Public Debt, Productive Public Spending and Endogenous Growth

Greiner A (2015)
Japanese Economic Review 66(4): 520-535.

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Zeitschriftenaufsatz | Veröffentlicht | Englisch
Abstract / Bemerkung
We analyse the effects of public debt in a basic endogenous growth model with productive public spending. We demonstrate that a discretionary policy in general violates the intertemporal government budget constraint along a balanced growth path. A balanced government budget gives a unique saddle point stable growth path. With a rule-based policy, two saddle point stable balanced growth paths can occur, depending on the intertemporal elasticity of substitution of consumption and on the primary surplus policy. Higher debt goes along with smaller long-run growth and we derive a condition such that a deficit-financed increase in public spending raises the growth rate.
Erscheinungsjahr
Zeitschriftentitel
Japanese Economic Review
Band
66
Zeitschriftennummer
4
Seite
520-535
ISSN
PUB-ID

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Greiner A. Public Debt, Productive Public Spending and Endogenous Growth. Japanese Economic Review. 2015;66(4):520-535.
Greiner, A. (2015). Public Debt, Productive Public Spending and Endogenous Growth. Japanese Economic Review, 66(4), 520-535. doi:10.1111/jere.12077
Greiner, A. (2015). Public Debt, Productive Public Spending and Endogenous Growth. Japanese Economic Review 66, 520-535.
Greiner, A., 2015. Public Debt, Productive Public Spending and Endogenous Growth. Japanese Economic Review, 66(4), p 520-535.
A. Greiner, “Public Debt, Productive Public Spending and Endogenous Growth”, Japanese Economic Review, vol. 66, 2015, pp. 520-535.
Greiner, A.: Public Debt, Productive Public Spending and Endogenous Growth. Japanese Economic Review. 66, 520-535 (2015).
Greiner, Alfred. “Public Debt, Productive Public Spending and Endogenous Growth”. Japanese Economic Review 66.4 (2015): 520-535.