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The Effect of Public Investment in Europe

其他書名	A Model-based Assessment. No 2021
出版	European Central Bank, 2017
URL	http://books.google.com.hk/books?id=YopMzQEACAAJ&hl=&source=gbs_api

註釋We consider the effect of an increase in public investments on output in Europe against the background of a sharp drop of public investments in a number of EU countries during the crisis and subsequent policy discussions on the need to stimulate public investments. We start with a brief overview of recent developments in public investments, including some methodological issues, and provide a literature overview of the effect of public investments on growth. On the basis of updated estimates of the public capital stock, we estimate the output response to a public capital impulse, using VAR models. In addition, using a structural model, we investigate the sensitivity of the macroeconomic impact of an increase in public investments to alternative assumptions about economic structures and policy implementations.