Three Essays on Fiscal Policy and Government Production
This research investigates government production function, explores its dynamic properties and studies the effects of fiscal policy implemented through government production channels. The first chapter estimates the production function of the U.S. government. The results indicate that we should be cautious when using a Cobb-Douglas function to represent the government production whenever intermediate goods are included. The analysis also shows the CES function has more superior properties to represent the U.S. government production function based on two new measures derived from exact index theory. The second chapter explores the cyclical movement of government spending components as a result of endogenous responses to exogenous private sector and government sector productivity shocks. This chapter also quantifies the relative contributions of exogenous shocks to the volatility of government spending components. The third chapter argues that fiscal policies that can allocate government inputs and determine the categories of government outputs are able to span the whole range to theoretical results on the responses of private consumption, private output, real wage, and private labor to a government spending shock.
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