as the consumption-wealth ratio, the growth rate of wealth, and welfare, in a two-country world, based on a portfolio … approach, assuming that public spending is utility-enhancing. The model suggests that the size of government, the consumption-wealth … ratio, and welfare should be higher in an open economy due to a higher productivity and/or less volatility through risk …

as the consumption-wealth ratio, the growth rate of wealth, and welfare, in a two-country world, based on a portfolio … approach, assuming that public spending is utility-enhancing. The model suggests that the size of government, the consumption-wealth … ratio, and welfare should be higher in an open economy due to a higher productivity and/or less volatility through risk …

the size of government and on other key economic variables, including the consumption-wealth ratio, the growth rate of … consumption-wealth ratio, and welfare should be greater in an open economy because of higher productivity and/or less volatility …