Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model:
This paper focuses on the trade-off faced by governments in deciding the allocation of public expenditures between productivity-enhancing public infrastructures and utility-enhancing public consumption. From the modeling point of view, the paper augments a standard New Open Economy Macroeconomics (N...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2007
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 07/67 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper focuses on the trade-off faced by governments in deciding the allocation of public expenditures between productivity-enhancing public infrastructures and utility-enhancing public consumption. From the modeling point of view, the paper augments a standard New Open Economy Macroeconomics (NOEM) model by introducing productive public infrastructures. The results show that a temporary increase in the domestic stock of public capital financed by a reduction in public consumption reduces domestic welfare in the short run because the temporary gains from higher productivity do not compensate domestic residents for the utility loss due to lower public consumption. If the policy shift is permanent domestic utility is likely to increase, while foreign residents suffer short-run welfare losses but benefit from welfare gains in the long run. This analysis implies that a permanent domestic reallocation of public spending might result in a virtuous global technological cycle |
| Beschreibung: | 1 Online-Ressource (25 p) |
| ISBN: | 1451866313 9781451866315 |
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| index_date | 2024-07-03T20:13:23Z |
| indexdate | 2024-07-10T09:35:31Z |
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| series2 | IMF Working Papers |
| spelling | Ganelli, Giovanni Verfasser aut Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model Ganelli, Giovanni Washington, D.C International Monetary Fund 2007 1 Online-Ressource (25 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/67 This paper focuses on the trade-off faced by governments in deciding the allocation of public expenditures between productivity-enhancing public infrastructures and utility-enhancing public consumption. From the modeling point of view, the paper augments a standard New Open Economy Macroeconomics (NOEM) model by introducing productive public infrastructures. The results show that a temporary increase in the domestic stock of public capital financed by a reduction in public consumption reduces domestic welfare in the short run because the temporary gains from higher productivity do not compensate domestic residents for the utility loss due to lower public consumption. If the policy shift is permanent domestic utility is likely to increase, while foreign residents suffer short-run welfare losses but benefit from welfare gains in the long run. This analysis implies that a permanent domestic reallocation of public spending might result in a virtuous global technological cycle Online-Ausg Tervala, Juha Sonstige oth http://elibrary.imf.org/view/IMF001/05495-9781451866315/05495-9781451866315/05495-9781451866315.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Ganelli, Giovanni Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model |
| title | Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model |
| title_auth | Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model |
| title_exact_search | Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model |
| title_exact_search_txtP | Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model |
| title_full | Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model Ganelli, Giovanni |
| title_fullStr | Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model Ganelli, Giovanni |
| title_full_unstemmed | Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model Ganelli, Giovanni |
| title_short | Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model |
| title_sort | public infrastructures public consumption and welfare in a new open economy macro model |
| url | http://elibrary.imf.org/view/IMF001/05495-9781451866315/05495-9781451866315/05495-9781451866315.xml |
| work_keys_str_mv | AT ganelligiovanni publicinfrastructurespublicconsumptionandwelfareinanewopeneconomymacromodel AT tervalajuha publicinfrastructurespublicconsumptionandwelfareinanewopeneconomymacromodel |