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The political economy of fiscal deficits and government production

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Author Info
Gisle James Natvik () (Norges Bank (Central Bank of Norway))

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Abstract

This paper analyzes a framework where policymakers decide how to spend public resources on physical capital and labor in order to produce two public goods. Candidate policymakers disagree about which goods to produce, and may alternate in office due to elections. When capital and labor are complementary inputs to the production of public goods, the anticipation of political turnover reduces public savings in physical capital rather than finnancial assets. Political turnover renders the stock of physical capital for public production too low and ine¢ ciently combined with labor.

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Publisher Info
Paper provided by Norges Bank in its series Working Paper with number 2009/07.

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Length: 47 pages
Date of creation: 30 Mar 2009
Date of revision:
Handle: RePEc:bno:worpap:2009_07

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Related research
Keywords: Political economics; budget deficits; public investment;

Find related papers by JEL classification:
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
H4 - Public Economics - - Publicly Provided Goods
H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
H6 - Public Economics - - National Budget, Deficit, and Debt

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This page was last updated on 2009-11-19.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.