经典教科书作者曼昆在国际顶级期刊RES上最新发文

近日，我们耳熟能详的美国经济学家，经济学经典教科书作者曼昆(N Gregory Mankiw)教授，与其合作者约翰霍普金斯大学经济学劳伦斯-鲍尔(Laurence Ball) 教授在经济学领域国际顶级期刊The Review of Economic Studies上发表了题为” Market Power in Neoclassical Growth Models”的最新论文。

【英文摘要】

This article examines the optimal accumulation of capital and the effects of government debt in neoclassical growth models in which firms have market power and therefore charge prices above marginal cost. In this environment, the real interest rate earned by savers is less than the net marginal product of capital. We establish a new method for evaluating dynamic efficiency that can be applied in such economies. A plausible calibration suggests that the wedge between the real interest rate and the marginal product of capital is about 4 percentage points and that the US economy is dynamically efficient. In addition, government Ponzi schemes can have different implications for welfare than they do under competition. Even if the government can sustain a perpetual rollover of debt and accumulating interest, the policy may nonetheless reduce welfare by depressing steady-state capital and aggregate consumption. These findings suggest that even with low interest rates, as have been observed recently, fiscal policymakers should still be concerned about the crowding-out effects of government debt.

【中文摘要】

本文研究了新古典主义增长模型中资本的最佳积累和政府债务的影响，在这些模型中，企业拥有市场力量，因此制定的价格高于其边际成本。在这种情况下，储蓄者获得的实际利率低于资本的净边际收益。我们建立了一个新的方法来评估动态效率，可以适用于这种经济状况。一个合理的校准表明，实际利率和资本边际收益之间的差异约为4%，美国经济在动态层面上是有效率的。此外，政府的庞氏骗局对福利的影响可能与竞争下的不同。即使政府能够维持债务的永久滚动和累积的利息，该政策仍然可能通过压制稳态资本和总消费而减少福利。这些发现表明，即使像最近观察到的那样利率很低，财政政策制定者仍应关注政府债务的挤出效应。

【作者简介】

N·格里高利·曼昆（N. Gregory Mankiw）1958年2月3日出生，美国著名经济学家，29岁成为哈佛大学历史上最年轻的终身教授之一，著有《经济学原理》，《宏观经济学》等经典教材，并在The Quarterly Journal Of Economics(QJE)、The American Economic Review(AER)等重要的经济学国际顶刊上发表若干学术论文。

转自：“社科学术汇”微信公众号

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