Revisiting the supply-side effects of government spending under incomplete markets:
This paper revisits the macroeconomic effects of government consumption in the neoclassical growth model augmented with idiosyncratic investment (or entrepreneurial) risk. Under complete markets, a permanent increase in government consumption has no long-run effect on the interest rate, the capital-...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13136 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper revisits the macroeconomic effects of government consumption in the neoclassical growth model augmented with idiosyncratic investment (or entrepreneurial) risk. Under complete markets, a permanent increase in government consumption has no long-run effect on the interest rate, the capital-labor ratio, and labor productivity, while it increases work hours due to the familiar negative wealth effect. These results are upset once we allow for incomplete markets. The very same negative wealth effect now causes a reduction in risk taking and investment. This in turn leads to a lower risk-free rate and, under certain conditions, also to a lower capital-labor ratio, lower productivity and lower wages. |
| Beschreibung: | Literaturverz. S. 28 - 30 |
| Beschreibung: | 30 S. graph. Darst. 22 cm |
Internformat
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13136 | |
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| 520 | 8 | |a This paper revisits the macroeconomic effects of government consumption in the neoclassical growth model augmented with idiosyncratic investment (or entrepreneurial) risk. Under complete markets, a permanent increase in government consumption has no long-run effect on the interest rate, the capital-labor ratio, and labor productivity, while it increases work hours due to the familiar negative wealth effect. These results are upset once we allow for incomplete markets. The very same negative wealth effect now causes a reduction in risk taking and investment. This in turn leads to a lower risk-free rate and, under certain conditions, also to a lower capital-labor ratio, lower productivity and lower wages. | |
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| id | DE-604.BV023593046 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| physical | 30 S. graph. Darst. 22 cm |
| publishDate | 2007 |
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| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Angeletos, Marios Verfasser (DE-588)128636017 aut Revisiting the supply-side effects of government spending under incomplete markets George-Marios Angeletos ; Vasia Panousi Cambridge, Mass. National Bureau of Economic Research 2007 30 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13136 Literaturverz. S. 28 - 30 This paper revisits the macroeconomic effects of government consumption in the neoclassical growth model augmented with idiosyncratic investment (or entrepreneurial) risk. Under complete markets, a permanent increase in government consumption has no long-run effect on the interest rate, the capital-labor ratio, and labor productivity, while it increases work hours due to the familiar negative wealth effect. These results are upset once we allow for incomplete markets. The very same negative wealth effect now causes a reduction in risk taking and investment. This in turn leads to a lower risk-free rate and, under certain conditions, also to a lower capital-labor ratio, lower productivity and lower wages. Panousi, Vasia Verfasser (DE-588)133432386 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13136 (DE-604)BV002801238 13136 http://papers.nber.org/papers/w13136.pdf kostenfrei Volltext |
| spellingShingle | Angeletos, Marios Panousi, Vasia Revisiting the supply-side effects of government spending under incomplete markets |
| title | Revisiting the supply-side effects of government spending under incomplete markets |
| title_auth | Revisiting the supply-side effects of government spending under incomplete markets |
| title_exact_search | Revisiting the supply-side effects of government spending under incomplete markets |
| title_exact_search_txtP | Revisiting the supply-side effects of government spending under incomplete markets |
| title_full | Revisiting the supply-side effects of government spending under incomplete markets George-Marios Angeletos ; Vasia Panousi |
| title_fullStr | Revisiting the supply-side effects of government spending under incomplete markets George-Marios Angeletos ; Vasia Panousi |
| title_full_unstemmed | Revisiting the supply-side effects of government spending under incomplete markets George-Marios Angeletos ; Vasia Panousi |
| title_short | Revisiting the supply-side effects of government spending under incomplete markets |
| title_sort | revisiting the supply side effects of government spending under incomplete markets |
| url | http://papers.nber.org/papers/w13136.pdf |
| volume_link | (DE-604)BV002801238 |
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