文献类型：期刊文献

英文题名：Time-to-build, consumption complementarity, and fiscal stimulus

作者：Li, Jingchao[1];Li, Rong[2]

机构：[1]East China Univ Sci & Technol, Sch Business, 130 Meilong Rd, Shanghai 200237, Peoples R China;[2]Renmin Univ China, Sch Finance, 59 Zhongguancun St, Beijing 100872, Peoples R China

年份：2018

卷号：163

起止页码：121

外文期刊名：ECONOMICS LETTERS

收录：;WOS:【SSCI(收录号:WOS:000424181900030)】；

基金：This paper is funded by Shanghai Municipal Education Commission Research Project 2017-01-07-00-02-E00008 and the National Natural Science Foundation of China 71503256. We thank the anonymous referee, Hafedh Bouakez, and Bill Dupor for valuable comments.

语种：英文

外文关键词：Time-to-build; Consumption complementarity; Government spending

摘要：We show that time-to-build, which creates a time gap between government spending and the accumulation of public goods, is an important element that weakens the effectiveness of fiscal stimulus. In the environment where private consumption and public goods are Edgeworth complements, adding time-to build to the model delays the timing of utility-enhancing effects of an increase in government expenditure, leading households to shift consumption from today to the future. The expansionary effect of government spending is hence dampened, which contrasts existing studies with Edgeworth complementarity between private and public consumption. (C) 2017 Elsevier B.V. All rights reserved.