Public Finance and Public Policy econ公共财政与公共政策的经济学.iastate.pptVIP

下载本文档

88
0
约1.57万字
约 33页
2017-03-08 发布于上海
举报
版权申诉

Public Finance and Public Policy econ公共财政与公共政策的经济学.iastate.ppt

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

Public Finance and Public Policy econ公共财政与公共政策的经济学.iastate

* * * * 4.4 Why Do We Care About the Government’s Fiscal Position? The Federal Budget, Interest Rates, and Economic Growth The simple supply and demand framework is complicated by introducing the federal government into the market. What if there is a federal deficit and the government must borrow to finance the difference between its revenues and its expenditures? The key concern about federal deficits is that the federal government’s borrowing might compete with the borrowing of private firms. If a fixed supply of savings is used to finance both the capital of private firms and the borrowing of the government, then the government’s borrowing may crowd out the borrowing of the private sector and lead to a lower level of capital accumulation. In reality, there are a number of complications of how government financing affects interest rates and growth. 4.4 Why Do We Care About the Government’s Fiscal Position? The Federal Budget, Interest Rates, and Economic Growth International Capital Markets There is a large body of economics literature that has investigated the integration of international capital markets. It has generally concluded that while integration is present (and perhaps growing), it is far from perfect. As a result, the supply of capital to the United States may not be perfectly elastic, and government deficits could crowd out private savings. 4.4 Why Do We Care About the Government’s Fiscal Position? The Federal Budget, Interest Rates, and Economic Growth Evidence Theory therefore tells us that higher deficits lead to higher interest rates and less capital investment, but it does not tell us how much higher and how much less. The existing empirical literature on this question is somewhat inconclusive, although recent evidence suggests that projected long-term deficits do appear to be reflected to some extent in long-term interest rates. 4.4 Why Do We Care About the Government’s Fiscal Position? Intergenerational Equity intergenerational equity The