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Inversión pública óptima en un modelo de ciclo real

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
Contact details of provider: Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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  1. V. V. Chari & Patrick J. Kehoe, 1999. "Optimal Fiscal and Monetary Policy," NBER Working Papers 6891, National Bureau of Economic Research, Inc.
  2. Christiano, Lawrence J & Eichenbaum, Martin, 1992. "Current Real-Business-Cycle Theories and Aggregate Labor-Market Fluctuations," American Economic Review, American Economic Association, vol. 82(3), pages 430-50, June.
  3. V.V. Chari & Lawrence J. Christiano & Patrick J. Kehoe, 1993. "Optimal fiscal policy in a business cycle model," Staff Report 160, Federal Reserve Bank of Minneapolis.
  4. David Aschauer, 1988. "Is public expenditure productive?," Staff Memoranda 88-7, Federal Reserve Bank of Chicago.
  5. Chamley, Christophe, 1986. "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives," Econometrica, Econometric Society, vol. 54(3), pages 607-22, May.
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