Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/70560 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Working Paper No. 2009-25
Verlag: 
Federal Reserve Bank of Chicago, Chicago, IL
Zusammenfassung: 
In this paper, we assess the empirical relationship between population growth, mobility, and state-level capital spending in the United States. To evaluate the magnitude of the coefficients, we introduce an explicit, quantitative political-economy model of government spending determination, where mobility and population growth generate departures from Ricardian equivalence. Our estimates find strong responses in the level of capital provision per capita to these demographic movements; in fact, the resulting coefficients are stronger than the model delivers. Regression coefficients on population growth and mobility also yield opposite implications for the direction to which spending is distorted by the politicaleconomy friction, posing a further challenge.
Dokumentart: 
Working Paper

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