公共投資と公債を含むモデルにおける完全雇用政策と経済成長

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タイトル別名
  • FULL EMPLOYMENT POLICY AND ECONOMIC GROWTH WITH PUBLIC INVESTMENT AND PUBLIC DEBT
  • コウキョウ トウシ ト コウサイ オ フクム モデル ニ オケル カンゼン コ

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抄録

Some authors have studied the economic growth that are the results of alternative full employment policy. But they had no consideration for the balance of budget.<br>The first purpose of this paper is a extension of their studies to a model in which public investment and public debt exists. The second purpose is a reconsideration of 'the burden of the debt' in the sense of Domar.<br>The main assumption are as follows.<br>1. Output capacity Q is a Cobb=Dougras function of social overhead capital Kp, private capital K, labor L and state of technique, i. e., Q=beμtKραKβLτ.α+β<1.<br>2. Nelson-type investment function and Cornwall-type approac.<br>3. New issue amount of public debt is deficit of government.<br>4. Constant rate of interest and complete competition in labor market.<br>5. Government has three fiscal control variables, i. e., government consumption rate g, tax rate z, public invest rate p.<br>Government can realize full employment growth by means of to change one of them with constant other variables.<br>The main results are as follows.<br>1. In views of long run efficiency of resource allocation and 'the burden of national debt, ' the most desirable policy is the full employment policy which change z (with constant g and p), the second best policy is the policy which change g, and the worst policy is the full employment policy which change p (with constant z and g).<br>2. High interest rate policy is dangerous policy in views of efficiency of resource allocation and 'the burden of national debt.'

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