In this paper we examine the effects of the services provided by public infrastructure on the cost structure, private input demands, and productivity performance of twenty two-digit Greek manufacturing industries. The model of the paper is the dual cost function. Although the effects of public...

Key arguments for privatizing public infrastructure range from providing money so cash-strapped governments can fix crumbling infrastructure and build much needed new infrastructure to shifting future financial risk from the public to a private contractor. The reality, though, is far different....

This paper contributes to the debate about fiscal multipliers by studying the impacts of government investment in conventional neoclassical growth models. The analysis focuses on two dimensions of fiscal policy that are critical for understanding the effects of government investment:...

This paper makes the argument that certain public goods (those lacking special interest backing) are likely to be under-provided by governments. Moreover, some such goods are complementary with private goods (e.g. roads and automobiles), while other such goods are substitutes for private goods...

This paper: (1) shows that optimal transition dynamics in a simple endogenous growth model can account for much of the behavior of the stock of public capital in the U.S. economy over the last 70 or so years; (2) shows that the observed decline in the U.S. ratio of public to private capital...

A number of governments in Europe and elsewhere are considering or have considered recommending, requiring or mandating the internal use a particular document format standard, rather than allowing individual departments to choose for themselves or to select from some central government-approved...

Although the American Recovery and Reinvestment Act of 2009 (the Recovery Act) provided nearly $28 billion to state governments for improving U.S. highways, the highway system saw no significant improvement. For example, relative to the years before the act, the number of structurally deficient...

This paper presents an overview of the Ararat Fiscal Strategy Model (AFSM), which is a structural, New-Keynesian, DSGE, small open economy model with a rich fiscal block that includes several expenditure and revenue instruments, and types of debt. The AFSM is now a formal part of the Ministry of...

Most analyses of property rights and economic development point to the negative influence of insecure property rights on private investment. Keefer and Knack focus instead on the largely unexamined effects of insecure property rights on government policy choices. They identify one significant...

In the upcoming years, emerging markets will need to spend about $4 trillion in infrastructure. The private sector will need to provide most of this funding. Which countries will require the most funding? What prospects do such investment opportunities bring to retail and institutional investors...