A note on policy, the composition of public expenditures and economic growth
Autor(a) principal: | |
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Data de Publicação: | 1994 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/371 |
Resumo: | In this article we study the growth and welfare effects of fiscal and monetary policies in economies where public investment is part of the productive process we present four different models that share the same technology with public infrastructure as a separate argument of the production function. We show that growth is maximized at positive levels of income tax and inflation. However, unless there are no transfers or public goods in the economy, maximization of growth does not imply welfare maximization we show that the optimal tax rate is greater than the rate that maximizes growth and the optimal rate of money creation is below the growth maximizing rate. With public infrastructure in the production function we no longer obtain superneutrality in the Sidrausky model. |
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Ferreira, Pedro CavalcantiEscolas::EPGEFGV2008-05-13T15:23:05Z2008-05-13T15:23:05Z1994-050104-8910http://hdl.handle.net/10438/371In this article we study the growth and welfare effects of fiscal and monetary policies in economies where public investment is part of the productive process we present four different models that share the same technology with public infrastructure as a separate argument of the production function. We show that growth is maximized at positive levels of income tax and inflation. However, unless there are no transfers or public goods in the economy, maximization of growth does not imply welfare maximization we show that the optimal tax rate is greater than the rate that maximizes growth and the optimal rate of money creation is below the growth maximizing rate. With public infrastructure in the production function we no longer obtain superneutrality in the Sidrausky model.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaEnsaios Econômicos;240Todo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessA note on policy, the composition of public expenditures and economic growthinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaInvestimentos públicosPolítica tributáriaPolítica monetáriaEconomiareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000061865.pdf000061865.pdfapplication/pdf1101784https://repositorio.fgv.br/bitstreams/9953310e-c288-44e6-9376-4b2e827e258d/download34db2e23adfabac196c4c66b20006e7fMD51TEXT000061865.pdf.txt000061865.pdf.txtExtracted texttext/plain58921https://repositorio.fgv.br/bitstreams/06ccdbd5-9ecc-406f-a728-219ade2cfc51/download04629a3577f9f66703fb31b9fe23efa2MD56THUMBNAIL000061865.pdf.jpg000061865.pdf.jpgGenerated Thumbnailimage/jpeg2212https://repositorio.fgv.br/bitstreams/8dcbb307-8f82-44d1-ba72-d18197fd1149/downloada14385505ae48157d7a77f8ee4ef4052MD5710438/3712023-11-09 15:54:41.244open.accessoai:repositorio.fgv.br:10438/371https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-09T15:54:41Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.eng.fl_str_mv |
A note on policy, the composition of public expenditures and economic growth |
title |
A note on policy, the composition of public expenditures and economic growth |
spellingShingle |
A note on policy, the composition of public expenditures and economic growth Ferreira, Pedro Cavalcanti Economia Investimentos públicos Política tributária Política monetária Economia |
title_short |
A note on policy, the composition of public expenditures and economic growth |
title_full |
A note on policy, the composition of public expenditures and economic growth |
title_fullStr |
A note on policy, the composition of public expenditures and economic growth |
title_full_unstemmed |
A note on policy, the composition of public expenditures and economic growth |
title_sort |
A note on policy, the composition of public expenditures and economic growth |
author |
Ferreira, Pedro Cavalcanti |
author_facet |
Ferreira, Pedro Cavalcanti |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Ferreira, Pedro Cavalcanti |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Investimentos públicos Política tributária Política monetária Economia |
dc.subject.bibliodata.por.fl_str_mv |
Investimentos públicos Política tributária Política monetária Economia |
description |
In this article we study the growth and welfare effects of fiscal and monetary policies in economies where public investment is part of the productive process we present four different models that share the same technology with public infrastructure as a separate argument of the production function. We show that growth is maximized at positive levels of income tax and inflation. However, unless there are no transfers or public goods in the economy, maximization of growth does not imply welfare maximization we show that the optimal tax rate is greater than the rate that maximizes growth and the optimal rate of money creation is below the growth maximizing rate. With public infrastructure in the production function we no longer obtain superneutrality in the Sidrausky model. |
publishDate |
1994 |
dc.date.issued.fl_str_mv |
1994-05 |
dc.date.accessioned.fl_str_mv |
2008-05-13T15:23:05Z |
dc.date.available.fl_str_mv |
2008-05-13T15:23:05Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/371 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
http://hdl.handle.net/10438/371 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;240 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
dc.source.none.fl_str_mv |
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FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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