Public Investment in a Production Network: Aggregate and Sectoral Implications
研究了公共投资的总体和部门效应如何取决于公共资本产出弹性与中间投入的相互作用，发现生产网络模型使最优公共资本量翻倍，且公共投资的影响在行业间分布更均匀。
Abstract Aggregate and sectoral effects of public investment crucially depend on the interaction between the output elasticity to public capital and intermediate inputs. We uncover this fact through the lens of a New Keynesian production network. This setting doubles the socially optimal amount of public capital relative to the one-sector model without intermediate inputs, leading to a substantial amplification of the public-investment multiplier. We also document novel sectoral implications of public investment. Although public investment is concentrated in far fewer sectors than public consumption, its effects are relatively more evenly distributed across industries. We validate this model implication in the data.