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Complementarity and the Discount Rate for Public Investment

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Author Info
Burgess, David F

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Abstract

The marginal rate of return on public investment in a tax-distorted economy is a weighted average of the social marginal productivity of capital in the private sector and the social margina l rate of time preference, but the weights are shown to depend not on ly on the proportions of funding obtained from each source through in cremental borrowing, but also on the degree of complementarity or sub stitutability between public and private investment. Copyright 1988, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Publisher Info
Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 103 (1988)
Issue (Month): 3 (August)
Pages: 527-41
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Handle: RePEc:tpr:qjecon:v:103:y:1988:i:3:p:527-41

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  1. David Burgess, 2006. "Public Investment Criteria in Overlapping Generations Models of Open Economies," International Tax and Public Finance, Springer, vol. 13(1), pages 59-78, January. [Downloadable!] (restricted)
  2. David Burgess, 2008. "Removing Some Dissonance From the Social Discount Rate Debate," University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers 20082, University of Western Ontario, RBC Financial Group Economic Policy Research Institute. [Downloadable!]
  3. Liqun Liu, 2005. "The Multi-Period Cost-Benefit Rule with Mobile Capital and Distorted Labor," International Tax and Public Finance, Springer, vol. 12(2), pages 145-158, March. [Downloadable!] (restricted)
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