Revisiting the Supply-Side Effects of Government Spending Under Incomplete Markets
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This paper revisits the macroeconomic effects of government consumption in the neoclassical growth model augmented with idiosyncratic investment (or entrepreneurial) risk. Under complete markets, a permanent increase in government consumption has no long-run effect on the interest rate, the capital
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美国国家经济研究局创建时间：
2007-05-01
