Fiscal Policy in a Growing Economy with Financial Frictions and Firm Heterogeneity*

IF 1.5 4区经济学 Q2 ECONOMICS

Japanese Economic Review Pub Date : 2016-02-19 DOI:10.1111/jere.12087

Kazuo Mino

引用次数: 9

Abstract

This paper constructs a tractable model of endogenous growth with financial frictions and firm heterogeneity. We introduce factor income tax, consumption tax as well as the government consumption into the base model and explore the growth effect of fiscal policy. We show that from the qualitative perspective, the long-run effects of fiscal actions in our model are similar to those obtained in the representative agent models. However, the quantitative impacts of fiscal policy on long-run growth in our setting can be substantially different from those established in the model where agents are homogeneous and there is no financial frictions.

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金融摩擦与企业异质性的增长经济中的财政政策*

本文构建了一个考虑金融摩擦和企业异质性的内生增长可处理模型。在基本模型中引入要素所得税、消费税和政府消费，探讨财政政策的增长效应。从定性的角度来看，我们的模型中财政行为的长期影响与代表性代理人模型中得到的结果相似。然而，在我们的设定中，财政政策对长期增长的定量影响可能与在经济主体均质且没有金融摩擦的模型中建立的影响有很大不同。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Japanese Economic Review ECONOMICS-

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Started in 1950 by a group of leading Japanese economists under the title The Economic Studies Quarterly, the journal became the official publication of the Japanese Economic Association in 1959. As its successor, The Japanese Economic Review has become the Japanese counterpart of The American Economic Review, publishing substantial economic analysis of the highest quality across the whole field of economics from researchers both within and outside Japan. It also welcomes innovative and thought-provoking contributions with strong relevance to real economic issues, whether political, theoretical or policy-oriented.