最优公共支出的动态一致性问题

The Dynamic Consistency of Optimal Public Expenditure

本文考察了公共支出的动态一致性问题。如果公共支出以流量的形式进入生产函数和效用函数,那么对于公共支出可能具有的三种形态(生产性、消费性和生产一消费混合型支出),均发现在最优私人资本积累的前提下,公共支出实现短期最优是实现长期最优的必要条件。这意味着最优公共支出(流量)在短期与长期之间具有稳健的动态一致性。然而当公共支出以存量的形式影响经济时,这种动态一致性将不再保持。据此,提出了使公共支出保持动态一致性的条件。

In the paper,we study the dynamic consistency of optimal public expenditure. If the public expenditure enters the productive and consumptive functions in flow,it can be proved that the optimization conditions of public expenditure are the same in short-run and long-run under the premise of optimal capital accumulation,which implies that the dynamic consistency of optimal public expenditure (flow) holds between the short-run and long-run.While the public expenditure affects the economy in stock,however,the consistency no longer holds. Thus,we put forward the condition of holding dynamic consistency of public expenditure, which is separating of enterprise from government in short.