Inversión pública óptima en un modelo de ciclo real
AbstractThe aim of this paper is to analyze the optimal fiscal policy problem including public investment as an endogenous decision. We set a general equilibrium model, calibrated with Spanish data, where the public capital stock is an additional input. We obtain that the Spanish public investment/output ratio is slightly below the optimal level. The result depends crucially on the calibrated value for the public capital elasticity. Optimal properties obtained for the fiscal variables include a highly persistent labor income tax rate, moderately countercyclical and hardly volatile, whereas the tax rate on capital income is acyclical, less persistent and very volatile. Public investment tends to be procyclical and moderately persistent. (Copyright: Fundación Empresa Pública)
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Bibliographic InfoArticle provided by Fundación SEPI in its journal Investigaciones Economicas.
Volume (Year): 26 (2002)
Issue (Month): 1 (January)
Contact details of provider:
Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
Web page: http://www.fundacionsepi.es/
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
- H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
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