Reference : Productive Government Expenditure And Economic Growth
Scientific journals : Article
Business & economic sciences : Macroeconomics & monetary economics
Productive Government Expenditure And Economic Growth
Irmen, Andreas mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)]
Kuehnel, Johanna [> >]
Journal of Economic Surveys
[en] Economic Growth ; Fiscal Policy ; Government Expenditure
[en] We provide a comprehensive survey of the recent literature on the link between productive government expenditure and economic growth. We show that an understanding of the core results and the ensuing contributions can be gained from the study of their respective Euler equations. We argue that the existing literature incorporates many relevant aspects; however, policy recommendations tend to hinge on several knife-edge assumptions. Therefore, future research ought to focus more on idea-based endogenous growth models to check the robustness of policy recommendations. Moreover, the inclusion of hitherto unexplored types of government expenditure, e.g. on the 'rule of law', would be desirable. Copyright � 2009 Blackwell Publishing Ltd.
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