2007, English, Article, Working paper edition: Public infrastructures, public consumption, and welfare in a new-open-economy-macro model [electronic resource] / prepared by Giovanni Ganelli and Juha Tervala. Ganelli, Giovanni.

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Public infrastructures, public consumption, and welfare in a new-open-economy-macro model / prepared by Giovanni Ganelli and Juha Tervala
 
Bookmark: http://trove.nla.gov.au/version/217931958
Physical Description
  • 1 online resource (25 pages) : illustrations.
Published
  • [Washington, D.C.] : International Monetary Fund, ©2007.
Language
  • English

Edition details

Title
  • Public infrastructures, public consumption, and welfare in a new-open-economy-macro model /​ prepared by Giovanni Ganelli and Juha Tervala.
Author
  • Ganelli, Giovanni.
Other Authors
  • Tervala, Juha.
  • International Monetary Fund. Fiscal Affairs Department
Published
  • [Washington, D.C.] : International Monetary Fund, ©2007.
Medium
  • [electronic resource]
Content Types
  • text
Carrier Types
  • online resource
Physical Description
  • 1 online resource (25 pages) : illustrations.
Series
Subjects
Summary
  • This paper focuses on the trade-off faced by governments in deciding the allocation of public expenditures between productivity-enhancing public infrastructures and utility-enhancing public consumption. From the modeling point of view, the paper augments a standard New Open Economy Macroeconomics (NOEM) model by introducing productive public infrastructures. The results show that a temporary increase in the domestic stock of public capital financed by a reduction in public consumption reduces domestic welfare in the short run because the temporary gains from higher productivity do not compensate domestic residents for the utility loss due to lower public consumption. If the policy shift is permanent domestic utility is likely to increase, while foreign residents suffer short-run welfare losses but benefit from welfare gains in the long run. This analysis implies that a permanent domestic reallocation of public spending might result in a virtuous global technological cycle.
Notes
  • "March 2007."
  • At head of title: Fiscal Affairs Department.
  • Includes bibliographical references (pages 22-25)
  • Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010.
  • digitized 2010 HathiTrust Digital Library committed to preserve
Access Conditions
  • Use copy.
Other Form
  • Print version Ganelli, Giovanni. Public infrastructures, public consumption, and welfare in a new-open-economy-macro model. [Washington, D.C.] : International Monetary Fund, ©2007
Technical Details
Language
  • English
ISBN
  • 1283516268
  • 9781283516266
Dewey Number
  • 339.237
Libraries Australia ID
Contributed by
Libraries Australia

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