Fiscal Policy, Profits, and Investment
基于OECD国家面板数据，发现政府支出（尤其是工资部分）对利润和企业投资有显著负面影响，且影响大于税收，这有助于解释财政调整的“非凯恩斯”扩张效应。
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. We find a sizeable negative effect of public spending—and in particular of its wage component— on profits and on business investment. This result is consistent with different theoretical models in which government employment creates wage pressure for the private sector. Various types of taxes also have negative effects on profits, but, interestingly, the effects of government spending on investment are larger than those of taxes. Our results can explain the so-called “non-Keynesian” (i.e., expansionary) effects of fiscal adjustments.