. Optimal policy rules are derived for public services and investment. The other findings are as follows. Monetary policy should …

properties-can be obtained here even with lump-sum taxes. We also examine the welfare implications of public investment policies …

growth. However, local government investment (capital outlay) and the percent of spending devoted to highways both had a …

productivity of private capital and total factor productivity within African economies. Employing the standard production approach … factor productivity. We argue that public capital, predominantly manifesting through infrastructure, constitutes an … indispensable element for fostering growth. Fundamental to the productivity of private capital is its reliance on a sufficient stock …