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Inversión pública óptima en un modelo de ciclo real

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Abstract

The 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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Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 26 (2002)
Issue (Month): 1 (January)
Pages: 7-34

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Handle: RePEc:iec:inveco:v:26:y:2002:i:1:p:7-34

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Related research

Keywords: optimal fiscal policy; public investment; business cycle;

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References

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  1. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
  2. V. V. Chari & Patrick J. Kehoe, 1999. "Optimal Fiscal and Monetary Policy," NBER Working Papers 6891, National Bureau of Economic Research, Inc.
  3. V. V. Chari & Lawrence J. Christiano & Patrick J. Kehoe, 1993. "Optimal Fiscal Policy in a Business Cycle Model," NBER Working Papers 4490, National Bureau of Economic Research, Inc.
  4. Chamley, Christophe, 1986. "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives," Econometrica, Econometric Society, vol. 54(3), pages 607-22, May.
  5. Lawrence J. Christiano & Martin Eichenbaum, 1990. "Current real business cycle theories and aggregate labor market fluctuations," Discussion Paper / Institute for Empirical Macroeconomics 24, Federal Reserve Bank of Minneapolis.
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Cited by:
  1. Baltasar Manzano & Jesús Ruiz, 2002. "Política Fiscal Óptima: el estado de la Cuestión," Documentos de Trabajo del ICAE 0212, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
  2. Daniel Montolio & Albert Solé-Ollé, 2009. "Road investment and regional productivity growth: the effects of vehicle intensity and congestion," Papers in Regional Science, Wiley Blackwell, vol. 88(1), pages 99-118, 03.

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