Publication: Characterizing the optimal composition of government expenditures
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2004
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Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid
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Abstract
This paper extends the neoclassical growth model with productive public capital by including an infrastructure efficiency index, which is assumed to depend on a public choice variable, in particular, the share of public spending allocated to productive public consumption. A golden rule for the allocation of public expenditure between productive consumption and investment is specified. Under this framework, the observed path for the stock of infrastructures and the proposed efficiency index in the US economy during the last fifty years have been close to optimal: a lower stock of infrastructures has been accumulated, but it has been used more efficiently.
Este artículo extiende el modelo neoclásico de crecimiento con capital público productivo mediante la incorporación de un índice de eficiencia de las infraestructuras. Este índice se supone dependiente de una variable de elección del gobierno, en concreto, el porcentaje del gasto público destinado a consumo público productivo. Se propone una regla de oro para la distribución del gasto público entre consumo
productivo e inversión. Bajo este contexto, las sendas temporales observadas en los últimos cincuenta años en la economía estadounidense para el stock de infraestructuras
y el índice de eficiencia propuesto han sido cercanas a las sendas óptimas: se ha acumulado un menor stock de infraestructuras, pero también se ha utilizado de forma
más eficiente.
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