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Cyclical effects of the composition of government purchases

Author: Jahangir Aziz; Luc Leruth; International Monetary Fund. Research Department.; International Monetary Fund. Fiscal Affairs Department.
Publisher: [Washington, D.C.] : International Monetary Fund, Research and Fiscal Departments, ©1997.
Series: IMF working paper, WP/97/19.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper constructs a general equilibrium model with monopolistically competitive firms and endogenous markups where government spending consists of both consumption and investment goods. It is shown that when markups are countercyclical, increases in the share of investment goods in aggregate government expenditure entail a trade-off between greater long- run efficiency and higher short-run volatility. Estimates  Read more...
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Genre/Form: Electronic books
Modèles économétriques
Additional Physical Format: Print version:
Aziz, Jahangir.
Cyclical effects of the composition of government purchases.
[Washington, D.C.] : International Monetary Fund, Research and Fiscal Departments, ©1997
(OCoLC)36499153
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jahangir Aziz; Luc Leruth; International Monetary Fund. Research Department.; International Monetary Fund. Fiscal Affairs Department.
ISBN: 1451891539 9781451891539 1281604569 9781281604569
OCLC Number: 647560060
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (38 pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/97/19.
Responsibility: prepared by Jahangir Aziz and Luc Leruth.

Abstract:

This paper constructs a general equilibrium model with monopolistically competitive firms and endogenous markups where government spending consists of both consumption and investment goods. It is shown that when markups are countercyclical, increases in the share of investment goods in aggregate government expenditure entail a trade-off between greater long- run efficiency and higher short-run volatility. Estimates based on the model, calibrated to the postwar U.S. economy, show that the effects on output, employment, and welfare can be significant.

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