Public Infrastructure, Private Input Demand, and Economic Performance in New England Manufacturing
研究公共基础设施投资如何影响新英格兰制造业的私人投入使用，发现短期公共资本支出因替代性而节省成本，但长期私人资本投资更能提升经济绩效，且基础设施带动的产出增长会创造就业。
Abstract Much of the current debate on the economic performance impacts of public infrastructure investment relates to the input-specific effects of such investment. In this article we explore these impacts by evaluating substitution patterns affecting private input use in New England manufacturing. Using a cost-based methodology, we find that, in the short run, public capital expenditures provide cost-saving benefits that exceed the associated investment costs due to substitutability between public capital and private inputs. Over time, however, stimulating investment in private capital increases economic performance more effectively than public capital expenditures alone and in fact reduces the cost incentive for such expenditures. In addition, growth in output motivated by infrastructure investment increases employment opportunities because this growth overrides short-run substitutability. KEY WORDS: Capital investmentCost effectivenessInput substitutionProductivityPublic capitalShadow values