具有生产性与福利性公共支出的随机内生增长模型

文章建立一个随机内生增长模型来阐明主要政策参数对经济增长与社会福利的影响.若对生产函数、效用函数、偏好及随机干扰作一些特殊的假设,我们证明了主要政策参数的均衡值能被模型参数唯一决定.进一步我们还得到了期望增长率与储蓄的清晰解.文章的最后,我们证明了政府支出直接影响个体决策者的决策:即提高经济增长率将减少福利;反之,增加福利将减少增长率.

A Stochastic Endogenous Growth Model of Public Expenditure with Effects of Welfare and Production

The paper employs an endogenous stochastic growth model to analyze the role of main economic indicators in affecting economic growth and welfare.With specific assumption on production technology and utility function,preference and stochastic shocks,we prove that the equilibrium values of the main economics indicators can be uniquely determined by the model parameters.Furthermore,we derive the explicit solution of the expected growth rates of consumption and savings.Finally,if government expenditure impacts directly on the consumption and production of the private agent,then increasing economic growth means decreasing welfare or decreasing economic growth means increasing welfare.Therefore,we can't have the cake and eat it.