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Endogenous growth, welfare and budgetary regimes

Sugata Ghosh - No affiliation found

2004/12/01 Full-length article DOI: 10.1016/j.jmacro.2004.09.001 Journal: Journal of Macroeconomics

Abstract:

AbstractWithin an optimizing endogenous growth model with productive public capital and government debt, we derive and characterize on the balanced growth path a set of welfare-maximizing fiscal rules under different budgetary regimes. It is shown that optimal fiscal policy depends on the specific budgetary stance considered.