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Government Investment and Fiscal Stimulus

Government Investment and Fiscal Stimulus by Shu-Chun S. Yang
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Effects of government investment are studied in an estimated neoclassical growth model. The analysis focuses on two dimensions that are critical for understanding government investment as a fiscal stimulus: implementation delays for building public capital and expected fiscal adjustments to deficit-financed spending. Implementation delays can produce small or even negative labor and output responses to increases in government investment in the short run. Anticipated fiscal adjustments matter both quantitatively and qualitatively for long-run growth effects. When public capital is insufficiently productive, distorting financing can make government investment contractionary at longer horizons.
International Monetary Fund; October 2010
30 pages; ISBN 9781455281947
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Title: Government Investment and Fiscal Stimulus
Author: Shu-Chun S. Yang; Todd B. Walker; Eric M. Leeper