Fiscal policy, profits, and investment

被引：235

作者：

Alesina, A

Ardagna, S

Perotti, R

Schiantarelli, F

机构：

[1] Harvard Univ, Dept Econ, Cambridge, MA 02138 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Wellesley Coll, Dept Econ, Wellesley, MA 02481 USA

[4] European Univ Inst, Dept Econ, I-50016 Fiesole, FI, Italy

[5] CEPR, London, England

[6] Boston Coll, Dept Econ, Chestnut Hill, MA 02467 USA

来源：

AMERICAN ECONOMIC REVIEW | 2002年 / 92卷 / 03期

关键词：

D O I：

10.1257/00028280260136255

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. We find a sizeable negative effect of public spending-and in particular of its wage component-on profits and on business investment. This result is consistent with different theoretical models in which government employment creates wage pressure for the private sector. Various types of taxes also have negative effects on profits, but, interestingly, the effects of government spending on investment are larger than those of taxes. Our results can explain the so-called "non-Keynesian" (i.e., expansionary) effects of fiscal adjustments.

引用

页码：571 / 589

页数：19

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