习惯形成、财政政策与长期经济增长

Habit Formation,Fiscal Policy and Long-run Economic Growth

本文构建了一个同时包含习惯形成和政府公共资本的内生增长模型,考察了习惯形成框架下财政政策对经济增长的影响机制和作用效果。研究发现,分散经济的情形下,经济中的平衡增长路径唯一确定;习惯形成对经济增长的影响取决于相对风险规避系数的大小;最优公共支出规模等于民间生产部门公共资本的产出弹性。社会计划者情形下,经济中可能同时存在两条平衡增长路径,习惯形成与财政政策相互作用是经济中产生多重均衡点的重要原因。

This paper introduces an endogenous growth model with habit formation and government public capital,and explores the effects of fiscal policy on economic growth under the framework of habit formation.The results show that there exists one balanced growth path in the decentralized economy. The effects of habit formation on economic growth are determined by the relative risk aversion coefficient. The optimal government expenditure ratio is equal to the elasticity of the public capital in the private production sectors. And there are two balanced growth paths in the social planner economy. The interactions of fiscal policy and habit formation are the important reason for multiple equilibrium points.