We introduce a new suite of macroeconomic models that extend and complement the Debt, Investment, and Growth (DIG …'s properties by analyzing the growth, debt, and distributional consequences of big-push public investment programs with different … mixes of investment in human capital and infrastructure. We show that investment in human capital is much more effective …

Effects of government investment are studied in an estimated neoclassical growth model. The analysis focuses on two … dimensions that are critical for understanding government investment as a fiscal stimulus: implementation delays for building … negative labor and output responses to increases in government investment in the short run. Anticipated fiscal adjustments …

theory (Myers 1977). We also find that the effect of public investment on corporate investment is much weaker for firms that …This paper explores whether public investment crowds out or crowds in private investment. To this aim, we build a … database of about half a million firms from 49 countries. We find that the effect of public investment on corporate investment …

reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for …. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce …

investment with additional tax revenue increases both economic growth and public wealth …

How effective was public investment in stimulating the Japanese economy during the economic stagnation of the 1990s …? Using a dataset of regional public investment spending, we find that investment multipliers were higher than for public … infrastructure investment, implemented mainly by the central government, is lower than that of social investment mostly undertaken by …