臺灣博碩士論文加值系統

In line with Palivos and Yip (1995), we assume that government spending is wasteful (or non-productive), through which we pay more attention on the long-run effects of government spending via alternative financing schemes, including seigniorage, consumption tax and income tax financing schemes.
Specifically, in Chapter 2, we introduce both roles — the motive of the relative wealth-as-status seeking and the elastic labor supply into a Romer (1986)-type endogenous growth model with a cash-in-advance (CIA) constraint on consumption purchases. By such a framework, we examine the spending/finance-growth and the spending/finance-welfare effects. It is found that if the relative status-seeking motive is present under the environment with production externalities and/or the labor supply is elastic, a Tobin-type effect in the growth rate sense will emerge. Nevertheless, in the consumption tax financing mode, regardless of whether the relative status-seeking motive is present or not and whether the labor-leisure choice is endogenous or exogenous, neutrality of consumption taxation in growth rate sense always holds. Additionally, in the income tax financing mode, a negative spending-growth effect is always obtained. Finally, it is found that the spending-welfare effect under a consumption tax financing scheme is always negative while the spending-welfare effects under the other two financing schemes are ambiguous. Some related parameter conditions that are rendering positive spending-welfare effects under the seigniorage and income tax financing schemes are characterized.
In Chapter 3, by numerical experiments, we confirm that our spending-growth results under alternative financing schemes in Chapter 2 are reasonable and meaningful within some specifications of the plausible parameters. However, unfortunately, as for the welfare effects, the plausible parameter values either do not satisfy the sufficient conditions of generating a positive spending/finance-welfare effect in Chapter 2 or even if they do pass the conditions and result in a positive welfare effect, the accompanied values for other economic variables are far from the observed values in a real world (for example, equilibrium inflation rate and the balanced growth rate.) Therefore, we only show numerically and graphically that the spending-welfare effects are negative under all financing schemes that we discuss.
In Chapter 4, we present an amended model of Chapter 2 in which the labor supply is inelastic for simplicity. We still allow the motive of the relative wealth-as-status seeking incorporated into a Romer (1986)-type endogenous growth model. By such a framework, we highlight the question of whether a CIA constraint on all investment and consumption purchases governs the balanced growth rate under alternative financing schemes. It is found that the liquidity constraint on investment plays important role in determining the spending-growth effect under the seigniorage financing scheme while under the other two financing schemes, it plays no additional role in changing the spending-growth effects, compared with the results in Chapter 2. In other words, neutral and negative spending-growth effects still occur under the consumption tax financing and the income tax financing schemes, respectively.

Contents
Abstract i
Contents iii
Chapter 1: Introduction 1
1-1. Background and Main Purpose of the Study 1
1-2. Motive of (Relative) Wealth-as-Status Seeking and Government Policy 5
1-3. Organization of the Study 9
Chapter 2: Analytical Framework 10
2-1. Introduction 10
2-2. The Model 15
2-3. Steady State 23
2-4. Growth Effects 24
2-5. Welfare Effects 38
2-6. Concluding Remarks 45
Chapter 3: Numerical Experiments 46
3-1. Introduction 46
3-2. Outline of the Framework and the Data for Simulation 47
3-3. Steady State and Local Stability
under a Seigniorage Financing Scheme 50
3-4. Steady State and Local Stability
under a Consumption Tax Financing Scheme 56
3-5. Steady State and Local Stability
under an Income Tax Financing Scheme 60
3.6. Concluding Remarks 64
Chapter 4: An Amendment of the Model with a CIA Constraint on Investment 66
4-1. Introduction 66
4-2. The Model 67
4-3. Steady States and Local Stability Properties 74
4-4. Growth Effects 78
4-5. Concluding Remarks 84
Chapter 5: Concluding Remarks 86
References 89
Appendix 96
Appendix 2.A 96
Appendix 2.B 98

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