政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54246
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113392/144379 (79%)
造訪人次 : 51197822      線上人數 : 910
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧:
  • 您可在西文檢索詞彙前後加上"雙引號",以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋,建議至進階搜尋限定作者欄位,可獲得較完整資料
  • 進階搜尋
    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/54246


    題名: 政府支出之生產與最適公債比例
    Government expenditure in production and the optimal debt ratio
    作者: 莊仲霖
    Chuang, Chung Lin
    貢獻者: 黃俞寧
    Hwang, Yu Ning
    莊仲霖
    Chuang, Chung Lin
    關鍵詞: 政府支出
    動態隨機一般均衡
    政府支出生產彈性
    最適債務持有比例
    government expenditure
    DSGE
    production elasticity of government expenditure
    optimal debt ratio
    日期: 2011
    上傳時間: 2012-10-30 10:24:03 (UTC+8)
    摘要: 2011年,美國政府在經歷次級房貸和高軍事支出的雙重壓力下,爆發高度財政赤字的問題,造成歐巴馬政府面臨調高債務比例與債務上限的壓力。然而,在眾多的輿論聲中,美國民主黨與共和黨在八月底達成下列協議,減少政府支出、提高債務比例以及增加債務上限等;但是,是否這些方式將改善美國經濟?本篇文章在動態隨機一般均衡(DSGE)架構下,建立一個封閉經濟體系,並將政府支出加入私人廠商部門,透過公共投資,幫助私人廠商增加產出;並且在政府僅採行公債和徵稅融通下,找出一個最適的債務持有比例,使國內福利為最高。而本文發現政府進入生產部門時,將影響最適債務持有比例。即是,隨著政府支出生產彈性越大,最適債務持有比例也會上升,而在基準參數下,我們將會得到最適債務持有比例為百分之十的結論。
    In 2011, under the pressure of subprime mortgage and high military expenditure, the U.S. government accumulated high fiscal deficit, and the Obama government faced the pressure of raising debt ratio and raising debt ceiling. However, among the huge debates, the Republican Party and Democratic Party reached the deal in August which included cut-down government expenditure, raise debt ratio, raise debt ceiling, and so on. But, will these ways improve the U.S. economy? This paper follows the dynamic stochastic general equilibrium (DSGE) framework to construct a closed economy,
    which the government helps private firm to production through public investment. Besides, given that government only undertakes debt financing and tax financing, we try to find an optimal debt ratio which makes the highest domestic welfare. In our finding, if the government enters private production sector, the optimal debt ratio will be influenced. That is, the optimal debt ratio will increase with the production elasticity of government expenditure. Under the benchmark parameter, the optimal debt ratio is 10 percent.
    參考文獻: Aiyagari, S. R. and McGrattan, E.R., 1997. The optimum quantity of debt. Federal Reserve Bank of Minneapolis Research Department Staff Report 203.

    Arrow, K.J. and Kurz, M., 1970, Public Investment, the Rate of Return and Optimal Fiscal Policy, Baltimore, MD: Johns Hopkins University Press.

    Aschauer, D.A., 1988. Is public expenditure productive? Journal of Monetary Economics Vol. 23, 177-200.

    Barro, R.J., 1974, Are government bonds net wealth? Journal of Political Economy, Vol. 82, No. 6, 1095-1117.

    Barro, R.J., 1979. On the determination of the public debt. Journal of Political Economy, Vol. 87, No. 5, part 1, 940-971.

    Barro, R.J., 1988. Government spending in a simple model of endogenous growth.National Bureau of Economic Research 1050, Massachusetts Avenue.

    Barro, R.J. and Sala-I-Martin, X., 1992. Public finance in models of economic growth. Review of Economic Studies, Vol. 59, Issue 4, 645-661.

    Baxter, M. and King, R.G., 1993. Fiscal policy in general equilibrium. American Economic Review, Vol. 83, No. 3, 315-334.

    Button, K., 1998. Infrastructure investment, endogenous growth and economic convergence. The Annals of Regional Science, Vol. 32, 145-162.

