일반균형 모형을 이용한 재정지출의 경제적 효과분석

General Equilibrium Approach to Government Spending Effect in Korea(1975~87)

This paper is intended to focus on the direct effect of government expeditures on private activities in the framework of a dynamic optimizing general equilibrium model and to analyze its implication empirically. The results show that, in the steady state, government consumption expenditures crowd out private consumption fully, but crowd out partially empirically, on the other hand government investment expenditures raise private investment and so real output, producing a positive multiplier. The solution also shows that the larger the share of consumption components in total government spending, the more the government spending crowds out the private spending. The empirical results confirm the hypotheses of the theoretical model.