Human capital formation and public debt: growth and welfare effects of three different deficit policies

Greiner A (2016)
JOURNAL OF ECONOMIC POLICY REFORM 19(4): 369-385.

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Journal Article | Original Article | Published | English

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Abstract
We analyze an endogenous growth model public educational spending. We show that the balanced budget policy and the policy with a slight deficit yield higher growth than a debt policy where public debt grows at the same rate as GDP, unless the government is a creditor. As concerns welfare, it can be demonstrated that a strong deficit policy yields lower welfare than a balanced budget and a slight deficit policy, unless initial debt ratios are low and the intertemporal elasticity of substitution is high. Finally, there may exist an inverted U-shaped relation between welfare and deficit-financed educational spending.
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Greiner A. Human capital formation and public debt: growth and welfare effects of three different deficit policies. JOURNAL OF ECONOMIC POLICY REFORM. 2016;19(4):369-385.
Greiner, A. (2016). Human capital formation and public debt: growth and welfare effects of three different deficit policies. JOURNAL OF ECONOMIC POLICY REFORM, 19(4), 369-385. doi:10.1080/17487870.2015.1128834
Greiner, A. (2016). Human capital formation and public debt: growth and welfare effects of three different deficit policies. JOURNAL OF ECONOMIC POLICY REFORM 19, 369-385.
Greiner, A., 2016. Human capital formation and public debt: growth and welfare effects of three different deficit policies. JOURNAL OF ECONOMIC POLICY REFORM, 19(4), p 369-385.
A. Greiner, “Human capital formation and public debt: growth and welfare effects of three different deficit policies”, JOURNAL OF ECONOMIC POLICY REFORM, vol. 19, 2016, pp. 369-385.
Greiner, A.: Human capital formation and public debt: growth and welfare effects of three different deficit policies. JOURNAL OF ECONOMIC POLICY REFORM. 19, 369-385 (2016).
Greiner, Alfred. “Human capital formation and public debt: growth and welfare effects of three different deficit policies”. JOURNAL OF ECONOMIC POLICY REFORM 19.4 (2016): 369-385.
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