    Devereux, M., 2010. Fiscal deficits, debt, and monetary policy in a liquidity trap. Central Bank of Chile Working Papers, No. 581.

    Evans, P. and Karras, G., 1994. Are government activities productive? Evidence from a panel of U.S. states. Review of Economics and Statistics, Vol. 76, No1, 1-11.

    Finn, M., 1993. Is all government capital productive? Federal Reserve Bank of Richmond Economic Quarterly, Vol. 79/4, 53-80.

    Fisher, W. and Turnovsky, S., 1998. Public investment, congestion and private capital accumulation. Economic Journal, Vol. 108, 339–413.

    Gramlich, E.M., 1994. Infrastructure investment: A review essay. Journal of Economic Literature, Vol. 32, No. 3,1176-1196.

    Greiner, A., 2010. Economic growth, public debt and welfare: comparing three budgetary rules. German Economic Review, Vol. 12, No. 2, 205-222.

    Holtz-Eakin, D., 1994. Public-sector capital and the productivity puzzle. Review of Economic and Statistics, Vol.76, No. 1, 12–21.

    Juillard, M., Karam, P., Laxton D., and Pesenti, P., 2006. Welfare-based monetary policy rules in an estimated DSGE model of the US economy. International Research Forum on Monetary Policy Working Paper Series, No. 613.

    Kamps, C., 2004. The Dynamic Macroeconomic Effects of Public Capital. Springer, Berlin, Germany.

    Lansing, K.J., 1998. Optimal fiscal policy in a business cycle model with public capital. The Canadian Journal of Economics, Vol. 31, No. 2, 337-364.

    Leeper E.M., Walker T.B., and Yang S.C. S., 2009. Government investment and fiscal stimulus. Journal of Monetary Economics, Vol. 57, 1000-1012.

    Linnemann L. and Schabert A., 2006. Productive government expenditure in monetary business cycle models. Scottish Journal of Political Economy, Vol. 53, No. 1, 28-46.

    Lucas, R., 1987. Models of Business Cycles. Yrjö Johansson Lectures Series. London: Blackwell.

    Malley, J., Philippopoulos, and A., Woitek, U., 2009. To react or not? Technology shocks, fiscal policy and welfare in the EU-3. European Economic Review, Vol. 53, 689–714.

    Martin, F. M., 2009. A positive theory of government debt. Review of Economic Dynamics, Vol. 12, 608-631.

    Mayer, E., Moyen, S., and Stahler. N., 2010. Government expenditure and unemployment a DSGE perspective. Deutsche Bundesbank, Wilhelm-Epstein-StraBe 14, 60431 Frankfurt am Main.

    Minea, A. and Villieu, P., 2009. Borrowing to finance public investment? The ‘Golden Rule of Public Finance’ reconsidered in an endogenous growth setting. Fiscal Studies, Vol. 30, No. 1, 103-133.

    Nadiri, M.I. and Mamuneas, T.P., 1994. The effects of public infrastructure and r & d capital on the cost structure and performance of us manufacturing industries. Review of Economic and Statistics, Vol. 76 , No.1, 22–37.

    Ratner, J.B., 1983. Government capital, employment and the production function for US private output. Economic Letters, Vol 13, 213–217.

    Schmitt-Grohe, S. and Uribe, M., 2007. Optimal simple and implementable monetary and fiscal rules. Federal Reserve Bank of Atlanta Working Paper Series 2007-24.

    Sturm, JE, de Haan J, 1995. Is public expenditure really productive? New evidence for the USA and the Netherlands. Economic Modelling 12, 60–72.

    Taylor, J.B., 1998. The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European central bank. Conference on Monetary Polocy Rules, Stockholm, June 12-13, 1998.

    Teo, W.L., 2010. Inventories and optimal monetary policy in a small open economy.

    Traum, N. and Yang, S.C. S., 2010. When does government debt crowd out investment? Center For Applied Economics And Policy Research Working paper, 006.
    描述: 碩士
    國立政治大學
    經濟學系
    99258012
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0099258012
    資料類型: thesis
    顯示於類別:[經濟學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    801201.pdf809KbAdobe PDF2597檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