Complementarity and the Discount Rate for Public Investment
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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Volume (Year): 103 (1988)
Issue (Month): 3 (August)
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