Public Investment, Congestion, and Private Capital Accumulation
在一个跨期优化市场出清框架中分析公共投资对私人资本形成的影响，关键特征是公共品被视为耐用的资本品且存在拥挤效应。研究表明，拥挤存在时政府投资对私人资本的影响取决于生产中的替代程度与拥挤程度的权衡，并比较了总额税和扭曲税融资的情况。
This paper analyses the impact of public investment on the dynamics of private capital formation in an intertemporal optimising market‐clearing framework. The key feature characterising the analysis is that the public good is treated as a durable capital good, subject to congestion. We show how in the presence of congestion the effect of government investment on private capital formation involves a tradeoff between the degree of substitution between private and public capital in production and the degree of congestion. Both lump‐sum and distortionary tax financing are considered, with this tradeoff being tightened in the latter case