Hidden Bibliographic Details
| Other authors / contributors: | Furceri, Davide, author.
Topalova, Petia, author.
International Monetary Fund. Research Department.
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| ISBN: | 9781475514780
1475514786
1475578873
9781475578874
9781475578874
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| ISSN: | 1018-5941
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| Notes: | "May 2015."
"Research Department."
Includes bibliographical references (pages 23-26).
Online resource; title from pdf title page (IMF.org Web site, viewed May 7, 2015).
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| Summary: | This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.--Abstract.
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| Other form: | Print Version: 9781475578874
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| Standard no.: | 10.5089/9781475578874.001
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