| PRODUCTIVE GOVERNMENT EXPENDITURE IN A STOCHASTICALLY GROWING OPEN ECONOMY |
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| 引用本文： | Haijun WANG Shigeng HU. PRODUCTIVE GOVERNMENT EXPENDITURE IN A STOCHASTICALLY GROWING OPEN ECONOMY[J]. 系统科学与复杂性, 2007, 20(1): 95-107. DOI: 10.1007/s11424-007-9008-3 |
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| 作者姓名： | Haijun WANG Shigeng HU |
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| 作者单位： | [1]Department of Applied Mathematics, Shanghai University of Finance and Economics, Shanghai 200433, China [2]Department of Mathematics, Huazhong University of Science and Technology, Wuhan 430074, China. |
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| 基金项目： | This research is supported by the National Natural Science Foundation of China （No. 70271069）. |
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| 摘 要： | This paper employs a stochastic endogenous growth model with productive government expenditure in a small open economy to analyze the optimal fiscal policy. First, a stochastic model of a small open economy is constructed. Second, the equilibrium solutions of the representative agent＇s stochastic optimization problem are derived. Third, we obtain the equilibrium solutions of the central planner＇s stochastic optimization problem and the optimal government expenditure policy. Finally, the optimal tax policy is characterized.
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| 关 键 词： | 随机增长开放型经济 生产性财政支出 优化税收政策 内生增长 |
| 收稿时间： | 2005-01-10 |
| 修稿时间： | 2005-01-10 |
Productive Government Expenditure in a Stochastically Growing Open Economy |
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| Haijun Wang,Shigeng Hu. Productive Government Expenditure in a Stochastically Growing Open Economy[J]. Journal of Systems Science and Complexity, 2007, 20(1): 95-107. DOI: 10.1007/s11424-007-9008-3 |
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| Authors: | Haijun Wang Shigeng Hu |
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| Affiliation: | (1) Department of Applied Mathematics, Shanghai University of Finance and Economics, Shanghai, 200433, China;(2) Department of Mathematics, Huazhong University of Science and Technology, Wuhan, 430074, China |
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| Abstract: | This paper employs a stochastic endogenous growth model with productive government expenditure in a small open economy to analyze the optimal fiscal policy. First, a stochastic model of a small open economy is constructed. Second, the equilibrium solutions of the representative agent’s stochastic optimization problem are derived. Third, we obtain the equilibrium solutions of the central planner’s stochastic optimization problem and the optimal government expenditure policy. Finally, the optimal tax policy is characterized. This research is supported by the National Natural Science Foundation of China (No. 70271069). |
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| Keywords: | Endogenous growth open economy optimal tax policy productive government expenditure. |
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