ECONOMIC GROWTH AND PUBLIC EXPENDITURE COMPOSITION: OPTIMAL ADJUSTMENT USING THE GRADIENT METHOD

被引：3
|
作者：
Miyakoshi, Tatsuyoshi [1 ]
Tsukuda, Yoshihiko [2 ]
Kono, Tatsuhito [2 ]
Koyanagi, Makoto [2 ]
机构：
[1] Osaka Univ, Suita, Osaka 565, Japan
[2] Tohoku Univ, Sendai, Miyagi 980, Japan
来源：
JAPANESE ECONOMIC REVIEW | 2010年 / 61卷 / 03期
关键词：
C61; C63; C50; E23; H50; FISCAL DECENTRALIZATION; CROSS-COUNTRY; POLICY;
D O I：
10.1111/j.1468-5876.2009.00493.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Previous studies have looked at how the components of fiscal spending affect economic growth. However, we explicitly enquire into how to adjust the components in order to achieve the highest rate of economic growth starting from the present shares of components, by introducing a gradient method. The resulting optimal adjustment shares are proportional to the deviations from the average over elements of a gradient vector. The optimal adjustment share is completely estimated by using linear regression with any choice of omitted variable. The paper also provides an illustrative example taken from the annual panel data for the Japanese prefectural governments.
引用
收藏
页码：320 / 340
页数：21
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