MUNICIPAL CONSTRUCTION SPENDING: AN EMPIRICAL EXAMINATION
作者:
DOUGLAS HOLTZ‐EAKIN,
HARVEY S. ROSEN,
期刊:
Economics&Politics
(WILEY Available online 1993)
卷期:
Volume 5,
issue 1
页码: 61-84
ISSN:0954-1985
年代: 1993
DOI:10.1111/j.1468-0343.1993.tb00068.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
Despite widespread concern and discussion, no consensus exists concerning the causes of the “infrastructure crisis” or its implications for the efficiency of government decision‐making more generally. We investigate several models of the determination of local public capital expenditures. Using Euler equation methods, we cannot reject the hypothesis that construction spending is determined by unconstrained, forward looking municipal planning. Consistent with this result, the stochastic structure of resource flows is an important feature of the determination of construction spending. Only unanticipated changes in a community's resources alter its demand for structures, with an unanticipated increase of one dollar increasing current construction spending by about 5.6
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