Golden Rule Fiscal Policy

Heinz-Dieter Wenzel and Matthias Wrede

Swiss Journal of Economics and Statistics (SJES), 1993, vol. 129, issue II, 123-150

Abstract: In order to treat the problem of optimal growth of an aggregative economy, the goverment is introduced into the neo-classical growth model. The properties of the government's dynamic budget constraint are analyzed. Hence different kinds of government's policy requirements are taken into account Especially the effects of public investment are examined. A condition for dynamic stability is considered.

Date: 1993
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