Research on congestible government production and welfare expenditure in stochastic endogenous growth model Online publication date: Wed, 08-Apr-2015
by Bo Yang; Xueguang Chen; Mehala Zhuran
International Journal of Computer Applications in Technology (IJCAT), Vol. 50, No. 1/2, 2014
Abstract: Based on the endogenous growth model, a continuous-time stochastic endogenous growth model with congestible government production and welfare expenditure is proposed. The impact of model parameters on the equilibrium economic growth and welfare is discussed and some optimal policy parameters are obtained. Furthermore, production effect of congestible government expenditure is investigated from two cases whether congestion has production utility or not. Finally, macroeconomic effects of government expenditure and its volatility on economic growth are analysed and demonstrated.
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