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We construct a narrative instrument for government investment from official records in Germany. Using structural vector autoregressions, we document a significant crowding-in of private investment and an output multiplier of roughly 2. Then, we match a New Keynesian dynamic stochastic general...
Persistent link: https://www.econbiz.de/10015207271
Persistent link: https://www.econbiz.de/10011540555
Most developed economies invest in public goods such as national defense, education, infrastructure, and the environment. Expenditures on public projects entail a diversion of funds away from investments in private capital. Discount rates used to evaluate such projects should reflect the rate of...
Persistent link: https://www.econbiz.de/10012984104
Most developed economies invest in public goods such as national defense, education, infrastructure, and the environment. Expenditures on public projects entail a diversion of funds away from investments in private capital. Discount rates used to evaluate such projects should reflect the rate of...
Persistent link: https://www.econbiz.de/10012456100
Persistent link: https://www.econbiz.de/10012285698
The paper presents and estimates an endogenous growth model with public capital. In contrast, however, to recent studies on economic growth and policy, we allow for capital market borrowing by the government. Since the behavior by the government (tax rates, spending and borrowing) does not...
Persistent link: https://www.econbiz.de/10014158875
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...
Persistent link: https://www.econbiz.de/10012781638
This paper explores possible interdependence of biodiversity and several socioeconomic and political factors at the … county level. It is aimed at the empirical identification of direct and indirect effects between biodiversity (loss) and … determinant of biodiversity status. However, the impact of regional socioeconomic structures on biodiversity should not be …
Persistent link: https://www.econbiz.de/10008990042
Over the past decade, a large body of theoretical and empirical research has considered the importance of the quantity of public capital for economic growth. For the most part, the empirical results point to a positive role for public capital in determining steady state levels of output per...
Persistent link: https://www.econbiz.de/10014052488