报告题目：A Multi-sector Model of Public Expenditure and Growth

报告人：9499www威尼斯 张利风 副教授

报告时间：2016年11月3日 下午15点10分

报告地点：9499www威尼斯6号楼210室

组织发起：9499www威尼斯前沿文献与经典著作读书会

主办单位：9499www威尼斯

协办单位：科研处

内容摘要：

A large and rich body of empirical and theoretical research examines the role of public expenditure in fostering economic growth. This paper develops a model of endogenous growth with a particular focus on the role of public expenditure in structural changes. We consider the dynamics of a multi-sector economy that allows for differences among sectors in the output elasticity of public expenditure, and demonstrate that there exists a unique balanced growth path that is locally saddle-path stable. Along the balanced growth path, the endogenous growth of public expenditure and its disproportionate effect on different sectors result in changes in the relative prices of goods, which, in turn, cause structural changes represented by a reallocation of resources across sectors. Quantitatively, the faster the economic growth triggered by the policy, the greater the changes in the reallocation of labor.

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