to measure the size of this burden in the form of additional taxes required to finance these projected expenditures and to stabilize government debt, and they find that the adjustment needed is very large, in the range of 30-40% of total consumption expenditures.
Abstract: Past government spending in Japan is currently imposing a significant fiscal burden that is reflected in a net debt to output ratio near 150 percent. In addition, the aging of Japanese society implies that public expenditures and transfers payments relative to output are projected to continue to rise until at least 2050. In this paper we use a standard growth model to measure the size of this burden in the form of additional taxes required to finance these projected expenditures and to stabilize government debt. The fiscal adjustment needed is very large, in the range of 30-40% of total consumption expenditures. Using a distorting tax such as the consumption tax or the labor income tax requires either tax to rise to unprecedented highs, although the former is much less distorting than the latter. The extremely high tax rates we find highlight the importance of considering alternatives that attenuate the projected increases in public spending and/or enlarge the tax base.
19 citations
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TL;DR: In this paper, the authors analyzed trends in social indicators in sub-Saharan Africa and their correlation with the three most widely used scaled measures of government social spending: in per capita terms, as a percentage of GDP, and as percentage of total government expenditure.
Abstract: This paper analyzes trends in social indicators in sub-Saharan Africa (SSA) and their correlation with the three most widely used scaled measures of government social spending: in per capita terms, as a percentage of GDP, and as a percentage of total government expenditure. On the basis of a regional data set matching health and education outcome indicators with government spending on those sectors, cross-country statistical analysis shows spending both per capita and as a percent of GDP to be of some relevance to social outcomes, but not the share of social spending in budgetary allocations. The policy implications concern not only governments in the region, but also the international donor community for its role in supporting social programs in SSA.
3 citations
References
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TL;DR: This article extended these models to include tax- financed government services that affect production or utility, and showed that growth and saving rates fall with an increase in utility-type expenditures; the two rates rise initially with productive government expenditures but subsequently decline.
Abstract: One strand of endogenous-growth models assumes constant returns to a broad concept of capital. I extend these models to include tax- financed government services that affect production or utility. Growth and saving rates fall with an increase in utility-type expenditures; the two rates rise initially with productive government expenditures but subsequently decline. With an income tax, the decentralized choices of growth and saving are "too low," but if the production function is Cobb-Douglas, the optimizing government still satisfies a natural condition for productive efficiency. Empirical evidence across countries supports some of the hypotheses about government and growth.
5,497 citations
TL;DR: In this paper, the relationship between aggregate productivity and stock and flow government-spending variables is investigated and the empirical results indicate that the non-military public capital stock is dramatically more important in determining productivity than is either the flow of nonmilitary or military spending, and that military capital bears little relation to productivity.
5,163 citations
TL;DR: In this article, tax-financed government services that affect production or utility are extended to include tax-supported government services, and the two rates rise initially with productive government expenditures but subsequently decline with an increase in utility-type expenditures.
Abstract: One strand of endogenous-growth models assumes constant returns to a broad concept of capital. I extend these models to include tax-financed government services that affect production or utility. Growth and saving rates fall with an increase in utility-type expenditures; the two rates rise initially with productive government expenditures but subsequently decline. With an income tax, the decentralized choices of growth and saving are "too low," but if the production function is Cobb-Douglas, the optimizing government still satisfies a natural condition for productive efficiency. Empirical evidence across countries supports some of the hypotheses about government and growth.
4,959 citations
TL;DR: In this article, the authors outline the production function approach to the estimation of the returns to R&D and then discuss in turn two very difficult problems: the measurement of output in R&DI intensive industries and the definition and measurement of the stock of R&DC 'capital'.
Abstract: The article outlines the production function approach to the estimation of the returns to R&D and then proceeds to discuss in turn two very difficult problems: the measurement of output in R&D intensive industries and the definition and measurement of the stock of R&D 'capital'. Multicollinearity and simultaneity are taken up in the next section and another section is devoted to estimation and inference problems arising more specifically in the R&D context. Several recent studies of returns to R&D are then surveyed, and the paper concludes with suggestions for ways of expanding the current data base in this field.
4,003 citations