生产网络中的公共投资：总量与部门层面的含义
Public Investment in a Production Network: Aggregate and Sectoral Implications
Review of Economics and Statistics · 2023 · [{"name": "Alessandro Peri", "affiliation": ["University of Colorado Boulder", "University of Colorado System"]}, {"name": "Omar Rachedi", "affiliation": ["Universitat Ramon Llull"]}, {"name": "Iacopo Varotto", "affiliation": ["Bank of Spain"]}]
中文摘要
摘要 公共投资的总量效应和部门效应，关键取决于公共资本的产出弹性与中间投入之间的相互作用。我们通过新凯恩斯生产网络模型的视角揭示了这一事实。相较于不含中间投入的单部门模型，这一设定使社会最优公共资本数量翻了一番，从而大幅放大了公共投资乘数。我们还记录了公共投资新颖的部门层面含义：尽管公共投资集中在远少于公共消费的部门，但其效应在各行业间的分布却相对更为均匀。我们在数据中验证了这一模型含义。
Abstract
Abstract Aggregate and sectoral effects of public investment crucially depend on the interaction between the output elasticity to public capital and intermediate inputs. We uncover this fact through the lens of a New Keynesian production network. This setting doubles the socially optimal amount of public capital relative to the one-sector model without intermediate inputs, leading to a substantial amplification of the public-investment multiplier. We also document novel sectoral implications of public investment. Although public investment is concentrated in far fewer sectors than public consumption, its effects are relatively more evenly distributed across industries. We validate this model implication in the data.